The Board of Directors of Kaveri Seed Company has recommended an interim dividend of 150 per cent, or Rs 3 on each share of Rs 2 each, for the financial year 2019-20. It set August 23, 2019, as the record date for this purpose.

For the quarter ended June 30, 2019, the company reported a revenue of Rs 660 crore as against Rs 599 crore in the same period, the last financial year.

The profit after tax (PAT) stood at Rs 229 crore in the quarter as against Rs 210 crore in the comparable quarter last year.

“Cotton volumes increased by about 13 per cent in the first quarter as it increased its share in the key markets of Gujarat,and Maharashtra and the Northern markets,” a company statement has said.

“Improvement in cotton revenues was driven by the increased acreage (about 5 per cent) and increased marketshare. A delayed monsoon had seen some sales spilling over to the second quarter,” it said.

However, the maize volumes decreased by 12 per cent in the quarter as the maize acreage fell significantly in Telangana due to late arrival of monsoon. Though there was a revival of monsoon, revenues had been impacted as the season came to a close.

The non-cotton business witnessed a significant growth as it went up by 23 per cent. This business was driven by volume growth in new hybrids and also price appreciation in key products, it said.

“Hybrid rice volumes increased by 53 per cent in the quarter. Introduction of new hybrid Paddy KPH 468 showed results,” it said.

Meanwhile, the board re-appointed Rahuvardhan Reddy S, Syed Mohammad Ilyas and Purushottam K as Independent Directors for a period of five years beginning September 2019.