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 in Q1FY16 as well as Q2FY16 – adverse currency fluctuations and flat demand. But things looked up in Q3FY16, mainly because forex loss came down and demand too perked up, vitally from the crop protection segment.

Net sales for the quarter was up 7% (YoY) at Rs.240 crore and net profit came in at Rs.12 crore, up 33% and by a whopping 140% sequentially. This performance was thanks to the fall in forex loss – it was at Rs.2 crore in current Q3 v/s Rs.4 crore in previous Q3 and Rs.6 crore in Q2FY16.

Its pharma segment revenue grew by less than 1% at Rs.138 crore and its EBIT slumped 17%. Crop Protection products segment showed a much better performance – sales rose 16% and EBIT was up 7%. Its interest outgo stands at Rs.14 crore and debt as at 30^th Sept 2015 is at Rs.436 crore.