Hikal Q1 Review - Stellar Numbers But Upside Priced In: ICICI Direct
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ICICI Direct Report
Hikal Ltd.'s Q1 FY22 revenues grew a robust 29.5% YoY to Rs 456.8 crore on the back of strong growth across both segments.
Pharma posted 28.3% YoY growth to Rs 274 crore whereas crop protection grew 31.3% YoY to Rs 182.7 crore.
Ebitda margins expanded 697 basis points YoY, 44 bps QoQ to 21% amid lower staff expenses stemming from better operational leverage.
Subsequently, Ebitda grew 82.3% YoY to Rs 95.8 crore. Profit after tax grew 236% YoY to Rs 50.5 crore.
Q1 performance was above our estimates across all fronts.
Q1 margin performance showcases Hikal's focus on high margin products and backward integration.
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