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CHENNAI: Orchid Chemicals and Pharmaceuticals has recommended a dividend of Rs. 3 for the year ended March 31, 2011 against Rs. 10 in the previous year. The turnover has risen to Rs. 1,668.27 crore (standalone) from Rs. 1,251.04 crore. The net profit after taxation was Rs. 159.48 crore.
The net profit last year was Rs. 331.34 crore which included a credit of Rs. 886.58 crore under extraordinary item. It has been stated that the figures for the previous year are not comparable as the company transferred its injectable formulation business to Hospira Healthcare, a subsidiary of the U.S. based pharma company Hospira inc. in March 2010. A sum of Rs. 1,016.58 crore was shown under other income last year which included the consideration arising out of the sale and transfer of the company's business referred to above. Net earnings worked out to Rs. 22.64 per share.
The board of directors has recommended a dividend of Rs. 3 against Rs. 10 in the previous year.
According to K. Raghavendra Rao, Chairman and Managing Director, given the strong orderbook and supply arrangements the company is confident of delivering a 25 per cent increase in revenues and a more than proportionate growth in profits during the current financial year.
The company's cumulative ANDA (abbreviated new drug application) filings for the U.S. market stood at 42.
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