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ICICI Direct Report
Hester Biosciences Ltd.'s revenue witnessed a 16% decline YoY to Rs 51 crore on back of 14% YoY de-growth in poultry business to Rs 38 crore and 20% YoY decline in animal business to Rs 12 crore.
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Ebitda margins declined 1370 basis points YoY to 14.7%, mainly due to higher market development cost in animal health and petcare divisions on account of the company's continuous efforts in expansion activities.
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Ebitda declined 56% YoY to Rs 7.4 crore. Subsequently, profit after tax was down 68% YoY to Rs 4 crore.
Hester's poultry vaccines continued to face strong headwinds on account of increased cost of inputs (mainly feed) and pricing pressure on eggs and broiler birds. Overall margins are down due to the increase in the proportion of health products sales, which have lower gross margins compared to vaccines.
Health products sales constituted 34% of total sales in Q1 FY23, versus 20% in Q1 FY22.
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