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ICICI Direct Report
Hikal Ltd.'s revenues de-grew 17% YoY to Rs 379 crore with crop protection declining 15% YoY to Rs 154 crore. Pharma de-grew 18%YoY to Rs 224 crore.
Ebitda margins declined 1496 basis points YoY to 6% amid 1053 bps YoY decline in gross margins. EBITDA de-grew 76% YoY to Rs 23 crore.
Consequently, Hikal booked loss of Rs 9 crore in this quarter versus profit of Rs 50 crore in Q1 FY22. Delta vis-a-vis Ebitda was mainly due to higher interest cost and depreciation on account of assets additions.
Q1 was expected to be a weak period but quarterly revenues and margins were significantly below our estimates. Pharma business witnessed channel inventory correction at customers’ end while crop protection was affected due to expected disruption in operations of Taloja plant.
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