1. 1QFY2011 Result Update | Pharmaceutical
July 21, 2010
Orchid Chemicals NEUTRAL
CMP Rs191
Performance Highlights Target Price -
%chg %chg Investment Period -
Y/E March (Rs cr) 1QFY2011 4QFY2010 1QFY2010
(qoq) (yoy)
Net Sales 304 286 6.3 306 (0.7) Stock Info
Other Operating Income 27 10 186.2 3 811.0 Sector Pharmaceutical
Operating Profit 57 (407) - 62 - Market Cap (Rs cr) 1,343
Net Profit 22 382 (94.3) (30) - Beta 1.3
Source: Company, Angel Research 52 Week High / Low 239/87
Avg. Daily Volume 649042
Orchid Chemicals (Orchid) reported 1QFY2011 results, which were above our
Face Value (Rs) 10
expectations driven by other operating income and higher off-take under the
BSE Sensex 17,977
Hospira contract. For FY2011, the company has guided for top-line growth of
23% to Rs1,600cr with EBITDA margins (including other operating income) of Nifty 5,399
22%. However, concerns on the balance sheet front persist (high receivable days Reuters Code ORCD.BO
and low fixed-asset turnover ratio). We maintain Neutral on the stock. Bloomberg Code OCP@IN
Results above expectations: For 1QFY2011 Orchid reported flat net sales on a
yoy basis to Rs303.6cr (Rs305.8cr), which was however higher than our Shareholding Pattern (%)
expectation of Rs275.0 primarily due to the higher contribution from the Hospira Promoters 26.0
contract. The company reported OPM of 18.6% (excluding other operating MF / Banks / Indian Fls 45.7
income), which was in line with expectation. Net profit stood at Rs21.7cr (loss of
FII / NRIs / OCBs 11.7
Rs29.7cr) primarily driven by other operating income. The company reported
Indian Public / Others 16.7
other operating income of Rs27.4cr (Rs3.0cr) on account of milestone payments
under supply agreements (primarily Alvogen) and settlement income from
Memantine.
Abs. (%) 3m 1yr 3yr
Outlook and Valuation: For FY2011E we expect the company to post net sales of Sensex 2.9 19.4 14.3
Rs1,302cr, with EBITDA margins of 21.0% (including other operating income). Orchid 21.3 114.6 (18.4)
Further, post the Hospira deal, high receivable days and low fixed-asset turnover
ratio remains a cause of concern. The stock is currently trading at 14.3x FY2011E
and 11.1x FY2012E earnings. We maintain Neutral on the stock.
Key Financials
Y/E March (Rs cr) FY2009 FY2010 FY2011E FY2012E
Net Sales 1,260 1,299 1,302 1,654
% chg 0.5 3.1 0.3 27.0
Recurring Net Profit (33) (676) 94 120
% chg - - - 28.6
EBITDA Margin (%) 11.9 (15.5) 17.7 18.5
Recurring EPS (Rs) - - 13.3 17.1
P/E (x) - - 14.3 11.1 Sarabjit Kour Nangra
P/BV (x) 2.4 1.4 1.4 1.5 Tel: 022 – 4040 3800 Ext: 343
RoE (%) - - 9.6 13.0 sarabjit@angeltrade.com
RoCE (%) 0.5 - 4.3 7.0
Sushant Dalmia
EV/Sales (x) 3.1 2.0 2.0 1.7
Tel: 022 – 4040 3800 Ext: 320
EV/EBITDA (x) 26.1 (13.1) 11.2 9.2 sushant.dalmia@angeltrade.com
Source: Company, Angel Research
Please refer to important disclosures at the end of this report 1

