Hester Biosciences Ltd

- No significant additional capex is currently planned for ongoing projects; only Rs.10-12 Crores payable for existing capital creditors. - Fill-finish facility under construction expected to commission within ~60 days; this will double vaccine capacity in India. - BSL-III laboratory (COVID bulk antigen manufacturing) facility being repurposed post-COVID. - Capital already invested covers current expansion potentials: Rs.50 Crores in Nepal, $25-30 million (~Rs.200 Crores) in Africa, and an additional Rs.200 Crores capacity potential in India. - Any new capital investment would be situational and unlikely at this moment. - Grants related to specific projects (like COVID) may continue but are project-specific, not recurring. - Overall, the company is capital-ready to support growth without needing substantial new capex immediately.

- Target to achieve Rs.600 Crores revenue in approximately 3 years through current capacity in India, Nepal, and Africa (Rajiv Gandhi). - African subsidiary in Tanzania expected to ramp up to $25 million sales in 4-5 years, leveraging existing capacity (Rajiv Gandhi). - Poultry vaccine sales showing recovery, following an industry downturn; expectation of industry improvement from current low levels (Rajiv Gandhi). - Health products growing rapidly (60% increase quarter-on-quarter) though currently smaller base; focus on increasing cycles of health products to drive EBITDA growth (Rajiv Gandhi). - Pet care business is a sunrise industry in India, growing at around 20% YoY, with significant future potential due to increase in pet ownership (Rajiv Gandhi). - Immunization programs like Government of India’s PPR program (Rs.40 Crores tender) expected to boost sales (Priya Gandhi). - Overall optimistic about revenue growth higher than last year with improved bottom lines.

- Hester Biosciences aims to restore and improve margins to previous levels despite current challenges, combining both vaccine and health product sales. - Management is optimistic about revenue growth, expecting a higher growth rate this year compared to last year. - The poultry division is anticipated to recover from its current low phase, showing improvement quarter-on-quarter. - Health products and pet care business are viewed as growth drivers, with the pet segment growing ~20% YoY, faster than poultry or animal healthcare. - New immunization programs like the Government's PPR vaccination tender (Rs.40 Cr order) will boost sales in the coming year. - African and Nepal subsidiaries plan gradual capacity ramp-ups, targeting $25M revenue in Africa over 4-5 years. - Overall, the company expects sales to increase, profit margins to improve, and sustainable growth over the next 3 years with a target of Rs.600 Cr revenue expansion.

- Hester Biosciences currently has orders in hand worth around Rs.15 Crores in Nepal. - Various tenders are in process in Nepal, indicating ongoing order activity. - There is a mention of unexecuted orders for the PPR vaccine, due to a shift in government focus to lumpy skin disease, expected to be fulfilled soon. - Immunization programs impact quarterly sales based on the timing of government orders, causing some variability in order execution. - The company is also targeting the domestic market alongside tender-based business, with increasing revenues expected from this segment.

- Currently, Hester Biosciences has no plans for taking additional debt or loans. - The company is at its highest borrowing level, but the debt is expected to reduce over time. - No additional capital expenditure (capex) is required for ongoing projects at present. - Approximately Rs.10-12 Crores payable for existing capital creditors related to current projects. - Any new capital expenditure or fund raising would be a different situation, but currently, they are fully covered for expansions with invested capital. - Grants related to specific projects may continue to come but not considered as regular fundraising. - Overall, no planned fundraising through debt or equity in the near term based on management comments.