Hikal Ltd, the preferred long-term outsourcing partner for leading global life sciences companies, has achieved better performance during the third quarter ended December 2008. The company's net profit moved up by 8.1 per cent to Rs 15.96 crore from Rs 14.77 crore in the corresponding period of last year. Its sales jumped by 52.6 per cent to Rs 130.95 crore from Rs 85.79 crore. Its pharmaceutical sales went up by 40.6 per cent to Rs 65.65 crore and that of crop protection products increased by 67 per cent to Rs 65.30 crore. Contribution of pharmaceutical sales worked out to 50 per cent during the quarter under review.
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, representing a growth of 15.2 per cent.
Commenting on the results, Jai Hiremath, vice chairman & managing director said, "Our crop protection business has registered an impressive growth of 67 per cent and the pharmaceutical business has marked a significant growth of 41 per cent 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."