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ICICI Direct Report
Hikal Ltd. is predominantly a business-to-business player that provides intermediates and active ingredients to global pharmaceutical, animal health, crop protection and specialty chemical companies.
In Q4 Hikal reported muted quarter amid headwinds in pharma and crop protection. Revenues declined 6% YoY to Rs 502.4 crore.
Ebitda was at Rs 61 crore, down 44% YoY with margins at 12.1%. Consequent profit after tax was at Rs 21 crore (down 59% YoY).
Key triggers for future price performance:
capex progress in both pharma and crop protection,
margin improvement on the back of several cost rationalisation and efficiency improvement measures undertaken during the pandemic,
continuum in crop protection growth rate,
received manufacturing license for the production of active pharma ingredients at Panoli site, to resume post validations over the next quarters,
raw material challenges expected to continue in the next few months.
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