Kaveri Seeds recorded a net profit of Rs. 9 crore for the quarter ended December 31, 2021, up from Rs. 7.45 crore in the previous fiscal year, a 22% increase. The Hyderabad-based seed company made Rs. 102 crore in revenue this fiscal year, up from 100 crore the previous year, a 2% increase.
Kaveri Seeds reported a net profit of Rs. 222 crore (up from Rs. 319 crore in the previous fiscal) on revenue of Rs. 860 crore (up from Rs. 932 crore in the previous fiscal) for the nine-month period ended December 31, 2021.
"In line with the company's focus, the contribution from non-cotton segment in the first nine months of the fiscal year increased to 62% from 53% in the comparable quarter of the previous fiscal year," said GV Bhaskar Rao, Chairman and Managing Director, Kaveri Seeds.
"The hybrid and selection rice and vegetable divisions have shown tremendous growth in both revenue and quantities," he said.
During the quarter, he said, the company performed a share buyback of Rs 120 crore.
"During the year, the contribution from our new products across seed segments has been consistent. This is the largest driver for Kaveri Seeds, and it should move upwards over the coming year," he added.
About Kaveri Seeds
The Kaveri saga started in 1976 with its founder GV Bhaskar Rao who was a science graduate with his spouse G Vanaja Devi as the co-founder setting up a small seed production facility in Gatla Narsingapur village of Andhra Pradesh.
Continuing this entrepreneurial journey, the idea sprouted as Kaveri Seeds & the company was formally incorporated in 1986.
At present Kaveri is one of the fastest growing seed company in the country with a huge network of over 15,000 distributors as well as dealers across India. With more than 883 employees & a strong product line of hybrids, the firm is poised to go greater heights with its renewed focus on research and development & strong intent to invest in novelty by the management to deliver all brand promises.
