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Our Bureau Hester Biosciences Limited posted standalone net profit of ₹9 crore for the quarter ended March 2021 against ₹5 crore in the corresponding quarter a year ago a rise of nearly 80 per cent year-on-year.
Company’s revenues from operations stood at ₹63 crore (₹41 crore). Its EBITDA margins were reported at 32.62 per cent for the quarter. The Board of directors has recommended a dividend of ₹10 per equity share (or 100 per cent) for the fiscal 2020-21 subject to the approval of the shareholders.
For the fiscal 2020-21, net profits stood at ₹40 crore (₹31 crore) on standalone revenues from operations at ₹208 crore (₹169 crore).
Vax tie-ups
Giving an update on the company’s Covid-19 vaccine tie-ups, Rajiv Gandhi, Managing Director informed that the project to manufacture drug substance for Bharat Biotech’s Covaxin is progressing as per schedule.
On the May 27, 2021, an MoU was signed between Bharat Bbiotech and Gujarat Covid Vaccine Consortium (GCVC) of which Hester is one of the signatories. Hester shall provide the complete infrastructure at its Gujarat plant for the manufacturing of the Drug Substance. The production is expected to start in August-September with an expected output of the drug substance equivalent to produce 50 lakh to approximately 1.5 crore doses a month for Bharat Biotech.
Hester has committed ₹40 crore investment for the project.
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