Ahmedabad, Nov 4 Poultry and animal healthcare player Hester Biosciences Ltd reported standalone net profit of ₹10 crore for the quarter ended September 30, 2022, down by about 17 per cent from ₹12 crore in the corresponding quarter a year ago.
The company’s standalone income from operations stood at ₹72 crore in the quarter against ₹57 crore in the corresponding quarter a year ago. Total expenses increased to ₹60 crore, up 43 per cent from ₹42 crore in the corresponding quarter last year.
Segment wise, company’s revenues from poultry healthcare business fell by 15 per cent to ₹35 crore from ₹41 crore in the same quarter last year. On the other hand, animal healthcare business grew by 140 per cent to ₹36 crore (₹15 crore).
On consolidated basis, company’s net profit for the quarter stood at ₹6.6 crore, down 40 per cent as compared to ₹11 crore in the corresponding quarter last year. The consolidated revenues increased to ₹73 crore as against ₹63 crore, up 16 per cent year-on-year. Total expenses increased to ₹68 crore, from ₹49 crore in the same period last year.
Company’s consolidated results also include operations of subsidiaries at Nepal and Tanzania.
Hester Africa recorded a revenue of ₹15 lakh upon commencement of the commercial sales operations within Tanzania during the second quarter. Moving further, in the coming quarters, export operations will also pick up and contribute towards the overall growth, it said.
During the quarter, the company also witnessed a spurt in the demand for the Goat Pox Vaccine to control the outbreak of Lumpy Skin Disease (LSD) in cattle in the country. Hester has been and continues to be the dominant supplier of the Goat Pox Vaccine to various State Government bodies and in the private sector.
The construction of BSL-3 facility for Covaxin drug substance is completed. “Commissioning activities is ongoing. The facility is expected to be ready for commercial operation by end of FY23,” it said.
Hester in consortium with Gujarat Biotechnology Research Centre (GBRC), Government of Gujarat (GoG), has entered into an agreement with Bharat Biotech to manufacture the Drug Substance for Covaxin under the Mission Covid Suraksha Scheme. It will manufacture Drug Substance equivalent of up to 7 million doses per month. The facility can be repurposed to handle other micro-organisms beyond Covid-19, it added.