Hikal down 5% despite impressive Q3

MUMBAI: Shares of Hikal Ltd were down 5.3 per cent at Rs 195 on the BSE Thursday, off the high of Rs 203.15 recorded earlier in the day. The stock had touched a 52-week low of Rs 193 on Wednesday, a day after it posted its third quarter results. Over a month, the stock has declined 24 per cent.

The company registered 53% rise in net sales for the quarter ended Dec 31, 2008. Net sales stood at Rs.130.9 crore compared to Rs.85.8 crore in the corresponding quarter of the previous year. The net profit was at Rs.43.8 crore compared to Rs.38.0 crore in the previous year. The EBIDTA for this quarter increased by 86% to Rs. 38.5 crore compared to Rs.20.7 crore during the same time last year.

PAT has risen by 8% to Rs.15.9 crore from Rs.14.8 crore in the year ago period, 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 were up by 41% to Rs.65.7 crore as compared to Rs.46.7 crore in Q3FY07.

Jai Hiremath, Vice Chairman & Managing Director, Hikal, said, "Our crop protection business has registered an impressive growth of 67% and the pharmaceutical business has marked a significant growth of 41% this quarter. The forecast for business in the forthcoming quarters is positive and we expect continued growth in the future."