Kaveri Seeds FY21 net profit up 19.74 per cent

The company recorded a net loss of about Rs 17.37 crore for the fourth quarter ended March 31, 2021, attributable to equity shareholders

Hyderabad: Kaveri Seed Company reported a net profit of Rs 311.20 crore for FY21, up 19.74 per cent as against Rs 259.03 crore in the previous year. The company’s net revenues grew 11.39 per cent for the year to Rs 1,036.30 crore, compared to Rs 930.34 crore in the previous year.

The company claimed that it became the first seed producer in the world with over one lakh acres under seed production.

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The company however recorded a net loss of about Rs 17.37 crore for the fourth quarter ended March 31, 2021, attributable to equity shareholders of the company, compared to Rs 7.57 crore net profit recorded in the corresponding quarter of the previous year.

Commenting on the results, GV Bhaskar Rao, CMD, Kaveri Seeds, said “We are encouraged by our performance in what has been a very challenging year. We have leveraged our strengths in R&D to introduce new variants across crops done well to expand our share in the non-cotton segment. A significant benchmark was achieved in our becoming the first seed producer in the world with more than one lakh acres under seed production.”

“With cost rationalisation and automation also being key focus areas, our operating margins too have improved. We look forward to enhancing value for all our stakeholders in the year ahead.”

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