Kaveri Seed Company has posted a net profit of ₹9.35 crore in the quarter ended March 31, 2020, as against a loss of ₹11.44 crore in the comparable quarter last year.
The company had net sales of ₹51.92 crore in the fourth quarter as against ₹44.72 crore in the comparable quarter last year, showing a rowth of 16 per cent.
“We are looking at a growth of 15-20 per cent in the financial year 2020-21. We are expecting good growth in both the cotton and non-cotton segments,” Mithun Chand, Executive Director of Kaveri Seed Company, has said.
“Covid-19 has not had a negative impact on the company since the company is in the agri sector, which has been declared an essential service,” Mithun Chand said.
“There, however, was a minor challenge in supply chain and labour, which was also sorted out with the government’s support to ensure uninterrupted supply of essential commodities. Placement for the forthcoming season is progressing well,” he said.
He said the outlook maintained a healthy growth in both cotton and non-cotton segments.
For the full year 2019-20, the firm reported a net profit of ₹251 crore as against ₹215 crore in the previous year, showing a growth of 17 per cent.
The net sales for the year stood at ₹883 crore as against ₹768 crore in the previous year, showing a growth of 14.86 per cent.
During the quarter, the firm completed a buyback of 28 lakh shares (at a face value of ₹2 each) at a price of ₹700.