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| A Fear of Pink Bollworm, as well as delayed rainfall in some markets, have impacted markets. |
Net sales of Kaveri Seeds Ltd has seen a slight decline on reduced volumes in cottonseed sales. The company has registered net sales of Rs 581.89 crore in the first quarter ended June 30, 2018, against Rs 590.56 crore in the comparable quarter last year.
However, after adding ‘other income’ of Rs 16.83 crore the total income stood at Rs 598.72 crore. The total income in the comparable quarter last year after adding ‘other income’ of Rs 4.28 crore was put at Rs 594.84 crore.
“Fear of Pink Bollworm, as well as delayed rainfall in some markets, have impacted markets. Sowing happened much late this year than last year in Central and South India. North Cotton market has been stable overall, while Punjab saw a de-growth that was compensated with growth in Haryana,” the company said in a filing to the Bombay Stock Exchange.
Lower cotton acreage and reduction of prices by Rs 60 per packet by the Central Government resulted in a topline decrease of Rs 35 crore and bottom line decrease of Rs 12-13 crore.
“This impact was moderated by higher non-cotton profitability. Cotton volumes declined by about 9 percent in the first quarter and this was offset by a significant growth of 25 percent in non-cotton business, especially hybrid rice, and sunflower,” it said.
Cost of production during the first quarter went up to Rs 311.42 crore from Rs 307.14 quarter in the comparable quarter previous year. Contribution from cotton saw a decline to Rs 378 crore from Rs 428 crore as sales volumes dipped to 5.9 million packets (of 450 gm each) against 6.5 million packets in the same period last year.
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