Hikal Q1 net up 23% at Rs 10.7 cr

New Delhi, Jul 17 (UNI) Hikal Ltd today said its net profit has increased 23 per cent to Rs 10.7 crore for the quarter ended June 2008 from Rs 8.7 crore for the same quarter last year.

Its net sales are up 63 per cent to Rs 91.9 crore for Q1 FY09 compared to Rs 56.2 crore in the corresponding quarter of last year.

''We have registered 23 per cent increase in net profit even after providing for Rs 5.03 crore for foreign currency fluctuations,'' a company statement said.

Registering a growth of 145 per cent, 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.

Earlier this month, IFC, a member of the World Bank group, has agreed to invest 15 million dollars in the company by way of equity.

It has also set up 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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