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Motilal Oswal Report
Kaveri Seed Co.'s revenue increased 11% in FY21 on account of growth in hybrid rice, maize and vegetable seed segments, whereas cotton seed volumes fell 2%.
Performance was below our estimates in Q4 FY21.
However, we increase our FY22E/FY23E earnings estimate by 6%/10%, owing to:
increasing sales estimates in the non-cotton segment, particularly paddy,
increasing realisations in cotton, and
higher other income on higher cash.
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