Hester Biosciences : Outcome of Board Meeting

10 August 2022
To,	To,
BSE Limited	National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers,	Exchange Plaza,
Dalal Street,	Bandra - Kurla Complex,
Mumbai 400 001	Bandra (E), Mumbai 400 051
Scrip Code: 524669	Symbol: HESTERBIO

Dear Sir/ Madam:

Subject: Outcome of Board Meeting

This is with reference to our letter dated 2 August 2022 intimating the date of the Board Meeting for consideration of the Standalone and Consolidated Unaudited Financial Results for the quarter ended 30 June 2022.

Pursuant to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we would like to inform you that the Board of Directors, in their meeting held today, approved the Standalone and Consolidated Unaudited Financial Results for the quarter ended 30 June 2022, as recommended by the Audit Committee of the Board.

We attach herewith:

1. The approved standalone and consolidated unaudited financial results and limited review reports
2. A Press Release issued in this regard

We will be publishing an extract of the results in the newspaper as per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The Board Meeting commenced at 11:03 a.m. (IST) and concluded at 11:57 a.m. (IST).

You are requested to take the above information on your record.

Sincerely

For Hester Biosciences Limited

Vinod Mali

Company Secretary &

Compliance Officer

Enclosure: As above

STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE 2022

				Amount in INR Million
			Quarter Ended		Year Ended
Sr.	Particulars	30 June	31 March	30 June	31 March
2022	2022	2021	2022
No.
		Unaudited	Audited	Unaudited	Audited
		(Refer note 4)
	Income
1	Revenue from Operations	505.28	502.51	585.05	2,193.51
2	Other Income	12.34	10.81	10.32	46.57
3	Total income	517.62	513.32	595.37	2,240.08
4	Expenses
	(a) Cost of material consumed	60.34	83.65	74.92	349.31
	(b) Purchases of stock-in-trade	86.29	124.74	65.09	392.97
	(c) Change in inventories of finished goods,	14.69	(49.39)	32.44	(125.26)
	traded goods and work in progress
	(d) Employee benefits expense	99.19	96.96	99.00	391.19
	(e) Finance cost	12.69	13.83	3.67	24.68
	(f) Depreciation and amortisation expense	23.93	25.48	22.98	95.02
	(g) Other expenses	152.79	146.01	132.11	579.61
	Total expenses	449.92	441.28	430.21	1,707.52
5	Profit before tax	67.70	72.04	165.16	532.56
6	Tax Expense
	Current tax	20.17	19.64	49.82	142.53
	Deferred tax	(2.52)	2.92	(7.03)	(5.14)
	Total tax expense	17.65	22.56	42.79	137.39
7	Profit after tax	50.05	49.48	122.37	395.17
8	Other Comprehensive Income
	Items that will not be reclassified to Profit or
	Loss
	Remesurement Gain/(Loss) on Defined	(0.53)	1.22	0.72	(2.10)
	Benefit Plans
	Income tax impact	0.13	(0.31)	(0.18)	0.53
	Total Other Comprehensive Income	(0.40)	0.91	0.54	(1.57)
9	Total Comprehensive Income for the	49.65	50.39	122.91	393.60
	period / year
10	Paid-up equity share capital				85.07
11	Other Equity				2,599.27
12	Earnings Per Share (Face Value of INR 10	5.88	5.82	14.38	46.45
each) (Not Annualised) - Basic & Diluted
	(INR)

Notes:

1. The standalone financial results of Hester Biosciences Limited (the "Company") have been reviewed by the Audit Committee and approved by the Board of Directors of the Company in their respective meetings held on 10 August 2022.
2. The Statutory Auditors have carried out limited review of the standalone financial results of the Company for the quarter ended 30 June 2022.
3. Following are the details of segment wise revenue, results, segment assets and liabilities:

				Amount in INR Million
			Quarter Ended		Year Ended
Particulars	30 June	31 March	30 June	31 March
		2022	2022	2021	2022
Segment Revenue
a. Poultry Healthcare	383.70	400.94	481.04	1,712.31
b. Animal Healthcare	121.58	101.57	104.01	481.20
Total Revenue from Operations	505.28	502.51	585.05	2,193.51
Segment Results
a. Poultry Healthcare	85.26	83.73	171.16	537.88
b. Animal Healthcare	(14.99)	(9.95)	(12.65)	(16.81)
Total Segment Results	70.27	73.78	158.51	521.07
a. Finance Costs	12.69	13.83	3.67	24.68
b. Other unallocable expenditure/(income) (Net)	(10.12)	(12.09)	(10.32)	(36.17)
Profit before Tax	67.70	72.04	165.16	532.56
Segment Assets
a. Poultry Healthcare	2,552.90	2,362.17	1,771.67	2,362.17
b. Animal Healthcare	307.14	310.29	237.33	310.29
Unallocated Assets	1,782.41	1,571.96	680.72	1,571.96
Total	4,642.45	4,244.42	2,689.72	4,244.42
Segment Liabilities
a. Poultry Healthcare	182.63	151.37	4.14	151.37
b. Animal Healthcare	23.72	46.12	3.46	46.12
Unallocated Liabilities		1,702.11	1,362.59	183.41	1,362.59
Total	1,908.46	1,560.08	191.01	1,560.08

4 The figures for the last quarter are the balancing figures between the audited figures in respect of the full year ending 31 March 2022 and the unaudited published year-to-date figures upto 31 December 2021, being the date of the end of the third quarter, which were subjected to limited review.

	For and on behalf of the Board of Directors
	Rajiv Gandhi
Place: Ahmedabad	CEO & Managing Director
Date: 10 August 2022	DIN: 00438037

STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE 2022

					Amount in INR Million
			Quarter Ended		Year Ended
Sr.	Particulars	30 June	31 March		30 June	31 March
2022	2022		2021	2022
No.
	Unaudited	Audited		Unaudited	Audited
		(refer note 4)
	Income
1	Revenue from Operations	506.95	564.69		601.86	2,350.06
2	Other Income	31.23	71.92		23.48	137.41
3	Total Income	538.18	636.61		625.34	2,487.47
4	Expenses
	(a) Cost of Materials Consumed	115.59	164.06		121.89	606.53
	(b) Purchase of Stock-in-Trade	29.24	33.01		25.25	126.18
	(c) Change in inventories of finished goods,	(1.27)	(43.10)		31.45	(105.56)
	traded good and work in progress
	(d) Employee benefit expense	118.47	122.67		112.88	453.32
	(e) Finance cost	16.01	15.00		8.60	40.64
	(f) Depreciation and amortisation expense	50.60	51.31		32.29	165.81
	(g) Other expenses	170.62	184.80		139.70	669.76
	Total expenses	499.26	527.75		472.06	1,956.68
5	Profit before Share of Profit of Joint Venture	38.92	108.86		153.28	530.79
	entity and Tax
6 Share of Profit in Joint Venture entity	15.71	4.23		-	4.23
7	Profit before tax	54.63	113.09		153.28	535.02
8	Tax Expense
	Current tax	21.06	21.21		50.59	147.84
	Deferred tax	(2.03)	1.81		(7.50)	(7.66)
	Total tax Expense	19.03	23.02		43.09	140.18
9	Net Profit for the period / year	35.60	90.07		110.19	394.84
10	Other Comprehensive Income
	Items that will not be reclassified to Profit or Loss
	Remeasurement Gain/(Loss) on Defined Benefit	(0.53)	1.22		0.72	(2.10)
	Plans
	0.13	(0.31)		(0.18)	0.53
	Income Tax Impact
	Items that will be reclassified to Profit or Loss	8.87	5.94		2.35	9.78
	Foreign Currency Translation Reserve
	Income Tax Impact	-	-		-	-
	Total Other Comprehensive Income	8.47	6.85		2.89	8.21
11	Total Comprehensive Income for the period	44.07	96.92		113.08	403.05
	/ year

