Kaveri seeds slipped 6.35% to Rs 670 after the company's consolidated net profit tumbled 69.08% to Rs 11.78 crore in Q3 FY24 as against Rs 38.09 crore in Q3 FY23.
Revenue from operations declined marginally to Rs 142.63 crore during the quarter as against Rs 144 crore recorded in Q3 FY23.Profit before tax dropped 62.81% YoY to Rs 14.82 crore in the quarter ended 31 December 2023.
Total expenses rose 3.50% to Rs 140.86 crore in Q3 FY24 over Q3 FY23.Cost of materials consumed stood at 169.92 crore (up 42.36% YoY) while employee benefit expenses was at Rs 34.97 crore (up 27.79% YoY).
Kaveri Seed Company is into research, production, processing and marketing of various high quality hybrid seeds.
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