2. Orchid Chemicals | 1QFY2011 Result Update
Exhibit 1: 1QFY2011 performance (standalone)
Y/E March (Rs cr) 1QFY2011 4QFY2010 %chg (qoq) 1QFY2010 %chg (yoy) FY2010 FY2009 %chg
Net Sales 304 286 6.3 306 (0.7) 1,205 1,157 4.2
Other Income 27 10 186.2 3 811.0 46 58 (20.2)
Total Income 331 295 12.1 309 7.2 1251 1214 3.0
PBIDT 57 (407) - 62 - (217) 231 -
Operating Margin (%) 18.6 - - 20.2 - - 20.0 -
Interest 23 79.4 (71.4) 52 (56.0) 241 155 55.5
Depreciation & Amortisation 32 36.5 (11.7) 37 (13.6) 151 130 16.3
PBT & Exceptional Items 29 (514) (105.6) (24) - (563) 4 -
Exceptional Items (5) 890 (100.5) (4) 29.2 895 (40) -
Profit Before Tax 24 377 (93.6) (28) - 331 (37) -
Provision for Taxation 2 (5) 2 21.5 - 15 -
Net Profit 22 382 (94.3) (30) - 331 (52) -
EPS (Rs) 3.1 54.3 .
Source: Company, Angel Research
Exhibit 2: 1QFY2011- Actual v/s Angel estimates
Rs cr Estimate Actual Variation (%)
Net Sales 275 304 10.4
Other Operating Income 9 27 215.2
Operating Profit 48 57 16.7
Tax 1 2 211.3
Net Profit 10 22 111.1
Source: Company, Angel Research
Reports flat revenues, but above expectation: Orchid Chemical reported net sales
of Rs303.6cr (Rs305.8cr) for 1QFY2011, which was flat on a yoy basis, but higher
than our expectation of Rs275.0 primarily on account of the higher contribution
from the Hospira contract post the Meropenem approval in the US. The approval
of Meropenem is positive as it is likely to be a limited competition opportunity for
Hospira for at least a couple of quarters. The company indicated that the Hospira
contract contributed about 22% of net sales. Orchid expects the Hospira contract to
contribute about Rs350cr in FY2011.
July 21, 2010 2

3. Orchid Chemicals | 1QFY2011 Result Update
Exhibit 3: Sales trend
320
309
310 306 305 304
300
Rs cr
290 286
280
270
260
250
1QFY2010 2QFY2010 3QFY2010 4QFY2010 1QFY2011
Sales
Source: Company, Angel Research
OPM in line with expectation: Orchid reported OPM of 18.6% (excluding other
operating income) mainly on back of lower other expenses which de-grew by
36.9% to Rs66.9cr (Rs105.9cr). However, gross margins for the quarter came in at
50.6% (64.4%). Further, employee expense during the quarter increased by 4.7%
to Rs30.3cr (Rs29.0cr) in spite of transfer of 10% of the workforce to Hospira in
4QFY2010; management indicated that the increase was primarily on account of
the increments effected during the quarter.
Net profit driven by other operating income: Orchid reported net profit of Rs21.7cr
(loss of Rs29.7cr) primarily driven by other operating income. The company
reported other operating income of Rs27.4cr (Rs3.0cr) on account of milestone
payments received under the supply agreements (primarily Alvogen) and
settlement income from Memantine. Interest cost for the quarter de-grew by 56.0%
to Rs22.7cr (Rs51.7cr) following reduction in the debt levels by Rs1,400cr.
Exhibit 4: Interest cost declines
100
79
80
57 54
60 52
Rs cr
40
23
20
0
1QFY2010 2QFY2010 3QFY2010 4QFY2010 1QFY2011
Interest cost
Source: Company, Angel Research
July 21, 2010 3

