Kaveri Seeds Q1 net profit up 29% to Rs 295.2 cr; sales rise 17.6%

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Kaveri Seeds on Thursday reported a 28.62 per cent rise in net profit at Rs 295.28 crore during the quarter ended June 30.

The company had posted a net profit of Rs 229.57 crore during the corresponding quarter of FY20, it said in a statement.

Sales rose 17.62 per cent to Rs 742.99 crore during the quarter under review as compared with Rs 631.71 crore in the same quarter of FY20.

"Even as business activity in most economies gradually resumes, we have fully adapted to the "New Normal", and have seamlessly executed our operations in the last few months," Kaveri Seeds Chairman and Managing Director GV Bhaskar Rao said.

The company has gained market share in both falling and stable markets across all crops, he said.

"This determines our leadership in the entire industry. Maize and rice has contributed significantly to our profitability," he added.