Kaveri Seed Q1 profit up 12.68% at `275.62cr

Hyderabad Kaveri Seed Company Limited on Monday declared its financial results for the first quarter ended June 30, 2023. The seed company said its net profit (PAT) is at Rs 275.62 crore, up by 12.68 per cent compared to Rs 244.60 crore in the same quarter of the last fiscal. The revenue from operations was at Rs 736.10 crore as compared to Rs 685.59 crore in Q1FY23, registering a growth of 7.37 per cent. The factors that contributed to higher business includes commodity prices led to increase in revenue by 9.71 per cent, Selection Rice volumes grew by 11 per cent and revenue increased by 22.13 per cent, contribution of new products was up from 51.59 per cent to 67.67 per cent of volumes in Bajra, Cotton volumes were stable and revenue increased by 8.98 per cent, and contribution of new products was up from 28.06 per cent to 40.65 per cent of volume in Maize crop, among others.