Hikal’s entry into the US pharmaceutical market has helped the company to post a turnover of Rs 57.74 crore for the first quarter ended June 30, 2005, as against Rs 40.66 crore for the corresponding quarter in the previous year. The growth in revenue is to the tune of 42 per cent.
The company has posted net profit of Rs 9.21 crore for the quarter as against Rs 6.71 crore in the corresponding period of the previous year, an increase of 37 per cent.
Jai Hiremath, vice chairman and managing director of Hikal Ltd. said, “Sale of Gabapentin (API) to the US market, which commenced from May 2005, has contributed significantly to both the topline and bottomline growth. Hikal will continue to expand the pharmaceutical contract manufacturing business by exploring new markets and products.”
Hikal has also entered the field of collaborative research. In addition to Hikal’s R&D Centre in Bangalore, Hikal is setting up a contract research centre near Pune with the first phase investment of about Rs 20 crore. The Hikal research facility, located at the Bio-Tech Park, Pune, is likely to become operational by mid 2006. The company plans to recruit about 100 scientists at the Pune research centre.
Hikal has formed a Global Scientific Advisory Board to support its research and development and technology initiatives. The Board includes eminent scientists - Dr. Helmut Rupp, Germany, Prof. Dr. Andrea T. Vasella, Professor of Organic Chemistry, ETH Zurich, Switzerland and Prof. Goverdhan Mehta, Indian Institute of Science, Bangalore.