Chennai, Nov 8 (IANS): Seeds major Kaveri Seed Company Ltd in Q2FY24 harvested a bumper net profit of Rs.10.72 crore up from Rs.2.72 crore earned during Q2FY23.

The company has declared an interim dividend of Rs.5 per equity share with a face value of Rs.2.

According to the Secunderabad-based Kaveri Seed Company, for the quarter ended 30.9.2023 it earned an operational revenue of Rs.96.12 crore (Q2FY23 Rs.84.49 crore) and a net profit of Rs.10.72 crore (Rs2.72 crore).

“The surge in global rice prices has propelled a remarkable 10.80 per cent increase in our rice cultivation area, marking a pivotal moment for our company. We are not only witnessing unprecedented success in our vegetable business but also aggressively expanding our footprint in international markets,” GV Bhaskar Rao, Chairman & Managing Director said.

According to Rao, the company’s focus now extends to countries like Tanzania, Algeria, Ivory Coast, Thailand, the Middle East, and Bangladesh.