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Kaveri Seeds has posted a net profit of ₹243.39 crore in the first half of the financial year ended September 30, 2022, as against ₹213 crore in the comparable period last year, showing a growth of 14.32 per cent.
The company’s revenue stood at ₹816.44 crore in the first half compared to ₹758.35 crore in the corresponding period last year, showing a growth of 7.66 per cent.
The second quarter is not a major quarter for seed companies as the bulk of the sales happen in the first quarter (kharif marketing period).
In the first quarter, it made a profit of ₹241 crore on a revenue of ₹732 crore.
G V Bhaskar Rao, Chairman and Managing Director, said that the board of directors had approved a buyback of shares worth ₹125.60 crore at a maximum purchase price of ₹700 a share. “This is our fifth consecutive buyback in the last five years,” he said.
“We have seen a growth of 12.36 per cent in the non-cotton segment during the half year on account of good revenue growth from selection of rice, maize and vegetables,” he added.
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