Kaveri Seeds announces ₹125.60 crore share buyback at ₹700 per share.
In the first half of its fiscal year, which ends on September 30, 2022, Kaveri Seeds made a net profit of ₹243.39 crore, up from ₹213 crore in the same time period the year before. This is an increase of 14.32 percent.
The company’s sales in the first half was ₹816.44 crore, up from ₹758.35 crore at the same time last year, representing a 7.66% increase.
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Seed companies don’t make a lot of money in the second quarter because most of their sales happen in the first quarter (Kharif marketing period).
It achieved a profit of ₹241 crore on revenue of ₹732 crore in the first quarter.
G V Bhaskar Rao, Chairman, and Managing Director, announced that the board of directors has approved a ₹125.60 crore share buyback at a maximum purchase price of ₹700 per share. ‘This is our seventh buyback in a row in the previous five years,’ he remarked.
‘We had a 12.36 percent increase in the non-cotton segment over the half year due to significant income growth from rice, maize, and vegetables,’ he added.