Hester Biosciences Ltd

Hester Bios Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Hester Biosciences Ltd

₹ 2,382 -2.26%
21 Nov - close price
hester.in BSE: 524669 NSE: HESTERBIO
About

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]

Key Points

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]

Website BSE NSE
  • Market Cap ₹ 2,026 Cr.
  • Current Price ₹ 2,382
  • High / Low ₹ 3,379 / 1,293
  • Stock P/E 64.0
  • Book Value ₹ 382
  • Dividend Yield 0.25 %
  • ROCE 9.26 %
  • ROE 8.97 %
  • Face Value ₹ 10.0
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Pros

  • Company has been maintaining a healthy dividend payout of 20.5%

Cons

  • Stock is trading at 6.23 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

Part of BSE Allcap BSE SmallCap BSE Healthcare

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
56.59 54.00 50.25 50.53 72.00 70.77 60.70 80.35 66.43 65.51 72.87 73.47 73.50
39.46 38.76 40.20 41.33 56.22 51.78 49.78 68.99 54.43 53.94 60.45 59.97 58.77
Operating Profit 17.13 15.24 10.05 9.20 15.78 18.99 10.92 11.36 12.00 11.57 12.42 13.50 14.73
OPM % 30.27% 28.22% 20.00% 18.21% 21.92% 26.83% 17.99% 14.14% 18.06% 17.66% 17.04% 18.37% 20.04%
1.32 1.22 1.08 1.23 2.18 0.96 0.95 0.86 1.22 0.98 1.20 1.06 1.35
Interest 0.35 0.37 1.38 1.27 1.74 3.14 0.35 0.94 1.48 1.37 1.31 1.13 1.40
Depreciation 2.32 2.33 2.55 2.39 2.34 2.44 2.62 2.55 2.58 2.57 2.08 2.12 2.19
Profit before tax 15.78 13.76 7.20 6.77 13.88 14.37 8.90 8.73 9.16 8.61 10.23 11.31 12.49
Tax % 25.35% 23.18% 31.25% 26.14% 25.43% 25.40% 29.66% 26.00% 25.87% 24.85% 27.37% 25.38% 25.22%
11.77 10.56 4.95 5.01 10.35 10.73 6.26 6.47 6.78 6.48 7.43 8.43 9.34
EPS in Rs 13.84 12.41 5.82 5.89 12.17 12.61 7.36 7.61 7.97 7.62 8.73 9.91 10.98
Raw PDF

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 90 101 123 135 171 169 208 219 254 285 285
42 43 64 67 82 85 103 117 136 159 199 238 233
Operating Profit 22 25 26 34 41 50 68 53 72 61 55 47 52
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 5
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 43
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 32
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 37.24
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: 3%
Compounded Profit Growth
10 Years: 10%
5 Years: -9%
3 Years: -15%
TTM: 5%
Stock Price CAGR
10 Years: 19%
5 Years: 8%
3 Years: 2%
1 Year: 56%
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 Sep 2024
Equity Capital 9 9 9 9 9 9 9 9 9 9 9 9 9
Reserves 59 67 76 92 114 138 171 195 229 260 284 304 317
24 35 39 39 39 43 38 48 16 122 164 134 139
23 17 17 20 17 22 23 26 29 34 89 103 98
Total Liabilities 115 129 140 159 178 210 240 277 282 424 546 550 562
35 51 57 62 61 67 101 96 87 84 108 103 111
CWIP 24 13 14 10 21 30 0 1 4 82 149 171 171
Investments 3 4 9 9 9 14 28 41 44 65 65 65 65
53 61 61 78 88 99 111 139 148 194 224 210 215
Total Assets 115 129 140 159 178 210 240 277 282 424 546 550 562

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%

Shareholding Pattern

Numbers in percentages

Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024
53.73% 53.73% 53.73% 53.73% 53.73% 53.73% 53.73% 53.73% 53.73% 53.73% 53.73% 53.73%
0.80% 0.92% 0.72% 0.62% 0.45% 0.45% 0.45% 0.42% 0.43% 0.43% 0.52% 0.61%
0.02% 0.03% 0.04% 0.03% 0.03% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
45.45% 45.31% 45.51% 45.60% 45.77% 45.81% 45.82% 45.84% 45.83% 45.84% 45.74% 45.66%
No. of Shareholders 16,26915,01713,43913,71113,39113,12012,98413,34213,45012,84411,30511,538

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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