Hester reported 27% YoY growth to Rs 720 crore, driven by 24% growth in Vaccines and 36% growth in Animal Healthcare. However, EBITDA margins shrank from 30% to 22% as significant sales came from low margins large animal vaccine sales which are mainly tender driven
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The company is into transformation phase to transform itself from veterinary vaccine player to animal health provider. This long drawn journey is likely to have impact on EBITDA margins for some time
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