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Hester Biosciences Ltd. delivered 34.6% YoY growth at ~Rs 75 crore. Such a performance was driven by robust performance from the animal healthcare segment, which saw 216.4% YoY growth and was at ~ Rs 44 crore.
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Poultry segment showed a down trend of ~25% at ~ Rs 31.4 crore during the quarter. Gross profit margins came in at ~71% in Q3 FY23 down 3% largely due to writeoff of ~ Rs 1.6 crore of expired vaccine stocks in the poultry healthcare division.
On the operational front, Hester's Ebitda was at ~ Rs 19 crore, up 24.9% YoY whereas margins took a hit of 195 bps. Net profit for the company was at Rs 12.3 crore, up 45.4% YoY. Net profit margins got impacted due to unrealised mark-to-market losses of ~ Rs 2.44 crore on translation of U.S. dollar loan.
The growing need for Goat pox vaccine to stop outbreak of lumpy skin disease in cattle drove the animal healthcare segment. Poor collection cycles and much fewer new bird placements are the results of high feed costs and low product realisations which affected the poultry segment revenues. However, the de-growth of vaccine sales was partly offset by the continued growth of the poultry health products sales.
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