4. Orchid Chemicals | 1QFY2011 Result Update
Concall takeaways
Orchid has guided for top-line of Rs1,600cr, with EBITDA margins (including
other operating income) of 22% for FY2011.This could possibly translate into
net profit of Rs115-120cr for the year. On the capex front, the company
expects to incur Rs100-150cr during FY2011.
On the ANDA front, the company’s filings stand at 36 (13 in Cephalosporins
and 23 in NPNC space), which includes 8 Para IV FTFs. Orchid has so far
received 20 ANDA approvals. The company intends to file 18 ANDA during
FY2011.
Orchid expects its debtor days to reduce from 179 in FY2010 to around 120
by FY2011.
The company plans to capitalise 60-70% of its CWIP and advance for capital
aggregating to Rs469cr (21% of GFA) by FY2011.
Annual Report takeaways
Balance sheet: Signs of improvement
Post divestment of the injectable business to Hospira, Orchid has been able to
restructure its balance sheet to some extent. While debt and inventory levels
have fallen considerably, receivables and fixed-asset turnover ratio remains a
cause of concern.
Orchid repaid debt to the tune of Rs1,400cr in FY2010, thereby reducing its
net debt/equity ratio to 1.4x from 4.7x in FY2009.
In FY2010, inventory levels reduced by Rs346cr to Rs423cr primarily on
account of transfer of the injectable business to Hospira and write-offs.
Receivable days continue to be much above the industry average at 179
indicating that quality issues may persist (79% outstanding for more than 6
months) and is vulnerable to currency fluctuations (73% FC denominated). The
company made provisions of Rs80cr by way of rebates and discounts in
FY2010.
Fixed-asset turnover ratio continues to be subdued and much below the
industry average (1.5-2x for API players). Orchid has high levels of
CWIP/advance items for the last four years, which continues to hurt return
ratios. The company capitalised interest cost to the tune of Rs46cr during
FY2010.
July 21, 2010 4

5. Orchid Chemicals | 1QFY2011 Result Update
Exhibit 5: Receivables trend Exhibit 6: Inventory trend
800 210 1000 240
673 768
647 180 649 210
538 800
600 150 180
612
600 150
383 120
Rs cr
Rs cr
400 423 120
D a ys
D a ys
90 400 90
200 60 60
200
30 30
0 0 0 0
FY2007 FY2008 FY2009 FY2010 FY2007 FY2008 FY2009 FY2010
Receivables Receivables days Inventory Inventory days
Source: Company, Angel Research; Note: FY2010 numbers exclude Rs 90cr Source: Company, Angel Research
receivable from Hospira
Exhibit 7: Net debt trend Exhibit 8: CWIP and advance for capital items trend
3000 2563 5.0 700 0.7
620
1939 600 553 547 0.6
2500 4.0
500 469 0.5
2000
1530 3.0
Rs cr
400 0.4
Rs cr
1500 1309
x
x
2.0 300 0.3
1000
1.0 200 0.2
500
100 0.1
0 0.0
0 0.0
FY2007 FY2008 FY2009 FY2010
FY2007 FY2008 FY2009 FY2010
Net Debt Net Debt/Equity CWIP and Advance for capital items Fixed Asset/TO
Source: Company, Angel Research Source: Company, Angel Research; Note: FY2010 numbers exclude the
injectable business
July 21, 2010 5

6. Orchid Chemicals | 1QFY2011 Result Update
Recommendation Rationale
Sales mix to change significantly: With the sell-off of the high-margin injectable
business to Hospira, the company's future sales mix is expected to change
dramatically from 50:50 API:formulation in FY2009 to 72:28 in FY2012E. Orchid
expects the API supply contract to Hospira for the generic injectables to contribute
US $70-80mn to its top-line in FY2011. However, we have assumed contribution
of US $64mn in FY2011E from the contract. Orchid also expects to enter into an
API supply contract for Penems with one more player in addition to Hospira.
Further, with the high-margin injectable business now sold off, the company is
likely to see compression in EBITDA margins (excluding other operating income)
from 23.3% in FY2008 to 18.5% in FY2012E.
Balance sheet de-leveraged, but return ratios suppressed: Orchid utilised some of
the proceeds received from Hospira to repay Rs1,400cr debt in 4QFY2010 of the
total debt of Rs2,616cr. As a result, the company's net debt/equity has reduced
from 4.7x FY2009 to almost 1.4x in FY2010. Pertinently, Orchid has been reeling
under debt pressure with interest cost rising to Rs242cr and losses on the operating
front in FY2010. Thus, with this repayment, the company's interest cost is expected
to decline by Rs160cr. However, Orchid's RoCE would continue to remain
suppressed at sub-7% levels on the back of lower sweating of assets and lower
margins.
Acquisitions and supply contract may provide growth ahead: Orchid recently
entered into a long-term supply contract with Alvogen, wherein Alvogen will
market eight high-potential oral products from Orchid in the US market. In the
long term, Orchid expects this deal to contribute US $80-100mn to top-line post
commencement of the shipment of all the products. Orchid has also entered into
an agreement to acquire the US-based generic marketing and sales service
company, Karalex Pharma. With this acquisition, Orchid will get front-end
presence in the US and reach its customers directly, which would increase overall
margins of its US generic business. We expect the deal to contribute US $10mn in
FY2011E and US $15mn in FY2012E to Orchid's top-line, with EBITDA margins to
be in line with current levels of 17-18%.
Valuation: For FY2011E, the company has guided for top-line of Rs1,600cr,
implying a growth of 23% yoy. Orchid expects to clock EBITDA margin of 22%
(including other operating income). We expect the company to post net sales of
Rs1,302cr, with EBITDA margin of 21.0% (including other operating income) in
FY2011E. Even post the Hospira deal, high receivable days and low fixed-asset
turnover ratio remains a cause of concern. The stock is currently trading at 14.3x
FY2011E and 11.1x FY2012E earnings. We maintain Neutral on the stock.
July 21, 2010 6

