Kaveri Seeds Q2 net profit dips 45.14%

Hyderabad: Hyderabad-based Kaveri Seeds reported a 45.14 per cent decline in its net profit for the second quarter ended 30th September 2021 to Rs 12.83 crore as against Rs 23.40 crore in the corresponding period of the last fiscal. The company’s net sales grew 10.11 per cent to Rs 147.56 crore during the quarter under […]

Hyderabad: Hyderabad-based Kaveri Seeds reported a 45.14 per cent decline in its net profit for the second quarter ended 30th September 2021 to Rs 12.83 crore as against Rs 23.40 crore in the corresponding period of the last fiscal.

The company’s net sales grew 10.11 per cent to Rs 147.56 crore during the quarter under review as against Rs 134.02 crore during the corresponding period of the previous year.

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GV Bhaskar Rao, CMD, Kaveri Seeds, said, while branded cotton continues to face challenges, strong emphasis on the company’s non-cotton portfolio is bearing fruit.

The company said, the macro environment continues to present several challenges. Rainfall has been adequate but erratic thus hampering productivity and making farmers wary. Cotton in particular continues to face significant challenges. Share of branded sales across the board have declined sharply. Falling acreages in some key States have made it even more difficult.

Share of rice, maize, vegetables is targeted to be over 60 per cent of revenue. For the quarter under review non-cotton is up 11.49 per cent year-on-year.

The company continues to strengthen its R&D and infrastructure backbone, with new product innovations such as new hybrid rice varieties and new vegetable hybrids such as Srimukhi (KHPH 1223) which have delivered growth. Concurrently, the company continues to explore viable organic and inorganic growth opportunities.

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