:: HIKAL :: Just the right chemistry

Unaudited Financial Results for the quarter ended September 30, 2007

Rs. in Million (Except for per share data)

	Quarter Ended 30th September		Half Year Ended 30th September		Year Ended 31st March (Audited)
	2007	2006	2007	2006	2007
Sales / income from operations	819	633	1,409	1,187	2,445
Less: Excise duty	38	35	66	69	108
Net sales / income from operations	781	598	1,343	1,118	2,337
Other income	49	12	139	18	23
	830	610	1,482	1,136	2,360
Total expenditure
a) (Increase) / decrease in stock	4	(36)	(66)	(68)	(147)
b) raw materials & Utilities	415	364	839	655	1,332
c) Staff cost	78	60	149	123	254
d) Other expenditure	97	63	176	144	287

Profit before interest, depreciation and taxes	236	159	384	282	634
Finance charges	38	38	45	68	108
Depreciation	46	40	98	73	154
Profit before tax and exceptional item	152	81	241	141	372
Exceptional item ( Net of tax )	-	7	-	7	7
Profit before tax	152	74	241	134	365
Provision for taxation
-Current taxes	17	-	25	-	-
-MAT tax credit	(17)	-	(25)	-	-
-Fringe benefit	2	1	3	2	4
-Deferred tax	5	(6)	5	(11)	23
Net Profit	145	79	233	143	338
Paid-up equity share capital	151	151	151	151	151
Reserves excluding revaluation reserves					1,362
Earnings per share ( face value Rs. 10/-)
- Basic	9.62	5.17	15.05	8.91	20.33
- Diluted	9.22	5.17	14.69	8.91	20.33
- Cash	12.67	7.83	21.21	13.78	30.52
Aggregate of non-promoters shareholding
- No of shares	3,776,886	3,774,786	3,776,886	3,774,786	3,776,186
- Percentage of shareholding	25.05%	25.03%	25.05%	25.03%	25.04%

1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting on October 18, 2007.

2. The results for the quarter ended September 30, 2007 have been subjected to "Limited Review" by the Statutory Auditors of the Company.

3. Pursuant to the disclosure requirements of clause 41 of the listing agreement with stock exchanges, the consolidated figures for the Hikal Group (the Company together with its subsidiary and associate companies), are as follows:

	Quarter ended		Half Year Ended
	30-Sep-07	30-Sep-06	30-Sep-07	30-Sep-06
Turnover	1,162	1,118	2,170	2,138
Net profit after tax	130	42	196	84
Earnings per share
- Basic	8.63	2.72	12.64	5.45
- Diluted	8.27	2.72	12.41	5.45

4. The Company has issued 0.5% Foreign Currency Convertibile Bonds (FCCB) aggregating to Rs.478.26 million which is convertible at the option of the bondholder at a pre-determined price. The bonds are redeemable if the holders do not opt for conversion into the Company's equity shares.The Board is of the opinion that it is more likely than not that holders would opt for conversion rather than redemption of bonds, accordingly, believes that the payment of premium on redemtion, if any, is contingent in nature, Hence at this stage, provision for redemption premium is not considered necessary and has not been recognised in the financial statements. The amount of premium on the entire quantum of bonds determined on a time proportion basis till September 30, 2007 aggregates to Rs.60.67 million.

5. There were no investors complaints at the beginning of the quarter. During the quarter one complaint was received and resolved therefore no complaints were pending as on September 30, 2007.

6. Finance charges for the quarter ended September 30, 2007 are net of Rs. 9.78 million being the gain on restatement of foreign currency borrowing (Rs. 43.68 million for the half year ended; Rs. Nil for the quarter/half year ended September 30, 2006)

7. During the quarter, The Bombay High Court approved a scheme of arrangement persuant to which the balance standing to the credit of Capital Redemption Reserve and Contingency Reserve, aggregating Rs. 70 million is available for payment of premium on redemption, if any, of the Foreign Currency Convertible Bonds.

8. Previous period's/year's figures have been re-grouped wherever necessary to conform to the current period's presentation.

Top