7. Orchid Chemicals | 1QFY2011 Result Update
Exhibit 9: Key assumptions
Estimates
FY2011E FY2012E
Domestic Sales Growth (%) 8.5 9.0
Export Sales Growth (%) (7.7) 30.4
Growth in Employee Expenses (%) (14.5) 15.9
Operating Margins (excl operating income) (%) 17.7 18.5
Capex (Rs cr) 115 84
Source: Company, Angel Research
Exhibit 10: Change in estimates
Rs cr FY2011E FY2012E
Earlier Revised Var Earlier Revised Var
Estimates Estimates (%) Estimates Estimates (%)
Net Sales 1,220 1,302 6.7 1,652 1,654 0.1
EBITDA (excluding op income) 210 231 10.0 297 306 3.0
Interest cost 80 80 0.0 107 116 8.4
Tax 10 20 112.6 25 26 4.8
PAT 70 94 34.3 110 120 9.1
Capex 199 115 (42.2) 109 84 (22.9)
Source: Company, Angel Research
Exhibit 11: One-year forward EV/Sales band
7,000
6,000
4x
5,000
3x
EV (Rs cr)
4,000
3,000
2x
2,000
1x
1,000
0
Oct-05
Oct-06
Oct-07
Oct-08
Oct-09
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Apr-05
Jul-05
Apr-06
Jul-06
Apr-07
Jul-07
Apr-08
Jul-08
Apr-09
Jul-09
Apr-10
Jul-10
Source: Company, Angel Research
July 21, 2010 7

8. Orchid Chemicals | 1QFY2011 Result Update
Exhibit 12: Recommendation Summary
Company Reco. CMP Tgt. Price Upside FY2012E FY10-12E FY2012E
PE
(Rs) (Rs) % EV/Sales (x) EV/EBITDA (x) EPS CAGR (%) RoCE(%) RoE(%)
(x)
Alembic Buy 60 74 23 9.2 0.8 6.4 48.4 15.2 19.0
Aventis* Sell 1,985 1,658 (16) 21.5 3.1 17.0 16.1 18.0 18.9
Cadila
Accumulate 637 714 12 16.1 2.6 12.5 26.6 26.0 34.7
Healthcare
Cipla Accumulate 325 360 11 19.0 3.8 18.1 12.7 15.3 19.1
Dr Reddy's Neutral 1,404 - - 18.0 2.4 12.2 93.5 24.7 25.2
Dishman Pharma Buy 217 279 29 10.1 1.8 7.0 21.7 12.5 16.8
GSK Pharma* Sell 2,028 1,700 (16) 27.4 6.2 17.4 11.0 38.8 28.9
Indoco Remedies Accumulate 481 541 13 8.9 1.2 7.1 25.7 14.6 18.7
Ipca labs Neutral 301 - - 12.7 1.9 9.0 20.0 23.9 27.1
Lupin Accumulate 1,878 2,099 12 16.1 2.6 13.4 23.2 23.9 31.2
Orchid Chemicals Neutral 191 - - 11.1 1.7 9.2 - 7.0 13.0
Piramal
Neutral 502 - - 14.8 2.3 11.0 21.1 25.4 32.7
Healthcare
Ranbaxy* Neutral 451 - - 15.7 1.9 10.0 100.9 19.9 21.6
Sun Pharma Neutral 1,717 - - 20.3 5.4 16.2 14.0 16.4 17.7
Source: Company, Angel Research; *December year end
July 21, 2010 8

