The Hindu : Hikal Q2 net up

Online edition of India's National Newspaper
Friday, Nov 15, 2002

Business

Business

Hikal Q2 net up

CHENNAI NOV. 14. Hikal has posted 27.6 per cent growth in sales at Rs. 31.94 crores for the second quarter ended September 30, 2002, as compared to Rs. 25.03 crores during the corresponding period of the previous year. The net profit increased by 21 per cent to Rs. 4.95 crores from Rs. 4.09 crores.

Sales for the half-year ended September 30, 2002 grew by 16.7 per cent to Rs. 57.44 crores from Rs.49.2 crores during the first half of last year.

The net profit at Rs. 9.48 crores showed a growth of 18.4 per cent over the corresponding half of the previous year. Hikal's main thrust of business is in pharmaceutical arena. The construction of its new multi-product facility at Bangalore to manufacture API's (active pharmaceutical ingredients) for the U.S. markets is under progress.

The company has been expanding its business relations internationally through collaborations with reputed corporations. Hikal is a leading global manufacturer of Thiabendazole (TBZ), a post harvest fungicide. It has manufacturing facilities at Taloja, Mahad, Panoli and Bangalore. The company has recently set up the Thermal Oxidizer — Stand-alone waste disposal incinerator facility at its Dombivili plant, near Mumbai.

City Union Bank

City Union Bank has registered a net profit of Rs. 14.53 crores in the six months ended September 30, 2002 against Rs. 13.75 crores in the corresponding period of the previous year. The operating profit has improved by 12.95 per cent to Rs. 38.12 crores from Rs. 33.75 crores. Total income has risen by Rs. 14.20 crores to Rs. 140.17 crores.

During the period under reference, deposits stood at Rs. 2,164.66 crores, a growth of 18 per cent over the same period last year and advances at Rs. 1,146.25 crores (17 per cent). Investments have risen by 32.23 per cent to Rs. 1,002.33 crores from Rs. 758.01 crores. The bank plans to open three more branches in Andhra Pradesh and one each in Kerala and Tamil Nadu.

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