Hester Biosciences Ltd
Hester Biosciences Ltd is one of the leading animal health care companies & the second largest poultry vaccine manufacturer in India. Founded by Mr. Rajiv Gandhi in 1987, it has now a presence in over 30 countries & has a key market in India, Nepal & Tanzania. It has partnered with Bill & Melinda Gates Foundation, GALVmed, Golchha Organisation, Novapharma, etc. While operating across four broad verticals of Poultry Vaccines, Poultry Health Products, Animal Vaccines and Animal Health Products, the company provides services like seroprofiling kits and diagnostic labs for poultry flocks, and mastitis control programs for cattle.[1]
- Market Cap ₹ 2,044 Cr.
- Current Price ₹ 2,405
- High / Low ₹ 3,379 / 1,293
- Stock P/E 70.2
- Book Value ₹ 368
- Dividend Yield 0.25 %
- ROCE 9.26 %
- ROE 8.97 %
- Face Value ₹ 10.0
Pros
- Company has been maintaining a healthy dividend payout of 20.5%
Cons
- Stock is trading at 6.54 times its book value
- The company has delivered a poor sales growth of 10.7% over past five years.
- Company has a low return on equity of 11.8% over last 3 years.
- Company might be capitalizing the interest cost
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: Pharmaceuticals Industry: Pharmaceuticals - Indian - Formulations
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
65 | 69 | 90 | 101 | 123 | 135 | 171 | 169 | 208 | 219 | 254 | 285 | 278 | |
42 | 43 | 64 | 67 | 82 | 85 | 103 | 117 | 136 | 159 | 199 | 238 | 229 | |
Operating Profit | 22 | 25 | 26 | 34 | 41 | 50 | 68 | 53 | 72 | 61 | 55 | 47 | 49 |
OPM % | 35% | 37% | 29% | 34% | 33% | 37% | 40% | 31% | 35% | 28% | 22% | 17% | 18% |
0 | 1 | 3 | 1 | 1 | 2 | 3 | 3 | -4 | 5 | 5 | 4 | 4 | |
Interest | 3 | 6 | 4 | 4 | 3 | 2 | 4 | 5 | 4 | 2 | 6 | 5 | 5 |
Depreciation | 4 | 5 | 5 | 6 | 6 | 5 | 8 | 9 | 10 | 10 | 10 | 10 | 9 |
Profit before tax | 15 | 14 | 19 | 25 | 33 | 44 | 60 | 41 | 55 | 53 | 44 | 37 | 39 |
Tax % | 36% | 29% | 26% | 23% | 25% | 30% | 27% | 24% | 27% | 26% | 26% | 26% | |
10 | 10 | 14 | 19 | 25 | 31 | 44 | 31 | 40 | 40 | 32 | 27 | 29 | |
EPS in Rs | 11.39 | 11.86 | 16.45 | 22.59 | 29.32 | 35.92 | 51.55 | 36.70 | 46.90 | 46.46 | 38.02 | 31.93 | 34.23 |
Dividend Payout % | 18% | 17% | 19% | 18% | 18% | 28% | 21% | 18% | 21% | 22% | 21% | 19% |
Compounded Sales Growth | |
---|---|
10 Years: | 15% |
5 Years: | 11% |
3 Years: | 11% |
TTM: | -2% |
Compounded Profit Growth | |
---|---|
10 Years: | 10% |
5 Years: | -9% |
3 Years: | -15% |
TTM: | -14% |
Stock Price CAGR | |
---|---|
10 Years: | 23% |
5 Years: | 8% |
3 Years: | 1% |
1 Year: | 41% |
Return on Equity | |
---|---|
10 Years: | 17% |
5 Years: | 14% |
3 Years: | 12% |
Last Year: | 9% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 |
Reserves | 59 | 67 | 76 | 92 | 114 | 138 | 171 | 195 | 229 | 260 | 284 | 304 |
24 | 35 | 39 | 39 | 39 | 43 | 38 | 48 | 16 | 122 | 164 | 134 | |
23 | 17 | 17 | 20 | 17 | 22 | 23 | 26 | 29 | 34 | 89 | 103 | |
Total Liabilities | 115 | 129 | 140 | 159 | 178 | 210 | 240 | 277 | 282 | 424 | 546 | 550 |
35 | 51 | 57 | 62 | 61 | 67 | 101 | 96 | 87 | 84 | 108 | 103 | |
CWIP | 24 | 13 | 14 | 10 | 21 | 30 | 0 | 1 | 4 | 82 | 149 | 171 |
Investments | 3 | 4 | 9 | 9 | 9 | 14 | 28 | 41 | 44 | 65 | 65 | 65 |
53 | 61 | 61 | 78 | 88 | 99 | 111 | 139 | 148 | 194 | 224 | 210 | |
Total Assets | 115 | 129 | 140 | 159 | 178 | 210 | 240 | 277 | 282 | 424 | 546 | 550 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
13 | 11 | 20 | 19 | 28 | 32 | 36 | 26 | 41 | 16 | 33 | 43 | |
-18 | -14 | -12 | -6 | -15 | -26 | -25 | -21 | -4 | -111 | -72 | -21 | |
4 | 3 | -5 | -12 | -6 | -6 | -20 | -1 | -41 | 95 | 41 | -24 | |
Net Cash Flow | -0 | -0 | 3 | 1 | 6 | -0 | -9 | 3 | -4 | 0 | 3 | -2 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 85 | 75 | 72 | 95 | 79 | 86 | 70 | 96 | 80 | 95 | 118 | 110 |
