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Driven by high value maize seed sales, Kaveri Seeds has reported a growth of 44 per cent in net sales in the third quarter ended December 31, 2019. The net sales of the firm went up to ₹122 crore from ₹85 crore in the same quarter previous year.
The net profit increased to ₹8.53 crore (₹2.9 crore).
“We have introduced high value maize seeds in the last three four years, resulting in a portfolio shift in this segment. This has helped us improve sales,” C Mithun Chand, Whole-time Director and Executive Director, told BusinessLine.
Revenues were up by 12 per cent. “The acreage, too, has gone up this year. We expect a spill-over of this trend (sales) into the next quarter as well as the season got extended in some maize growing areas,” he said.
The firm’s cotton portfolio saw an increase of 18 per cent in sales for the nine-month period (April-December) this financial year. “The contribution from new products went up to 22 per cent of the total volume from 14 per cent,” he said.
The non-cotton business has seen a growth of 16 per cent in the third quarter. “This growth is driven by volume growth in new hybrids and also price appreciation in key products,” he said.
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