Kaveri Seeds Q1: Net profit up at ₹283 crore

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Kaveri Seed Company Ltd has reported a 5.63 per cent increase in net profit, reaching ₹282.91 crore in the first quarter of the fiscal year 2024, as against ₹267.84 crore in the same period last year. This growth was backed by a 5.32 per cent rise in revenue from operations, which reached ₹808.08 crore in the quarter as against ₹767.30 crore in the comparable quarter last year.

“The early onset and good progress of the monsoon helped us clock good numbers. The increase in volumes of both maize and rice has resulted in significant revenue growth, with realisations being substantially higher,” G V  Bhaskar Rao, Chairman & Managing Director of Kaver Seeds, said.

The company reported strong performance in vegetable crops, including beetroot, tomato, ridge guard, sponge guard, French bean, and marigold. Additionally, the export business sales witnessed a remarkable increase of 451.73 p.c. compared to the same quarter last year.

“We are very bullish on both maize and rice and expect both volumes and realisations to continue rising in the years to come. Moreover, we continue to see good growth across all vegetable crops, and this segment is performing extremely well. We anticipate it will become a sizable part of our business within the next three years,” Rao said.

“The company’s focus on new products also yielded positive results, with contributions from new products increasing significantly in both bajra and maize crops. However, cotton volumes and revenue experienced a decline of 35 per cent and 27 per cent respectively,” he said.