Hikal announced its financial results for the first quarter ended 30th June, 2012.

Performance highlights for the Quarter ended 30th June, 2012

• Net sales up by 16% to Rs. 165 crore as compared to Rs. 133 crore in the corresponding quarter of the previous year.

• Crop protection sales up by 45% to Rs. 69 crore as compared to Rs. 48 crore in the corresponding quarter of the previous year.

• Pharmaceutical sales up by 1% to Rs. 96 crore as compared to Rs. 95 crore in the corresponding quarter of the previous year.

• The EBIDTA for this quarter showed a growth of 31% to Rs. 46 crore as compared to Rs. 35 crore in the corresponding quarter of the previous year.

• Net Profit was down by 66% at Rs. 5 crore as compared to 15 crore in the corresponding quarter of the previous year due to exchange loss on matured forward / option contracts. The gain in the corresponding quarter of the previous year was Rs. 2 crore.

The results include Acoris Research which was merged on March 31st 2012.

Commenting on the results, Jai Hiremath, Chairman & Managing Director, Hikal said, "We have had a good start to this financial year. Our revenues are up by 16% to Rs. 165 crore. Our crop protection business has grown significantly by 45% this quarter on the back of increased demand from our customers. Our EBITDA for this quarter has increased considerably by 31 %. However, due to the significant depreciation of the Rupee versus the US dollar, our net profit has decreased on account of the forward contracts and hedges booked in the prior year. The effect of these hedges will decrease substantially during the second half of the year. The forecast from our customers for the remaining year is encouraging and we expect to sustain our growth."