Orchid Chemicals' net loss widens to Rs 120 crore in December quarter

NEW DELHI: Pharma firm Orchid Chemicals today said its net loss widened to Rs 120.09 crore for the quarter ended December 31, 2014.

The company had reported a net loss of Rs 53.90 crore for the same period of previous fiscal.

Net sales of the company declined to Rs 159.02 crore during the period, as against Rs 368.81 crore during the same period of previous fiscal, Orchid Chemicals & Pharmaceuticals said in a filing to the BSE.

"With the availability of the working capital in the place the company is currently stabilising itself in the market through increased production and sales level," Orchid Chemicals & Pharmaceuticals Managing Director K Raghavendra Rao said.

He further added: "We are confident that the company would reach optimum production/sales levels from the first quarter of 2015-16 fiscal and the efforts of the company for achieving this are on track."

The Chennai-based company said it has implemented corporate debt restructuring package in July 2014. Orchid Chemicals' shares closed at Rs 64.45 apiece on the BSE, down 1 per cent from their previous close.