Hikal shares surge 12% after Q4 numbers; details here
1 min read 30 May 2023, 10:19 AM ISTThe small-cap pharmaceutical firm reported a 73.75 per cent YoY jump in standalone net profit for Q4FY23 at ₹36.07 crore. In the same quarter last year, the company's profit was ₹20.76 crore.
PremiumShares of Hikal surged over 12 per cent in early deals on BSE on Tuesday (May 30), a day after the company released its March quarter scorecard which showed healthy year-on-year (YoY) growth in the company's profit, thanks to softening of raw material prices and operational improvement initiatives. The stock opened nearly 5 per cent higher at ₹296.10 against the previous close of ₹283.15 on BSE and rose over 12 per cent to the level of ₹317.65 within the first 10 minutes of trade.
The small-cap pharmaceutical firm reported a 73.75 per cent YoY jump in standalone net profit for Q4FY23 at ₹36.07 crore. In the same quarter last year, the company's profit was ₹20.76 crore.
Total revenue from operations rose 8.55 per cent YoY to ₹545.29 crore from ₹502.35 crore in the corresponding quarter last year.
Besides, Hikal's board of directors recommended a final dividend of 30 per cent of the paid-up capital ( ₹0.60 per equity share) for the financial year 2023. The total dividend for the year is 60 per cent of the paid-up capital (i.e. ₹1.20 per equity share).
The company said its Panolisite underwent a US FDA audit which was concluded with ‘Zero’ 483 observations.
Among the segments, Hikal said the pharmaceutical sales were flat and stood at ₹309 crore in Q4FY23 as compared to ₹308 crore in Q4FY22. However, due to some operational initiatives, the segment saw an improvement in margins.
The company said its new multipurpose plant for animal health is on track at Panoli, Gujarat and is expected to be completed in the first half of FY24.
On the other hand, crop protection segment sales grew by 22 per cent to ₹236 crore in Q4FY23 against ₹194 crore in the corresponding quarter last year. The new multipurpose facility at Panoli, Gujarat is reaching completion; currently, stabilising and commissioning activity is going as per the plan, said the company.
