Hester Bosciences announces results for Q2 and H1 FY23

Hester Biosciences has reported consolidated net profit of Rs 6.60 crore and revenue from operations of Rs 73.15 crore for the Q2FY23. For H1FY23, the company reported net profit of Rs 10.16 crore and revenue from operations of Rs 123.85 crore. The company has achieved the highest quarterly sales in its history. The substantial increase in the current quarter sales has offset the degrowth in Q1 FY23, a statement from Hester notified.

The statement also said that Hester Africa recorded a revenue of Rs 0.15 crore upon commencement of the commercial sales operations within Tanzania during Q2. A spurt was witnessed in the demand for the Goat Pox Vaccine to control the outbreak of Lumpy Skin Disease (LSD) in cattle in the country. With no specific vaccine available for LSD in India, Goat Pox Vaccine was permitted for use as a heterologous vaccine to immunise cattle against LSD. In addition, a growth of 36 per cent in the health products business has been achieved from new product introductions and territorial expansion.

The company’s vaccine sales have increased by 24 per cent in Q2, while it shows a degrowth in H1 due to significant low sales in Q1 for poultry vaccines. The poultry industry continues to be under pressure to high feed costs and low product realisations. Besides, health product sales has increased by 36 per cent and more products are planned for launch in Q4. These products will be in the categories of therapeutics, namely NSAIDs and de-wormers, the statement added.

Further, as per the statement, the company’s bulk antigen (drug substance) production capacity expansion project is completed and capitalised in the books during the quarter. Expansion of the fill-finish (drug product) capacity is expected to be completed by Q4 FY23. These two expansions will double the production capacity in vaccines.