Kaveri Seeds posts Rs 205 crore net in Q1

Hyderabad: City-based Kaveri Seeds posted a net profit of Rs 204.73 crore for the first quarter ending June 2021, down 30.93 per cent from Rs 296.41 crore inthe same period a year ago. The company's net sales were down 12.47 per cent to 629.77 crore in the first quarter against Rs 719.48 crore a year ago. It reported an Ebitda margin of 34.09 per cent down from 43.15 per cent a year ago.

GV Bhaskar Rao, Chairman & MD, Kaveri Seeds, said: "We are happy with our performance in an extremely challenging environment caused by the pandemic. Our non- cotton portfolio has seen all around positive performance with paddy and vegetables performing particularly well. Sales of hybrid seeds across the industry and cotton were significantly impacted in the quarter under review".

While acreages of cotton were lower than the previous year the decline in sales of branded seeds were much steeper. This was because a large part of the supply chain comprising our dealers and distributors were all constrained due to the pandemic and an erratic monsoon. We are seeing a significant increase in use of HTBT & illegal, he added.