Date:22/10/2005 URL: http://www.thehindubusinessline.com/2005/10/22/stories/2005102203240200.htm

Back Hikal net jumps 30 pc

Our Bureau

Mumbai , Oct. 21

HIKAL Ltd has posted a 30 per cent growth in net profit at Rs 9.9 crore for the three months ended September 30, as compared to Rs 7.6 crore for the corresponding period in the previous year.

Net sales for the quarter stood at Rs 60.4 crore, up 28 per cent when compared to Rs 47.2 crore clocked in the corresponding quarter last year.

Revenue from the agro division (crop protection) stood at Rs 37.1 crore for the quarter, while the pharma division made a significant contribution of Rs 23.3 crore, a jump of 57 per cent, a company note said.

"Sales of our API (active pharmaceutical ingredients) to the regulated market has resulted in significant growth of the pharma division and in future this trend shall continue", said Mr Jai Hiremath, Hikal's Vice-Chairman and Managing Director.

For the six-months period ended September 2005, half-yearly revenue stood at Rs 118.2 crore, a growth of 34 per cent over the previous year's Rs 87.9 crore in the same period.

Net profit stood at Rs 19.1 crore, up 33 per cent from the previous year's numbers for the same period that stood at Rs 14.3 crore.

Hikal has concluded a foreign currency convertible bond issue (FCCBs) of $12 million.

By 2006, Hikal is to set up a research facility at the Biotech Park near Pune with an initial investment of Rs 20 crore. The centre will recruit 100 scientists.