Kaveri Seed has posted a net profit of ₹37.50 crore in the third quarter ended December 31, 2023, as against ₹9 crore in the same quarter in the comparable quarter last year.

The company registered a revenue of ₹123.50 crore as against ₹102 crore in the comparable quarter last year.

“We have witnessed higher area coverage during the quarter in two of the large segments (rice and wheat), resulting in good revenue growth,” G V Bhaskar Rao, Chairman and Managing Director of Kaveri Seed Company, said in a statement here.

“Also, there has been good revenue growth registered in cotton, hybrid rice, maize and vegetable seed segments.

One another major achievement during the quarter and during the nine-month period is that the company was able to convert volume growth into revenue growth across the segments,” he said.

During the quarter, the company had completed the buyback of 23.99 lakh shares of ₹2 each, aggregating to ₹125.37 crore.