Kaveri Seeds has reported a net profit of ₹9 crore in the quarter ended December 31, 2021, against ₹7.45 crore in the same period last fiscal, a growth of about 22 per cent.
The Hyderabad-based seed major registered a revenue of ₹102 crore against ₹100 crore in the previous fiscal, a marginal growth of 2 per cent.
For the nine-month period ended December 31, 2021, Kaveri Seeds reported a net profit of ₹222 crore (against ₹319 crore in the same period of the previous fiscal) on a revenue of ₹860 crore (₹932 crore in the previous fiscal).
“In line with company’s focus, the contribution from non-cotton segment in the first nine months of the financial year has increased to 62 per cent from 53 per cent in the comparable quarter of the previous financial year,” GV Bhaskar Rao, Chairman and Managing Director, Kaveri Seeds, said.
“The company has witnessed significant growth in both revenue and volumes from hybrid and selection rice and vegetable segments,” he said.
He said the company has completed a buyback of shares worth ₹120 crore during the quarter.
“Contribution from our new products across seed segments are stable during the year. This should move upwards during the next year and is the biggest driver for Kaveri Seeds,” he said.