Inventory Days | 736 | 1,145 | 431 | 627 | 356 | 493 | 511 | 754 | 390 | 404 | 362 | 251 |
Days Payable | 134 | 143 | 68 | 109 | 80 | 100 | 85 | 170 | 96 | 63 | 131 | 110 |
Cash Conversion Cycle | 686 | 1,076 | 434 | 614 | 355 | 480 | 496 | 681 | 374 | 436 | 349 | 250 |
Working Capital Days | 137 | 195 | 137 | 165 | 139 | 160 | 167 | 197 | 205 | 230 | 222 | 200 |
ROCE % | 22% | 20% | 18% | 22% | 24% | 26% | 31% | 20% | 25% | 17% | 12% | 9% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
5 Aug - Transcript of Earnings Conference Call held on 2 August 2024
- Announcement under Regulation 30 (LODR)-Newspaper Publication 5 Aug
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
2 Aug - Audio recording of the Earnings Conference Call
- Announcement under Regulation 30 (LODR)-Press Release / Media Release 2 Aug
- Financial Results Q1 FY25 2 Aug
Annual reports
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Financial Year 2010
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Concalls
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Aug 2024TranscriptPPT
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May 2024TranscriptPPTREC
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Feb 2024TranscriptPPTREC
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Nov 2023TranscriptPPTREC
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Nov 2023TranscriptNotesPPTREC
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Aug 2023TranscriptPPT
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May 2023TranscriptPPT
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Feb 2023TranscriptPPT
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Nov 2022TranscriptPPT
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Aug 2022TranscriptPPT
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Nov 2021TranscriptPPT
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Aug 2021TranscriptPPT
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Jun 2021TranscriptPPT
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Jan 2021TranscriptPPT
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Nov 2020TranscriptPPT
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Aug 2020TranscriptPPT
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Jun 2020TranscriptPPT
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Feb 2020TranscriptPPT
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Nov 2019TranscriptPPT
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Aug 2019TranscriptPPT
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May 2019TranscriptPPT
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Jan 2019TranscriptPPT
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Nov 2018TranscriptPPT
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Oct 2018TranscriptPPT
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Aug 2018TranscriptPPT
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May 2018TranscriptPPT
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Jan 2018TranscriptPPT
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Nov 2017TranscriptPPT
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Jul 2017TranscriptPPT
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May 2017TranscriptPPT
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Jan 2017TranscriptPPT
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Oct 2016TranscriptPPT
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Aug 2016TranscriptPPT
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May 2016TranscriptPPT
Market Share
The company is the world’s largest manufacturer and supplier of PPR vaccines, having ~75% of the world market. It has a 70%+ market share in Goat Pox vaccine in India. It is also the second largest poultry vaccine manufacturer, with ~35% market share in India. [1]