Hester Biosciences Ltd

About [ edit ]

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
Partners with Bill & Melinda Gates Foundation, GALVmed, Golchha Organisation, Novapharma, etc.
Also, provides services like seroprofiling kits and diagnostic labs for poultry flocks, and mastitis control programs for cattle.#

Key Points [ edit ]
  • Market Cap 2,202 Cr.
  • Current Price 2,589
  • High / Low 3,180 / 1,171
  • Stock P/E 60.2
  • Book Value 268
  • Dividend Yield 0.25 %
  • ROCE 18.7 %
  • ROE 17.0 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company has been maintaining a healthy dividend payout of 22.16%

Cons

  • Stock is trading at 9.65 times its book value
  • Company might be capitalizing the interest cost
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
39.81 42.77 45.73 52.23 44.76 44.20 50.69 43.62 39.85 53.41 56.89 64.18
24.99 27.47 25.53 34.74 27.19 33.15 29.99 36.43 27.94 37.60 35.71 44.40
Operating Profit 14.82 15.30 20.20 17.49 17.57 11.05 20.70 7.19 11.91 15.81 21.18 19.78
OPM % 37.23% 35.77% 44.17% 33.49% 39.25% 25.00% 40.84% 16.48% 29.89% 29.60% 37.23% 30.82%
Other Income 0.72 0.48 0.27 5.97 0.58 0.70 0.30 4.79 0.69 0.24 1.27 -0.84
Interest 1.30 2.17 1.06 2.46 1.90 1.41 2.63 2.54 1.54 2.11 1.52 1.44
Depreciation 2.23 3.17 2.72 4.07 3.23 3.23 3.42 3.20 3.18 3.24 3.27 3.63
Profit before tax 12.01 10.44 16.69 16.93 13.02 7.11 14.95 6.24 7.88 10.70 17.66 13.87
Tax % 31.06% 43.58% 25.52% 20.32% 37.94% 12.80% 20.07% 23.72% 35.91% 37.48% 27.18% 27.18%
Net Profit 8.63 6.97 12.80 9.80 8.39 6.52 11.52 2.74 5.72 6.68 12.35 9.69
EPS in Rs 10.14 8.19 15.05 11.52 9.86 7.66 13.54 3.22 6.72 7.85 14.52 11.39

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
42 48 65 69 90 101 123 136 178 183 214
24 30 43 44 64 67 82 89 110 127 146
Operating Profit 18 19 22 24 25 34 41 47 68 56 69
OPM % 43% 39% 34% 36% 28% 34% 33% 35% 38% 30% 32%
Other Income 0 0 0 1 3 1 0 3 7 6 1
Interest 3 3 3 6 5 4 4 4 7 8 7
Depreciation 4 4 4 5 6 6 7 10 12 13 13
Profit before tax 11 12 14 13 18 25 31 36 57 41 50
Tax % 32% 37% 37% 31% 26% 23% 26% 36% 28% 25% 31%
Net Profit 8 8 9 9 14 19 24 26 42 29 34
EPS in Rs 8.95 10.89 11.11 15.99 22.57 27.68 30.12 48.87 34.29 40.47
Dividend Payout % 24% 7% 18% 18% 19% 18% 19% 33% 23% 19% 25%
Compounded Sales Growth
10 Years:18%
5 Years:16%
3 Years:16%
TTM:17%
Compounded Profit Growth
10 Years:17%
5 Years:14%
3 Years:13%
TTM:27%
Stock Price CAGR
10 Years:41%
5 Years:29%
3 Years:26%
1 Year:101%
Return on Equity
10 Years:18%
5 Years:19%
3 Years:19%
Last Year:17%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
5 6 9 9 9 9 9 9 9 9 9
Reserves 41 54 59 66 76 93 113 132 169 193 220
Borrowings 21 16 32 48 55 59 66 69 90 126 86
15 19 24 19 20 25 25 35 32 57 97
Total Liabilities 82 95 124 142 160 186 213 244 299 384 411
39 39 38 54 60 65 102 110 145 142 133
CWIP 0 6 29 21 33 36 21 32 7 74 109
Investments -0 -0 0 0 0 0 -0 -0 -0 -0 -0
43 50 57 68 68 85 89 102 148 168 169
Total Assets 82 95 124 142 160 186 213 244 299 384 411

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
5 14 12 9 20 19 35 38 47 38 58
-4 -10 -23 -15 -21 -13 -30 -26 -21 -74 -38
-1 -2 10 7 7 -7 2 -11 3 19 -18
Net Cash Flow 1 2 -1 2 5 -1 6 1 28 -18 1

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
ROCE % 20% 20% 18% 15% 19% 20% 20% 27% 16% 19%
Debtor Days 115 109 85 75 72 95 79 87 67 116 84
Inventory Turnover 0.41 0.64 0.47 0.91 0.81 1.13 0.96 0.93 0.63 0.80

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
54.09 54.09 54.09 54.09 54.09 53.74 53.73 53.73 53.73 53.73 53.73 53.73
1.77 1.78 1.78 1.77 1.75 1.77 1.49 0.59 0.62 0.62 0.63 0.60
0.65 0.66 0.63 0.64 0.61 0.59 0.67 0.11 0.16 0.22 0.22 0.82
43.49 43.47 43.50 43.50 43.54 43.90 44.11 45.56 45.48 45.42 45.42 44.84

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