The Hindu Business Line : Hikal net up 23 % on higher sales

Mumbai, July 17 Hikal Ltd, a pharma and agro chemical company, has reported a 23 per cent increase in standalone net profit for the first quarter of the current fiscal at Rs 10.7 crore against Rs 8.7 crore in the year ago period.

The total income of company increased by 34 per cent to Rs 92 crore (Rs 68.6 crore).

The pharma sales have risen to Rs 60.1 crore from Rs 24.5 crore. The company reported a diluted EPS of Rs 6.79.

“The long-term contracts signed earlier with leading global life sciences companies are now resulting in increased pharma sales. We expect this trend to continue as a number of our projects will go on stream in the coming quarters,” said Mr Jai Hiremath, Vice-Chairman & Managing Director.

Earlier this month, IFC, a member of the World Bank group, agreed to invest $15 million in Hikal by way of equity, said Mr Hiremath.

Hikal also announced the inauguration of a new multi-purpose agrochemical plant at Taloja for supply of Active Ingredients for Crop Protection Products to Bayer CropScience AG.

On Thursday, the shares of Hikal Ltd closed at Rs 455, up 4.66 per cent from its previous close.

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