The net profit of Kaveri Seed Company has gone up by three times to ₹10.72 crore in the second quarter ended September 30, 2023, against ₹2.72 crore in the comparable quarter last year. The firm registered a revenue of ₹96.12 crore in the quarter (₹84.49 crore). The board has recommended a dividend of ₹5 per equity share of ₹2 each.
“Despite stable volumes in rice and cotton, our strategic approach has transformed better realisations into substantial revenue growth, fuelling a significant improvement in margins,” GV Bhaskar Rao, Chairman & Managing Director, said.
“We are not only witnessing unprecedented success in our vegetable business but also aggressively expanding our footprint in international markets. Our focus now extends to countries like Tanzania, Algeria, Ivory Coast, Thailand, the Middle East, and Bangladesh,” he said.
The company registered a net profit of ₹278.56 crore in the first half of the financial year compared to ₹243.39 crore in the comparable period last year, showing a growth of 14.45 per cent. The revenue for the period is put at ₹863.42 crore (₹816.44 crore), registering a growth of 5.75 per cent.