Hester Biosciences posts 88% growth in Consolidated Net Profit in Q1FY24

Revenue from operations up 73 per cent to Rs 87.85 crore in Q1FY24.

Hester Biosciences Limited, one of India’s leading animal health company, manufacturing vaccines and health products has reported consolidated net profit of Rs 6.71 crore in Q1FY24 ended June 2023 as against net profit of Rs. 3.56 crore in Q1FY23, growth of 88 per cent. Company reported revenue from operations of Rs. 87.85 crore for the Q1FY24, growth of 73 per cent Y-o-Y as compared to revenue of Rs. 50.70 crore in Q1FY23. Operating profit during Q1FY24 ended June 2023 was reported at Rs. 14.36 crore, 93 per cent growth Y-o-Y from Rs 7.43 crore in Q1FY23. EPS for Q1FY24 was reported at Rs. 7.89 per share.

Consolidated results include operations of subsidiaries from Nepal and Tanzania. Hester Nepal had a turnover of Rs. 6.54 Crore primarily from exports of vaccines with overall Net Profit of Rs. 3.67 Crore during Q1 FY24. Hester Africa has registered export sales of Rs.  1.76 Crore.

Animal Healthcare Division

The Animal Healthcare division grew by 93 per cent. The increase in domestic sales of this division is attributed to:

1. A boost in demand for Goat Pox Vaccine (GPV) consequent to the Government advisory to carry out the annual preventive vaccination program for Lumpy Skin Disease (LSD) in cattle as well as towards the sale of PPR vaccine towards the National PPR Immunization program of Government of India.

2.  The continued growth in sales of health products resulting from the earlier investments in expansion of sales force, territorial expansion and new product introductions.

Poultry Healthcare Division

The Poultry Healthcare division experienced de-growth of 13% in sales of Q1. Domestic sales continued to be hit due to by the recession in the poultry industry, though it is now showing an upward trend.

Petcare Division

Petcare division which was launched last year, has registered promising sales of Rs. 0.80 Crore in Q1 FY24. Petcare products have been well received in the market as reflected by a steady upward trend in month-on-month sales.

Revenue from operations up 73 per cent