Monitoring Agency Report for Quarter IV of Financial Year 2024-25 ended on March 31, 2025, of Orchid Pharma Limited
ORCHPHARMA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Orchid Pharma has filed the CARE Ratings Monitoring Agency Report on its Rs. 400 crore Qualified Institutions Placement (QIP) done in June 2023. Out of Rs. 391.80 crore in net proceeds, the company has used Rs. 249.24 crore so far, while Rs. 145.30 crore remains parked in fixed deposits with Yes Bank earning 7.60% interest. Borrowing repayment of Rs. 141 crore and general corporate purposes of Rs. 63.72 crore are fully utilized. However, the Rs. 90 crore Jammu manufacturing facility has used only Rs. 44.16 crore, and the Rs. 99.82 crore Alathur API facility has used just Rs. 0.36 crore. Land acquisition delays at Jammu are the main reason, with 158.30 Kanal of 203.8 Kanal registered so far and the rest expected by August 2025. Construction work and equipment orders have begun at Jammu, but the Alathur project remains on hold pending the Jammu plant's output.
No deviation from the original objects has been flagged, which is positive for governance. However, the slow deployment of about 37% of QIP proceeds still in FDs and ongoing capex delays at both Jammu and Alathur could be a mild concern for investors looking for faster project execution and growth.