Hikal Q2 profit soars 63% YoY, but falls sequentially

Hikal reported a consolidated net profit of ₹44 crore for the September quarter, up 63% year-on-year. It was ₹27 crore in the corresponding quarter of last year.

Total revenue from operations increased 26% to ₹469 crore as compared to ₹371 crore in the year-ago period.

On Tuesday, Hikal’s stock was up 6% at ₹494 in afternoon trade on NSE. The company’s shares have given multibagger returns for investors since the start of 2021 as the scrip rose by as much as 195%.

“During the quarter, heavy rains at Maharashtra’s Mahad led to flooding which caused the operations at the Holding Company’s Mahad Unit to remain shut for a period of 27 days. This has consequentially impacted the results for the quarter and half-year ended 30 September 2021. The Holding Company has filed an insurance claim, which is under assessment,” Hikal said in a filing.

Segment wise, revenue from pharmaceuticals business remained flat when compared with the previous year at ₹279 crore, while crop protection business clocked a revenue of ₹189 crore, more than doubled over year-ago quarter.

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