Hikal Q3 Net Sales Up By 53%

Matt Hopkins Posted by Matt Hopkins|20 January 2009

R&D and custom manufacturing company Hikal Ltd., based in Mumbai, India, announced its third quarter financial results. For the quarter ending Dec. 31, 2008, Hikal’s net sales were up 53% to approximately US$19.1 million, compared to about $17.5 million in the corresponding quarter last year.

The company’s crop protection sales were up by 67% to approximately $13 million as compared to $8 million in the corresponding quarter of the previous year. Net profit was at almost $9 million, compared to just under $8 million the previous year.

Jai Hiremath, Hikal vice chairman and managing director, stated, “The forecast for business in the forthcoming quarters is positive and we expect continued growth in the future. Despite adverse global economic conditions, Hikal has recorded reasonable growth in profits.”