Mumbai July 17 (UNI) Hikal Ltd, the preferred long-term outsourcing partner for leading global life sciences companies, today reported a 63 per cent growth in it s revenue for quarter one of the current fiscal at Rs.91.9 crore.
The corresponding period last year saw a revenue of Rs.56.2 crore.
Profit after Tax rose by 23 per cent to Rs 10.7 crore from Rs.8.7 crore the same quarter last year even after providing for Rs.
5.03 crore for foreign currency fluctuations.
Registering an impressive growth of 145 per cent, the pharma sales have risen to Rs 60.1 crore in the first quarter of 2008 as against Rs. 24.5 crore in the previous year.
Commenting on the results, Hikal Vice chairman and MD Jai Hiremath said in a release that ''The long-term contracts signed earlier with leading global life sciences companies is now resulting in increased pharma sales. We expect this trend to continue as a number of our projects will go on stream in the coming quarters.'' Earlier this month, IFC, a member of the World Bank group, agreed to invest USD 15 million in Hikal by way of equity. Hikal also announced the inauguration of a new multi-purpose agrochemical plant at Taloja for supply of Active Ingredients for Crop Protection Products to Bayer CropScience AG.
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