ICICI Direct's research report on Hikal
Q4 revenues grew a robust 40.5% YoY to Rs 533 crore tracking strong growth across both segments. Pharma posted 31.5% YoY growth to Rs 298 crore whereas crop protection grew 53.8% YoY to Rs 235 crore. EBITDA margins expanded 188 bps YoY, 81 bps QoQ to 20.5% amid lower staff expenses stemming from better operational leverage. Subsequently, EBITDA grew 54.7% YoY to Rs 109 crore. PAT more than doubled to Rs 51 crore.
Outlook
We maintain BUY and arrive at a valuation of Rs 380 (earlier TP: Rs 230) based on 20x FY23E EPS of Rs 19.0
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