9. Orchid Chemicals | 1QFY2011 Result Update
Profit & Loss Statement (Consolidated)
Y/E March (Rs cr) FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E
Net Sales 926 1,253 1,260 1,299 1,302 1,654
Other operating income 32 45 33 44 55 64
Total operating income 959 1,298 1,293 1,342 1,357 1,719
% chg 2.5 35.4 (0.4) 3.8 1.1 26.6
Total Expenditure 697 961 1,110 1,500 1,072 1,348
Net Raw Materials 354 479 586 840 547 703
Other Mfg costs 102 155 149 116 156 182
Personnel 92 117 137 174 150 174
Other 149 210 238 370 219 290
EBITDA 229 292 150 (202) 231 306
% chg 14.1 27.5 (48.8) (234.7) (214.3) 32.8
(% of Net Sales) 24.7 23.3 11.9 (15.5) 17.7 18.5
Depreciation& Amortisation 85 101 134 155 115 122
EBIT 144 192 16 (356) 116 185
% chg 24.4 32.9 (91.8) (2,373.1) (132.4) 59.5
(% of Net Sales) 15.6 15.3 1.2 (27.4) 8.9 11.2
Interest & other Charges 99 82 156 242 80 116
Other Income 15 74 90 10 23 13
(% of PBT) 16.7 32.4 - - 20.1 9.1
Share in profit of Associates - - - - - -
Recurring PBT 93 229 (18) (546) 114 147
% chg (58.8) 146.8 - 2,958.5 - 29.0
Extraordinary Expense/(Inc.) - - 15.9 (1,015.3) - -
PBT (reported) 93 229 (34) 470 114 147
Tax 14 53 15 131 20 26
(% of PBT) 15.1 23.3 0.0 27.8 17.7 18.0
PAT (reported) 79 175 (49) 339 94 120
PAT after MI (reported) 79 175 (49) 339 94 120
ADJ. PAT 79 175 (33) (676) 94 120
% chg 37.1 122.9 - - - 28.6
(% of Net Sales) 8.5 14.0 - - 7.2 7.3
Basic EPS (Rs) 11.9 26.6 - 48.2 13.3 17.1
Adj Fully Diluted EPS (Rs) 11.9 26.6 - - 13.3 17.1
% chg 105.9 123.0 - - - 28.6
July 21, 2010 9

10. Orchid Chemicals | 1QFY2011 Result Update
Balance Sheet (Consolidated)
Y/E March (Rs cr) FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E
SOURCES OF FUNDS
Equity Share Capital 66 66 70 70 70 70
Reserves& Surplus 419 599 480 885 914 799
Shareholders Funds 485 665 550 955 985 869
Total Loans 1,649 1,971 2,616 1,644 1,426 1,586
Deferred Tax Liability 92 115 128 203 205 216
Total Liabilities 2,226 2,750 3,295 2,802 2,616 2,671
APPLICATION OF FUNDS
Gross Block 1,468 2,003 2,601 2,250 2,430 2,564
Less: Acc. Depreciation 458 558 688 741 860 982
Net Block 1,010 1,445 1,913 1,508 1,570 1,582
Capital Work-in-Progress 553 620 547 469 310 260
Goodwill 95 95 95 95 189 189
Investments 0 1 1 1 1 1
Current Assets 1,232 1,323 1,595 1,700 1,344 1,515
Cash 119 31 53 335 174 111
Loans & Advances 119 105 102 206 170 191
Other 995 1,187 1,441 1,160 1,000 1,213
Current liabilities 665 734 856 972 798 876
Net Current Assets 568 590 740 729 546 639
Mis. Exp. not written off - - - - - -
Total Assets 2,226 2,750 3,295 2,802 2,616 2,671
Cash Flow Statement (Consolidated)
Y/E March (Rs cr) FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E
Profit before tax 93 229 (34) 470 114 147
Depreciation 85 101 134 155 115 122
(Inc)/Dec in Working Capital (184) (118) (117) 119 21 (156)
Direct taxes paid (1) (32) (3) (66) (18) (15)
Cash Flow from Operations (8) 179 (20) 678 231 97
(Inc.)/Dec.in Fixed Assets (477) (545) (477) 1,413 (115) (84)
(Inc.)/Dec. in Investments - (1) - - - -
Cash Flow from Investing (477) (545) (477) 1,413 (115) (84)
Issue of Equity 11 1 110 - - -
Inc./(Dec.) in loans 620 392 546 (780) (255) (62)
Dividend Paid (Incl. Tax) (23) (23) (23) (8) (14) (14)
Others (13) (90) (115) (1,020) (8) -
Cash Flow from Financing 595 279 518 (1,808) (277) (76)
Inc./(Dec.) in Cash 110 (88) 21 283 (161) (63)
Opening Cash balances 9 119 31 53 335 174
Closing Cash balances 119 31 53 335 174 111
July 21, 2010 10

