Pharma and chemicals firm Hikal Ltd on November 2 reported a 49.39 percent year-on-year fall in consolidated net profit at Rs 12.57 crore for the July-September quarter of the current financial year.
The company reported a profit of Rs 24.84 crore in the same period of the previous financial year.
Revenue from crop protection division fell 39 percent to Rs 164.5 crore in the quarter.
Revenue came in at Rs 434.9 crore, down 22.17 percent from the year-ago quarter of Rs 558.8 crore.
"The global chemical industry continues to experience a challenging period with prices declining across product segments coupled with the high channel inventory levels and intense price competition. We expect prices to bottom out, elevated inventory levels to subside and demand is likely to pick up from the end of this financial year resulting in an improvement in operating profitability quarter on quarter going forward," said Jai Hiremath, Executive Chairman, Hikal Ltd. in a press statement.
(This is a developing story, please come back for more)
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