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Kaveri Seed fiscal Q1 profit climbs 42.1% YOY

Kaveri Seed Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 21.18 Indian rupees per share, an increase of 41.8% from 14.94 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.46 billion rupees, a gain of 42.1% from 1.03 billion rupees in the prior-year period.

The normalized profit margin rose to 17.6% from 14.0% in the year-earlier period.

Total revenue grew 12.3% on an annual basis to 8.27 billion rupees from 7.36 billion rupees, and total operating expenses increased from the prior-year period to 5.97 billion rupees from 5.75 billion rupees.

Reported net income rose 42.4% year over year to 2.30 billion rupees, or 33.44 rupees per share, from 1.62 billion rupees, or 23.54 rupees per share.

As of Aug. 13, US$1 was equivalent to 61.07 Indian rupees.