Chemicals and pharmaceuticals maker Hikal today said its net profit was down by 66 per cent at Rs 5 crore in the first quarter ended June 30, 2012 due to exchange losses on matured forward/option contracts.

It had a net profit of Rs 15 crore in the same period of the previous year.

Net sales increased 16 per cent to Rs 165 crore during the quarter under review compared with Rs 133 crore in the corresponding quarter of the previous fiscal, a company release said here.

Crop protection segment sales were up 45 per cent at Rs 69 crore (Rs 48 crore). Pharmaceutical sales remained largely flat at Rs 96 crore.

EBIDTA for the three months ended June 30, 2012 showed a growth of 31 per cent to Rs 46 crore from Rs 35 crore in the same quarter of the previous year.

Jai Hiremath, Chairman and Managing Director, Hikal, said, “Our crop protection business has grown significantly on the back of increased demand from our customers. Our EBITDA for this quarter has increased considerably by 31 per cent.”

Due to significant depreciation of the rupee against the US dollar, our net profit dropped on account of forward contracts and hedges booked in the prior year, he said.

(This article was published on August 10, 2012)
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