11. Orchid Chemicals | 1QFY2011 Result Update
Key Ratios
Y/E March FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E
Valuation Ratio (x)
P/E (on FDEPS) 15.9 7.1 - - 14.3 11.1
P/CEPS 7.6 4.5 13.3 - 6.4 5.5
P/BV 2.6 1.9 2.4 1.4 1.4 1.5
Dividend yield (%) 2.4 2.3 0.7 6.6 0.9 0.9
EV/Sales 3.0 2.5 3.1 2.0 2.0 1.7
EV/EBITDA 12.1 10.9 26.1 (13.1) 11.2 9.2
EV / Total Assets 1.2 1.2 1.2 0.9 1.0 1.1
Per Share Data (Rs)
EPS (Basic) 11.9 26.6 - 48.2 13.3 17.1
EPS (fully diluted) 11.9 26.6 - - 13.3 17.1
Cash EPS 24.9 41.9 14.3 - 29.6 34.3
DPS 4.5 4.5 1.3 12.6 1.7 1.7
Book Value 73.7 101.0 78.1 135.6 139.8 123.4
Dupont Analysis
EBIT margin 15.6 15.3 1.2 - 8.9 11.2
Tax retention ratio 84.9 76.7 - - 82.3 82.0
Asset turnover (x) 0.5 0.5 0.4 - 0.6 0.7
ROIC (Post-tax) 6.5 6.3 - - 4.0 6.3
Cost of Debt (Post Tax) 6.3 3.5 - - 4.3 6.3
Leverage (x) 2.2 3.0 3.8 - 1.3 1.5
Operating ROE 7.0 14.9 - - 3.7 6.3
Returns (%)
ROCE (Pre-tax) 7.1 7.7 0.5 - 4.3 7.0
Angel ROIC (Pre-tax) 9.8 11.1 0.7 - 6.0 9.1
ROE 12.5 30.5 - - 9.6 13.0
Turnover ratios (x)
Asset Turnover (Gross
0.7 0.7 0.6 0.6 0.6 0.7
Block)
Inventory / Sales (days) 202 177 200 162 116 105
Receivables (days) 139 129 171 179 174 130
Payables (days) 111 95 109 83 97 85
Working capital cycle
331 142 176 147 103 96
(ex-cash) (days)
Solvency ratios (x)
Net debt to equity 3.2 2.9 4.7 1.4 1.3 1.7
Net debt to EBITDA 6.7 6.6 17.1 (6.5) 5.4 4.8
Interest Coverage (EBIT
1.5 2.3 0.1 (1.5) 1.5 1.6
/ Interest)
July 21, 2010 11

12. Orchid Chemicals | 1QFY2011 Result Update
Research Team Tel: 022 - 4040 3800 E-mail: research@angeltrade.com Website: www.angeltrade.com
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Disclosure of Interest Statement Orchid Chemical
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
3. Angel and its Group companies' Directors ownership of the stock No
4. Broking relationship with company covered No
Note: We have not considered any Exposure below Rs 1 lakh for Angel, its Group companies and Directors.
Ratings (Returns) : Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)
Reduce (-5% to 15%) Sell (< -15%)
July 21, 2010 12