Hikal Limited — Updates, 12-11-2024: Press Release

**Financial Highlights:** Hikal Ltd. reported consolidated revenue of Rs. 453 crore for the quarter ended September 30, 2024, marking a significant increase compared to previous quarters. EBITDA improved to Rs. 75 crore, showcasing enhanced operational efficiencies, while PAT rose to Rs. 18 crore. For the half-year, revenue totaled Rs. 860 crore, with EBITDA at Rs. 133 crore, reflecting year-on-year growth of 4% and 23%, respectively.

**Strategic Initiatives and Growth Drivers:** The company emphasized strategic transformation initiatives under "Pinnacle," focusing on customer acquisition, technology upgrades, and geographical expansion. The pharmaceutical segment demonstrated notable performance with a revenue of Rs. 294 crore, driven by a strong pipeline in the CDMO business, while the crop protection segment began to stabilize, with revenue of Rs. 159 crore.

**Market Position and Competitive Advantage:** Hikal’s robust presence in the pharmaceutical and crop protection sectors, combined with a commitment to ESG initiatives, positions it favorably for future growth as market conditions stabilize.

**Investor Implications:** With ongoing improvements in cash flow management and a strong project pipeline in various segments, Hikal is expected to experience a positive outlook, with the potential for growth as market demand stabilizes and operational enhancements take effect. Investors should watch closely to leverage the anticipated continued recovery in the second half of FY25.