Q3 Results - Net sales up by 53%; PAT up by 8%

Nine months - Net Sales up by 50%; PAT increases by 15%

Mumbai, January 20, 2009: Hikal Ltd, the preferred long-term outsourcing partner for leading global life sciences companies, today announced its financial results for the third quarter ended 31^st December, 2008. 

Performance highlights for the Quarter ended 31^st December 2008

·         Net sales up by 53% to Rs.130.9 crore as compared to Rs.85.8 crore in the corresponding quarter of the previous year.

·         The EBIDTA for this quarter increased by 86% to Rs. 38.5 crore as compared to Rs.20.7 crore in the corresponding quarter of the previous year.

·         PAT has risen by 8% to Rs.15.9 crore from Rs.14.8 crore in the corresponding quarter of the previous year after providing Rs.10.1 crore towards foreign exchange contracts that were settled during the quarter.

·         Crop protection sales up by 67% to Rs.65.3 crore as compared to Rs.39.1 crore in the corresponding quarter of the previous year.

·         Pharmaceutical sales up by 41% to Rs.65.7 crore as compared to Rs.46.7 crore in the corresponding quarter of the previous year.

Cumulative nine months performance of the Crop protection business recorded net sales of Rs.138.8 crore as compared to Rs. 112.2 crore in the previous year and the Pharmaceutical business was at Rs. 191.5 crore as compared to Rs. 107.8 crore in the previous year; taking the total turnover of the company to Rs.330.3 crore as compared to Rs. 220.0 crore in the previous year. The net profit was at Rs.43.8 crore as compared to Rs.38.0 crore in the previous year.

Commenting on the results, Jai Hiremath, Vice Chairman & Managing Director, Hikal Ltd. said, “Our crop protection business has registered a significant growth of 67% and the pharmaceutical business has marked an impressive growth of 41% this quarter. The forecast for business in the forthcoming quarters is positive and we expect continued growth in the future. Despite adverse global economic conditions, Hikal has recorded reasonable growth in profits.”

About Hikal:

Hikal is a reliable long-term outsourcing partner to companies in the Pharmaceuticals, Crop protection Products, and Specialty Chemicals industry. The company has been supplying key active ingredients (AI) and intermediates, manufactured using stringent global quality standards, for its customers in the United States, Europe and Japan. Hikal’s advanced manufacturing facilities have been inspected and approved by leading global players in Crop protection and Pharmaceutical sectors. The crop protection facilities are located at Taloja and Mahad (Maharashtra). Hikal’s manufacturing activities are supported by state-of-the-art research centres and pilot plant facilities located at Bangalore and Taloja respectively. The API and pharmaceutical intermediates manufacturing facilities are situated in Jigani (Bangalore) and Panoli (Gujarat), respectively.

For further information contact:

Hikal Ltd. – Sangeeta Salian @ 022 2757 4276, Email – sangeeta_salian@hikal.com