Kaveri Seed Company (KSCL) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 revenue grew 30.63% year-over-year to INR 154.77 crore, with EBITDA up 12.77% and net profit up 29%.

• Nine-month FY25 revenue rose 6.39% to INR 1,044.61 crore, EBITDA increased 1.14%, and net profit grew 1.46%.

• Strong growth in rice and maize segments, with increased volumes and revenues across both selection and hybrid rice, as well as maize.

• New products contributed significantly to Bajra volumes, rising from 60% to 70%.

• Un-audited standalone and consolidated financial results for the quarter and nine months ended 31 December 2024 were reviewed and approved by the Board on 12 February 2025.

Financial highlights

• Q3 revenue: INR 154.77 crore (up 30.63% YoY); EBITDA: INR 25.09 crore (up 12.77% YoY); net profit: INR 15.04 crore (up 29% YoY).

• Nine-month revenue: INR 1,044.61 crore (up 6.39% YoY); EBITDA: INR 324.78 crore (up 1.14% YoY); net profit: INR 294.46 crore (up 1.46% YoY).

• Export sales declined to INR 18.23 crore from INR 38.1 crore YoY due to political unrest in Bangladesh.

• Cash on books stands at INR 499 crore at Q3 FY25 end.

• Basic and diluted EPS (consolidated) for Q3 FY25 was ₹2.97, compared to ₹2.52 in Q3 FY24; nine-month EPS was ₹59.63, up from ₹54.27 year-over-year.

Segment performance

• Hybrid rice volumes up 14% and revenue up 27%; selection rice volumes up 18% and revenue up 34%.

• Maize volumes up 8% and revenue up 25%; vegetable seed sales volumes up 2% and revenue up 3%.

• Non-cotton hybrid volumes up 23%, revenues up 31%; cotton hybrid volumes down 47%, revenues down 40% in Q3.

• Cotton hybrid volumes down 35% and revenue down 27%; new cotton hybrids launched and expected to drive future growth.

• 9M FY25 non-cotton revenues up 26%, cotton revenues down 27%.