Hikal restarts operations at Mahad plant

Hikal said that it has resumed operations at its manufacturing unit at Mahad in Maharashtra in staggered manner following the completion of the safety protocols at the site.

We expect to ramp up our production over the next several days, the company said in an exchange filing made during market hours today.

On 24 July 2021, the company had announced suspension of activities at the said plant due to heavy rains and floods in the Raigad District.

Hikal is engaged in the manufacturing of various chemical intermediates, specialty chemicals, active pharmaceutical ingredients (APIs) and contract research activities.

The company's consolidated net profit increased by 3.369 times to Rs 50.54 crore in Q1 FY22 from Rs 15 crore in Q1 FY21. Total revenue from operations increased by 29.5% YoY to Rs 456.78 crore in the first quarter.

The scrip fell 2.89% to currently trade at Rs 676.75 on the BSE. On a year-to-date (YTD) basis, the stock has zoomed 310.77% while the benchmark Sensex has added 16.53% during the same period.

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