CHENNAI: 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. It has declared an interim dividend of Rs 5 per equity share with a face value of Rs 2.

According to the Secunderabad-based entity, 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 (Rs 2.72 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,” GV Bhaskar Rao, CMD, said. The focus now extends to countries like Tanzania, Algeria, Ivory Coast, Thailand, the Middle East, and Bangladesh, he added.