Hester Biosciences Ltd

Hester Biosciences is engaged in manufacturing of Poultry Vaccines and Large Animal Vaccines and trading of Poultry and Large Animal Health Products.

Pros:
Company has good consistent profit growth of 34.18% over 5 years
Company has been maintaining a healthy dividend payout of 22.43%
Cons:
Stock is trading at 8.29 times its book value

Peer Comparison Sector: Pharmaceuticals // Industry: Pharmaceuticals - Indian - Formulations

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
31 30 29 35 29 38 32 37 38 43 42 49
20 21 20 23 18 23 19 26 24 27 23 30
Operating Profit 11 9 9 12 11 15 13 11 15 16 18 19
OPM % 35% 31% 32% 33% 38% 39% 40% 30% 39% 37% 44% 39%
Other Income 0 0 0 0 1 1 0 0 1 0 1 1
Interest 1 1 1 1 1 0 1 1 1 1 1 1
Depreciation 1 1 1 2 1 1 1 1 2 2 2 3
Profit before tax 9 7 8 9 9 14 11 9 13 14 16 16
Tax % 33% 16% 23% 24% 34% 37% 40% 5% 28% 28% 28% 23%
Net Profit 6 6 6 7 6 9 6 9 10 10 12 12
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
31 29 37 42 48 65 69 90 101 123 135 171
14 14 21 24 29 42 43 64 67 82 85 103
Operating Profit 17 15 16 18 19 22 25 26 34 41 50 68
OPM % 54% 51% 43% 43% 39% 35% 37% 29% 34% 33% 37% 40%
Other Income 0 0 0 0 0 0 1 3 1 1 2 3
Interest 3 3 2 3 3 3 6 4 4 3 2 4
Depreciation 4 4 4 4 4 4 5 5 6 6 5 8
Profit before tax 11 8 10 11 12 15 14 19 25 33 44 60
Tax % 35% 42% 37% 32% 36% 36% 29% 26% 23% 25% 30% 27%
Net Profit 7 5 6 8 8 10 10 14 19 25 31 44
EPS in Rs 8.76 5.81 7.41 9.38 9.05 11.05 11.52 15.82 22.60 29.32 35.92 51.55
Dividend Payout % 18% 27% 26% 24% 7% 18% 17% 19% 18% 18% 28% 21%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:19.38%
5 Years:20.04%
3 Years:19.42%
TTM:27.01%
Compounded Profit Growth
10 Years:24.93%
5 Years:34.18%
3 Years:31.30%
TTM:43.76%
Return on Equity
10 Years:20.18%
5 Years:22.53%
3 Years:24.37%
Last Year:26.97%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
5 5 5 5 6 9 9 9 9 9 9 9
Reserves 28 31 36 41 54 59 67 76 92 114 138 171
Borrowings 20 19 20 21 16 24 35 39 39 39 43 38
17 22 20 14 16 23 18 18 20 22 24 23
Total Liabilities 71 77 81 82 92 115 129 140 159 184 213 240
41 41 40 39 37 35 51 57 62 61 67 101
CWIP 0 0 0 0 6 24 13 14 10 21 30 0
Investments 0 0 0 2 2 3 4 9 9 9 14 28
30 37 41 40 47 53 61 61 78 93 101 111
Total Assets 71 77 81 82 92 115 129 140 159 184 213 240

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
10 8 16 8 13 13 11 20 19 28 32 36
-9 -3 -3 -6 -7 -18 -14 -12 -6 -15 -26 -25
-7 -4 -12 -1 -5 4 3 -5 -12 -6 -6 -20
Net Cash Flow -6 0 0 -0 0 -0 -0 3 1 6 -0 -9

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 26% 20% 21% 21% 21% 22% 20% 18% 22% 24% 26% 31%
Debtor Days 123 155 107 115 109 85 75 72 95 79 86 70
Inventory Turnover 5.24 3.11 2.61 2.11 1.92 2.21 2.06 2.77 3.20 3.70 3.76 3.93