Hikal, the preferred long-term outsourcing partner for leading global life sciences companies, announced its financial results for the third quarter ended December 31, 2012. Net sales for the quarter stood at Rs 152.9 crore as compared to Rs 185.5 crore in the corresponding quarter of the previous year. The earnings before interest, taxes, depreciation, and amortization (EBIDTA) for this quarter decreased marginally to Rs 44.1 crore as compared to Rs 46.2 crore in the corresponding quarter of the previous year. Profit before tax stood at Rs 12.73 crore versus Rs 12.66 crore. Profit after tax for the quarter was at Rs 9 crore versus Rs 13 crore. Pharma sales has been reported at Rs 89.10 crore as compared to Rs 130.4 crore in the corresponding quarter of the previous year.
Commenting on the results, Jai Hiremath, Chairman and Managing Director, Hikal said, “Our agrochemical division continues to grow on back of increased off-take by our customers. Our pharmaceutical division has been affected by de-stocking of inventory by our customers most of which has been pushed into the fourth quarter of this financial year. Even though our EBITDA margins have increased quarter on quarter of this financial year, the net profit is lower due to foreign exchange losses. The forecast from our customers for the rest of the financial year remains positive. Our operational margins are healthy and we expect to continue the growth well into next financial year.”
EP News Bureau – Mumbai