Kaveri Seed Q1 net up 12.68% at Rs 275.62cr

Hyderabad: City-based Kaveri Seed Company Limited on Monday declared its financial results for the first quarter ended June 30, 2023. The seed company said its net profit (PAT) is at Rs 275.62 crore, up by 12.68 per cent compared to Rs 244.60 crore in the same quarter of the last fiscal. The revenue from operations was at Rs 736.10 crore as compared to Rs 685.59 crore in Q1FY23, registering a growth of 7.37 per cent.

G V Bhaskar Rao, Chairman and Managing Director said, “We continue to deliver good growth in overall profitability of the company. The profitfor the quarter has surpassed the profits delivered during FY23. This has resulted in growth of 15.69 per cent in EPS to Rs 49.10 per share.”

Rao further said that the delay in monsoon has impacted volumes and sales of maize during the quarter. We are expecting that there would be an increase in sowing of Maize during the Rabi season. Sunflower and Mustard exports will start from the second quarter and expecting Maize and vegetable seeds exports to grow.