Hikal, jointly promoted by Hiremath and  Kalyani group, is amongst the first companies to offer customized, cost effective and sustainable solutions from R&D to Commercial Manufacturing. It is one of the very few global and only Indian company to provide APIs for both Pharmaceuticals and Agrochemicals.  About 70% of company’s earnings is coming from exports and having strong marketing tie-ups with multinationals includes Bayer, Syngenta, Degussa and Pfizer. And this is what affected the performance of the company is Q1FY16 as well as Q2FY16 – adverse currency fluctuations and flat demand.

Net sales for the quarter was down 16% (YoY) at Rs.204 crore. The forex loss was at Rs.6 crore and net profit came in at Rs.5 crore, down three times from Rs.15 crore posted in Q2FY16. Its pharma segment showed a 4% decline in topline and EBIT fell 37% while Crop Protection products segment showed a much bigger fall – sales fell 31% and EBIT showed a fall of 52%. Its interest outgo stands at Rs.17 crore per quarter and debt as at 30^th Sept 2015 is at Rs.436 crore.