Kaveri Seed Company (KSCL) Q1 24/25 earnings summary

Executive summary

• Q1 FY25 saw strong growth in maize and rice volumes and realizations, offsetting a significant decline in cotton sales.

• Export sales surged by 451.73% year-over-year in Q1, with new product contributions rising in maize and bajra.

• Board approved unaudited standalone and consolidated Q1 FY25 results, and three new independent directors were appointed for five-year terms starting 18 September 2024.

• Notice of the 37th AGM for FY 2023-24 approved, scheduled for 30 September 2024 via video conference.

Financial highlights

• Standalone Q1 FY25 revenue from operations: ₹808.08 crore, up 5.32% YoY; consolidated revenue: ₹803.23 crore, up 9.12% YoY.

• Standalone net profit: ₹282.91 crore, up 5.63% YoY; consolidated net profit: ₹291.19 crore, up 5.79% YoY.

• EBITDA: ₹304.37 crore (consolidated), up 5.14% YoY; EBITDA margin at 37.89%.

• EPS improved to ₹56.99 (consolidated) from ₹49.10 YoY.

• Cash on book: ₹605 crore.

Segment performance

• Maize: Volumes up 97%, revenues up 80% YoY; market share now 10%-11%.

• Hybrid rice: Volumes up 10%, revenues up 17% YoY; selection rice: volumes up 15%, revenues up 27% YoY.

• Bajra: New product contribution rose to 75.79% of volumes.

• Cotton: Volumes down 35%, revenues down 27% YoY due to acreage decline and production constraints.

• Export revenues increased by 451.73%.