KAVERI SEEDS Q1

Strong quarter led by higher acreages & realizations in non-cotton crops (rice, maize, vegetables). Hybrid Rice: Vol ↑ 6.5%, Rev ↑ 32% despite Punjab sowing curbs. Maize: Vol ↑ 21%, Rev ↑ 54%. Vegetables: Vol ↑ 28%, Rev ↑ 41%. Non-Cotton Hybrids: Vol ↑ 18%, Rev ↑ 31%. Cotton Hybrids: Vol ↓ 15% due to illegal seeds; new products’ share in cotton ↑ to 34% (vs 12% LY). Revenue growth in non-cotton segments outpaced volume growth, aided by premium product mix. Management upbeat on future growth from new cotton products and robust demand in hybrid seeds.