Hester Biosciences Limited posted standalone net profit at ₹10.5 crore for the quarter ended December 31, 2021, 21 per cent down against ₹13.2 crore in the corresponding quarter last year.
Standalone revenues from operations stood at ₹54 crore as against ₹53 crore in the same quarter last year.
On consolidated basis, company posted net profit at ₹8.3 crore for the quarter as against ₹12.8 crore in the same quarter last year. Consolidated revenues from operations stood at ₹56 crore for the quarter as against ₹57 crore in corresponding quarter last year.
For the nine-month period ended December 31, 2021, company posted standalone net profit of ₹34.57 crore, as against ₹31.04 crore, indicating a rise of 11 per cent on year-on-year basis. Standalone revenues from operations stood at ₹169 crore, up 16 per cent as against ₹145 crore in the same period last year.
"Overall, the sales of vaccines have remained the same in Q3 FY22, but have registered a growth of 16 per cent in 9-month fiscal 2021-22. Last year around Q2, Q3 and Q4, there were major disease outbreaks in the poultry industry which led to a spurt in the demand for poultry vaccines. While our vaccines kept the poultry industry immunised from the disease in the last financial year, the overall poultry health situation has been better this year, thereby registering a normal growth," the company said in a statement.
The development of vaccines against Classical Swine Fever (CSF), Lumpy Skin Disease (LSD) and Sheep Pox is going as per the timeline and the commercial production is expected to start by first quarter fiscal 2022-23.
Building BSL-3 facility
Sharing an update on Covid-19 vaccine, the company informed that along with Gujarat Biotechnology Research Centre (GBRC), Government of Gujarat (GoG), it has entered into a licensing agreement with Bharat Biotech to manufacture the Drug Substance for Covaxin.
The company is currently building the BSL-3 facility suitable for the manufacturing of Drug Substance for Covaxin. "The construction is going to be completed by Q4FY22," the company informed.
"The project is progressing well as per the timeline to manufacture up to 70 lakh doses per month, equivalent Drug Substance for Bharat Biotech," it added.
The impact on the top-line could be up to over a 100 per cent growth, with this project going on-stream.
Hester Biosciences shares gained over 5 per cent to ₹2,519.80 on the Bombay Stock Exchange (BSE) on Monday.