Kaveri Seed Company profit grows 3x

Kaveri Seed Company Ltd has reported nearly three-times increase in its net profit at Rs 1072 crore in June-September quarter (Q2) of financial year 2023-24 against Rs 2.72 crore during the same quarter previous fiscal. Its revenue from operations grew 13.77 per cent at Rs 96.12 crore in Q2 FY24 over Rs 84.49 crore in a year-ago period. GV Bhaskar Rao, Chairman & Managing Director said, “We are elated to announce our outstanding growth rates across key seed segments. Despite stable volumes in Rice and Cotton, our strategic approach has transformed better realisations into substantial revenue growth, fuelling a significant improvement in margins.

The surge in global rice prices has propelled a remarkable 10.80 per cent increase in the rice cultivation area, marking a pivotal moment for the company. It is not only witnessing unprecedented success in vegetable business but also aggressively expanding its footprint in international markets.

The CMD further said,“Export business is increased by 146.49 per cent on account of expanding to newer geographies. Our focus now extends to countries like Tanzania, Algeria, Ivory Coast, Thailand, the Middle East, and Bangladesh, strengthening our position as a global leader in the seed industry." “I am also pleased to announce that the Board has recommended a 250 per cent dividend, equivalent to Rs 5 per equity share on a face value of Rs 2 per equity share, reflecting our commitment to rewarding our shareholders for their trust and confidence in our company's growth journey," he added.