Hester Biosciences posts Q1 net profit at Rs 6.17 cr

Animal healthcare firm Hester Biosciences today reported a marginal increase in its standalone net profit at Rs 6.17 crore for the quarter ended June.

The company had posted a net profit of Rs 6.01 crore during the same period of the previous fiscal, Hester Biosciences said in a BSE filing.

Besides, the firm announced an investment of USD 1,50,000 in its wholly-owned African subsidiary Hester Biosciences Kenya Ltd, incorporated in Kenya.

Net sales during the quarter under review stood at Rs 29.04 crore as against Rs 30.71 crore in the April-June quarter of the previous fiscal, down 5.43 per cent.

The company said sales dropped during the quarter due to restricted invoicing in June in the run up to GST, low chick replacement in the poultry industry and product shortages, among others.

Hester Biosciences CEO and Managing director Rajiv Gandhi said: "The business performance seems low in terms of top line but we are confident of adhering to our forecasts for this financial year. Domestic large animal vaccines sale is forecasted to take a leap."

With regard to investment in the African subsidiary, the company in the filing said, the Board has approved an investment in Hester Biosciences Kenya Ltd, to the extent of USD 1,50,000.

The subsidiary is yet to start business activity and will undertake an operation of trading of veterinary vaccines and health products.

The stock was trading 6.68 per cent down at Rs 1,049.80 apiece on BSE.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)