Hikal Limited — Updates, 04-02-2025: Press Release

**Financial Highlights:** Hikal Ltd reported consolidated revenue of Rs. 448 crore for Q3 FY25, with an EBITDA of Rs. 72 crore, reflecting an 11% year-over-year growth in EBITDA. Profit After Tax (PAT) stood at Rs. 17 crore. For the nine-month period, revenues totaled Rs. 1,307 crore, and EBITDA was Rs. 205 crore, representing growth of 3% and 19%, respectively.

**Strategic Initiatives and Growth Drivers:** The company is benefiting from a China+1 strategy, which is enhancing customer acquisition in its pharmaceutical division. Its strategic initiative, Pinnacle, aims to foster sustainable growth and improve operational efficiencies.

**Business Developments:** The pharmaceuticals segment generated revenue of Rs. 293 crore, with improved EBIT margins driven by an increasing volume in the API business and successful customer acquisition. The crop protection division saw a revenue of Rs. 154 crore, with early signs of stabilization in the market.

**Market Position and Competitive Advantage:** Hikal maintains a strong market position with its advanced manufacturing facilities and a robust pipeline of projects, which positions it favorably against competitors.

**Investor Implications:** The positive momentum in the pharmaceutical sector, coupled with a recovering crop protection market, presents an opportunity for investors. Operating cash flows have improved significantly, with a year-over-year increase of Rs. 102 crore. Investors should monitor Hikal's strategic initiatives and market developments closely.