Q1 Results - Net sales up by 39%; PAT up by 25%

Mumbai, July 23, 2009: Hikal Ltd, the preferred long-term outsourcing partner for leading global life sciences companies, today announced its financial results for the first quarter ended 30^th June, 2009.

Performance highlights for the Quarter ended 30^th June, 2009

·         Net sales up by 39% to Rs. 127.3 crore as compared to Rs. 91.9 crore in the corresponding quarter of the previous year.

·         PAT has risen by 25% to Rs. 13.3 crore from Rs.10.6 crore in the corresponding quarter of the previous year after providing Rs.8.54 crore towards foreign exchange contracts that were settled during the quarter.

·         Crop protection sales up by 29% to Rs. 41.1 crore as compared to Rs. 31.8 crore in the corresponding quarter of the previous year.

·         Pharmaceutical sales up by 43% to Rs. 86.1 crore as compared to Rs. 60.1 crore in the corresponding quarter of the previous year.

Commenting on the results, Jai Hiremath, Vice Chairman & Managing Director, Hikal Ltd. said, “We have had a good start to this financial year. Our Net sales are up by 39%. Our pharmaceutical business has registered a significant growth of 43% and the crop protection business has grown by 29% this quarter. Due to the capacity expansions completed last year we expect continued growth in the coming quarters. Despite the adverse economic situation, we have maintained consistent growth in revenue and 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.