AHMEDABAD, India’s leading animal healthcare company Hester Biosciences Limited has announced its results for the third quarter of financial year 2023. Revenues in Q3 FY2023 to Rs. 74.64 crores. Hester Biosciences Ltd Net Profit up 46% in Q3FY22 to Rs. 12.16 crore.
Which in the third quarter of last financial year Rs. 55.69 crore was 35 percent higher than the revenues. Net profit (ex. OCI) for the third quarter of fiscal 2023 at Rs. 12.16 crore which in the same period of last financial year was Rs. 8.33 crore was 46 percent higher. Ebitda increased by 18 percent to Rs. 17.79 crore and EPS increased by 46 percent to Rs. It was 14.29.
The consolidated results also include the revenues of the subsidiaries in Nepal and Tanzania. Hester Nepal during the third quarter of financial year 2023 Rs. 2.49 crore with a net profit of Rs. 5.26 crores turnover was recorded. Hester India, Hester Nepal and joint venture unit Thrishul Exim Ltd increased the consolidated profit in the third quarter of fiscal 2023 on the back of increased profitability of Hester’s stake. Hester has received market authorization from the Tanzania Medicines and Medical Devices Authority (TMDA) in Africa for two important ruminant vaccines Lumpy Skin Disease and CBPP. Hester Nepal has received manufacturing license and market authorization for two additional vaccines Live Lesmes and Inactivated Coryza Plus.
The company’s focus on various segments going forward will be as follows:
Vaccine: 1. Government of India has started national vaccination program for PPR disease in sheep and goats. The first batch of PPR vaccine was supplied in January 2023, being the supplier under Hester tender. The total order value under the tender agreement is Rs. 40.68 crores which will be fully implemented by March 2024 in a phased manner as decided by the Government of India.
2. As LSD emerges as a new challenge in the livestock industry, we will focus on LSD awareness programs and promote annual vaccination against LSD through our Goat Pox vaccine.
3. The Indian Veterinary Research Institute (IVRI) developed LSD in cattle and a vaccine against avian influenza in poultry. Hester has entered into agreements to acquire both technologies.
4. Hester has strengthened its research and development team and lab facilities to work on the development of certain traditional as well as new era vaccines with a view to drive growth in its core line of veterinary vaccines.
The Petcare division, which was launched during the year, is witnessing progress. So far 10 products have been launched in 15 sales territories. The company plans to launch an additional 3 products in the fourth quarter in the anthelmintic and NSAIDs range keeping in view the seasonal requirements.