Driven by growth in the non-cotton category business, Kaveri Seeds has reported a net profit of ₹23.40 crore in the second quarter ended September 30, 2020, as against ₹13.52 crore in the same quarter last year, showing a growth of 73 per cent.

The firm registered net sales of ₹134 crore in the quarter as against ₹117.66 crore in the comparable quarter last year, showing a growth of 13.91 per cent.

The firm clocked a net profit of ₹320 crore in the first half of FY21 as against ₹244 crore in the comparable period last year, showing a growth of 31.2 per cent.

The net sales for the period stood at ₹853.50 crore as against ₹745 crore in the same period last year, reporting a growth of 14.5 per cent.

“We have done extremely well in rice and maize in the quarter. Though the Telangana market reported a dip after the Government discouraged maize in the State, our maize portfolio made gains in the markets like Karnataka and North India,” C Mithun Chand, Executive Director of Kaveri Seeds, told BusinessLine .

“We did well in the hybrid rice category too. We grew by over 41 per cent in this category in the first half as against the industry growth of 8 per cent. We have a share of 8 per cent in the overall hybrid market of 65-70,000 tonnes,” Chand said.

According to him, the outlook for maize will be sluggish in the rabi crop, owing to the ban in Telangana and very low prices for the commodity.

“We, however, will make gains in wheat, rice and vegetables,” he said.

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