Hikal Limited — PPTs, 04-02-2025: Investor Presentation

**Financial Highlights:** In Q3 FY25, Hikal Ltd reported revenue of ₹448 Cr with an EBITDA of ₹72 Cr, marking an 11% YoY increase in EBITDA. For the first nine months of FY25, revenue was ₹1,307 Cr, a 3% growth YoY, with EBITDA of ₹205 Cr, a 19% increase.

**Strategic Initiatives and Growth Drivers:** The company's pharmaceuticals segment, which generated ₹293 Cr in revenue, benefitted from the "China+1" strategy adopted by global pharma firms, leading to increased customer demand and enhanced EBITDA margins. The crop protection sector showed signs of stabilization with revenue at ₹154 Cr.

**Business Developments:** Hikal successfully completed 22 customer audits, demonstrating operational efficiency. Furthermore, its API business is gaining traction due to expanded geographical reach and new customer acquisitions.

**Market Position and Competitive Advantage:** The company's strong presence in both pharmaceuticals and crop protection, supported by its diverse portfolio and sustainable practices, positions it favorably against competitors.

**Investor Implications:** Positive momentum is likely given the stable raw material prices and improved cash flows, though investors should watch for ongoing price pressures within the agricultural sector. The interim dividend of ₹0.60 per share also reflects confidence in the company’s financial health.