“We want to expand our footprint in South East Asian countries and other African nations like Egypt and Ghana as part of our focus on growing the export market,” Kaveri Seed executive director C Mithun Chand said.
Kaveri Seed Company Limited is looking to expand its export market by entering into new frontiers as well as strengthening its presence in the existing countries. Presently, the Secundrabad-based company is exporting its seed to Vietnam, Bangladesh, Nepal and few countries of Middle East and Africa.
“We want to expand our footprint in South East Asian countries and other African nations like Egypt and Ghana as part of our focus on growing the export market,” Kaveri Seed executive director C Mithun Chand said. Exports continue to be strong, export volume has increased by 35 per cent and revenue by 42.44 per cent as compared to last year, he said.
Currently exports contribute 2 per cent to overall revenue while the remaining comes from the domestic market. “We are planning to set up a subsidiary in Bangladesh as this market has been providing good business and we see a great potential for expansion in the country,” he said.
Talking about other initiatives the company’s vice chairman G Pawan said the Group is setting up an agriculture university spread across 100 acres. Besides, Pawan said, Kaveri Microteck, the subsidiary specialises in developing products that facilitate sustainable farming, is planning to increase its business of micronutrient and bio-pesticides.
For the financial year ended March 2023, the company recorded a 27 per cent increase in profit at Rs 277 crore as compared to Rs 218 crore in the previous financial year. Revenue from operations increased to Rs 1,000 crore during the year as against Rs 915 crore in the previous financial year. During the year, Mithun Chand the company has witnessed good growth in cotton, maize, rice, wheat and vegetable. Bajra’s growth is very encouraging due to increased focus of the Union government by way of promoting millets as a part of Millet Mission, he added.
