Hester posts Rs 1.82 cr net profit in Q1

Ahmedabad based poultry vaccine manufacturer Hester Biosciences has signed a memorandum of understanding with Kathmandu based Golchha Organisation to set up a joint venture in Nepal to manufacture animal biologicals at an investment of around Rs 15 crore.

The proposed JV, a 100 per cent export oriented unit (EOU), would manufacture a range of animal biologicals that would supplement the existing range of vaccines manufactured by Hester in India. Hester plans to export to European markets from the Nepal facility. The company manufactures 39 types of animal vaccines for the poultry sector and closed with a turnover of Rs 37.50 crore in the year ended March.

The market size of poultry vaccines in India is pegged between Rs 150-180 crore annually.

The company reported a net profit of Rs 1.82 crore for the quarter ended June 30, marginally up from Rs 1.79 crore in the corresponding quarter last fiscal. The company has registered a turnover of Rs 10.49 crore in the same quarter, up 14 per cent from Rs 9.2 crore in Q1FY10 on a year-on-year basis.