Kaveri Seeds net profit up 193%

Hyderabad: Seed company, Kaveri seeds net profit was up by 193.28 per cent (y-o-y) in Q3FY20. The profit after tax in Q3FY20 was Rs 8.53 crore as against Rs 2.9 crore recorded in Q3FY19.

The Gross Profit increased by 66.46 per cent to Rs 57.62 crore in comparison to Rs 34.61 crore recorded in Q3FY19. The net sales improved by 43.91 per cent to Rs 121.98 crore.

The company said that Maize acreages have now picked up considering that rainfalls have come to a halt after good rains in September and October.

For cotton, the volumes increased by about 18 per cent in 9MFY20 with contribution from new products in terms of volume increasing from 14 per cent to 22 per cent.

Maize volume is down by 3% and increase in revenue by 12% Makeup in revenue is due to product mix and price gain.

For the non-cotton category, business has grown significantly by about 16 per cent driven by volume growth in new hybrids and also price appreciation in key products.

For Hybrid Rice, volumes increased by 57 per cent in 9MFY20. Contribution of new products went up from 26.58 per cent to 50.09 per cent of volume.

New hybrid Paddy KPH 468 helped translate to strong growth

Volumes decreased by 6 per cent in 9MFY20 for Selection Rice.

In selection rice, there was consistent performance across geographies. New products scale up done with growth in Coastal King, Prize & Shireen across markets.