Its net sales for the year was Rs 882.25 crore, up 14.8 per cent from Rs 768.9 crore last year.
Kaveri Seeds Company Limited reported a 17 per cent increase in its profit after tax to Rs 251/26 crore for the 2019-20 from Rs 214.72 crore earned in the previous fiscal. Its net sales for the year was Rs 882.25 crore, up 14.8 per cent from Rs 768.9 crore last year.
The company strengthened its focus on research and development by setting up an advanced biotechnology lab in Telangana, it said. It also set up a new warehouse for foundation seeds at Gowraram. The company also installed a magnetic separator for grading of cotton seeds to enhance the quality of seed. It completed a buyback of upto 28 lakh shares (face value Rs 2) at a price of Rs 700 each.
It said it maintained a healthy outlook for growth in both cotton and non-cotton segments. The business was minimally impacted by the pandemic and its robust infrastructure facilitated continued production and testing following the government prescribed social distancing norms.
Cotton volume increased by 17% in FY20 and contribution of new products went up from 14.8% to 23.1% of volume. Maize volume increased by 0.21% and increase in revenue by 10%.
Makeup in revenue was due to product mix and price gain. For hybrid rice, the volume increased by 60% in FY20 and while the increase in revenue was 65.5 per cent. The contribution of new products went up from 26.4% to 50.8 of volume and new hybrid paddy KPH 468 helped translate to strong growth , the company said in a release.
