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Kaveri Seeds today posted 31.10 per cent jump in its standalone net profit at Rs 202.37 crore in the first quarter of this fiscal on robust sales. Its net profit stood at Rs 154.36 crore in the year-ago period, the Secunderabad-based company said in a BSE filing. Net income increased to Rs 594.84 crore in the April-June quarter of 2017-18 from Rs 499.41 crore in the same quarter last year. Expenses, however, remained high at Rs 390.22 crore as against Rs 343.52 crore in the said period. The company's board in a meeting held today approved an interim dividend of Rs 3 per share at a face value of Rs 2 per scrip for the current fiscal. The board also approved sale of 24.25 acres of land at Devakkapally village in Siddipet district, Telangana for a consideration of Rs 15 crore. That apart, the board proposed setting up of 100 per cent wholly-owned subsidiary of the company that can develop different brands and cater to different segments for sale of seeds. The shares of the company fell by 5.2 per cent to settle at Rs 659 a piece on the BSE today.
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