Hikal dips on disappointing June quarter results

The stock dipped 9% to Rs 126 after reporting a sharp 68% YoY decline in net profit at Rs 1.83 crore in June quarter.

Shares of Hikal has dipped 9% to Rs 126 on the BSE in otherwise firm market after reporting a sharp 68% year-on-year (YoY) decline in net profit at Rs 1.83 crore for the quarter ended June 30, 2015 (Q1), on account of flat revenue and exchange loss.

The pharmaceutical company had profit of Rs 5.70 crore in the same quarter last year.

Net sales during the quarter remain flat at Rs 191 crore over the previous year.

During the quarter, the company said it posted exchange of Rs 6.12 crore against Rs 53 lakh on foreign currency working capital loans includes unrealised exchange loss of Rs 5.37 crore against Rs 87 lakh previous year.