Kaveri Seeds Q3 net up 21.88%

Hyderabad: Hyderabad-based Kaveri Seed Company reported a net profit of Rs 9.08 crore for the third quarter ended December 31, 2021, as compared to Rs 7.45 crore in Q3FY21, registering a growth of 21.88 per cent.

The company’s revenue from operations stood at Rs 102.08 crore as compared to Rs 100.07 crore in Q3FY21, registering a growth of 2.01 per cent. EBITDA was at Rs 16.32 crore as compared to Rs 15.08 crore in Q3FY21, an increase by 8.22 per cent.

Commenting on the results, G V Bhaskar Rao, CMD, Kaveri Seed Company said, “In line with company’s focus, the contribution from non-cotton segment in 9MFY22 has increased to 62 per cent from 53 per cent in 9MFY21. The company has witnessed significant growth in both revenue and volumes from hybrid and selection rice and vegetable segments.”

“As a part of rewarding our shareholders, the company has completed a buyback of shares worth Rs 119.95 crore during the quarter. Contribution from our new products across seed segments are stable during the year, this should move upwards during the next year, this is the biggest driver for the organisation,” he added.

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