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ICICI Securities Report
Highlights of Kaveri Seed Company Ltd.'s Q4 FY22 results:
non-cotton portfolio i.e. hybrid rice seeds, maize seeds, and vegetable seeds reported 29.5%, down 7.7%, and 18% YoY revenue growth in FY22, respectively,
cotton business reported revenue steep decline of 23% in FY22 with volume decline of 24.3% and
Kaveri Seed continues to increase the contribution from new products.
Sales of cotton seeds were affected by a likely increase in usage of counterfeit/ illegal seeds and reduction in acreage.
We increase our FY22-23 earnings estimates due to strong performance in March 2022 and expectations of higher revenue growth.
We model Kaveri Seed to report revenue and profit after tax compound annual growth rate of 15.4% and 39.1%, respectively, over FY22-24E.
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