12 Profit for the period/year attributable to:

(i) Owners of the Company	39.68	77.23	124.90	393.20
(ii) Non Controlling Interest	(4.08)	12.84	(14.71)	1.64

13 Other Comprehensive Income for the period/year attributable to:

(i) Owners of the Company	8.47	6.85	2.89	8.21
(ii) Non Controlling Interest	-	-	-	-

14 Total Comprehensive Income for the period/year attributable to:

	(i) Owners of the Company	48.15	84.08	127.79	401.41
	(ii) Non Controlling Interest	(4.08)	12.84	(14.71)	1.64
15	Paid-up equity share capital				85.07
16	Other Equity				2,514.78
17	Earnings Per Share (Face Value of INR 10 each)	4.19	10.59	12.95	46.41
	(Not Annualised) - Basic & Diluted (INR)

Notes:

1. The consolidated financial results of Hester Biosciences Limited (the "Company") and its subsidiaries (together referred as the "Group") and its joint venture entity have been reviewed by the Audit Committee and approved by the Board of Directors of the Company in their respective meetings held on 10 August 2022.
2. The Statutory Auditors have carried out limited review of the consolidated financial results of the Group for the quarter ended 30 June 2022.
3. Following are the details of consolidated segment wise revenue, results, segment assets and liabilities:

Amount in INR Million

Particulars		Quarter Ended		Year Ended
30 June	31 March	30 June	31 March
	2022	2022	2021	2022
Segment Revenue
a. Poultry Healthcare	383.91	396.80	488.96	1,718.31
b. Animal Healthcare	123.04	167.89	112.90	631.75
Total Income from Operations (Net)	506.95	564.69	601.86	2,350.06
Segment Results
a. Poultry Healthcare	92.63	86.61	175.56	547.38
b. Animal Healthcare	(41.41)	27.88	(36.64)	9.06
Total Segment Results	51.22	114.49	138.92	556.44
a. Finance Costs	16.01	15.00	12.49	40.64
b. Share of Profit in Joint Venture Entity	15.71	4.23		4.23
c. Other unallocable expenditure/(income) (Net)	(3.71)	(9.37)	(26.85)	(14.99)
Profit before Tax	54.63	113.09	153.28	535.02
Segment Assets
a. Poultry Healthcare	2,557.15	2,360.77	1,489.66	2,360.77
b. Animal Healthcare	2,071.44	2,123.38	1,976.94	2,123.38
Unallocated Assets	1,362.47	1,137.46	680.72	1,137.46
Total	5,991.06	5,621.61	4,147.32	5,621.61
Segment Liabilities
a. Poultry Healthcare	255.53	219.44	298.07	219.44
b. Animal Healthcare	288.91	343.50	428.41	343.50
Unallocated Liabilities	2,728.61	2,384.74	950.26	2,384.74
Total	3,273.05	2,947.68	1,676.74	2,947.68

1. The figures for the last quarters are the balancing figures between the audited figures in respect of the full year ending 31 March 2022 and the unaudited published year-to-date figures upto 31 December 2021, being the date of the end of the third quarter, which were subjected to limited review.
2. Key numbers of the standalone financial results of the Company for the quarter ended 30 June 2022 are as under:

Amount in INR Million

Particulars		Quarter Ended		Year Ended
30 June	31 March	30 June	31 March
	2022	2022	2021	2022
Total income	517.62	513.32	595.37	2,240.08
Profit before tax	67.70	72.04	165.16	532.56
Profit after Tax	50.05	49.48	122.37	395.17
Total comprehensive income	49.65	50.39	122.91	393.60

The Standalone Financial Results are available at the Company's website www.hester.inand on the website of the stock exchanges www.bseindia.comand www.nseindia.com.

For and on behalf of the Board of Directors

	Rajiv Gandhi
Place: Ahmedabad	CEO & Managing Director
Date: 10 August 2022	DIN: 00438037