Five Directors at Kaveri Seed Company Limited sold 2,374,901 shares at 725.000INR. The significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last ...
The general evaluation of KAVERI SEED COMPANY (IN), a company active in the Farming & Fishing industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date December 14, 2021, the closing price was INR 509...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Q2FY20 results KSCL reported revenues below our estimates, while EBITDA was marginally ahead of our est Standalone revenues increased by 3%yoy to Rs774m (below est. Rs827m) owing to drop in maize seeds volumes and acreage Gross margins improved significantly by 371bps to 55% (est 51%) driven increasing contribution of non-cotton seed segment, higher realisations in cotton seed segment and lower cost of production. Tight control on operating expenses led to further415bps improvement in EBIT...
KAVERI SEED CO.: Below expectations; cotton growth strong but maize disappoints (KSCL IN, Mkt Cap USD0.5b, CMP INR527, TP INR607, 15% Upside, Buy) Miss on all fronts: KSCL's revenue grew 3% YoY to INR744m (our estimate: INR1,220m) in 2QFY20. EBITDA was up 43% YoY at INR113m (our estimate: INR146m), with the margin expanding 410bp YoY to 14.6% (our estimate: 12%), led by gross margin expansion of 370bp YoY. However, adj. PAT was down 42% YoY at INR69m (our estimate: INR164m) due to lower o...
Q1FY20 results KSCL’s performance in Q1FY20 was largely in line with our estimates Standalone revenues increased by 12.6%yoy (on a low base) to Rs6.55bn (slightly above est. Rs6.5m) led by 13% growth in cotton seed volumes , while maize seed volumes declined by 12% Gross margins remained flat at 46% (est: 47%). Despite higher provision for sales returns, tight control over employee costs and operating expenses led to 63bps improvement in EBITDA margins to 35.6% (est: 35.1%) Standalone EB...
Kaveri Seed Co.: Volume growth strong across segments; But weak cotton realization drags performance(KSCL IN, Mkt Cap USD0.4b, CMP INR479, TP INR575, 20% Upside, Buy) ** Largely in-line performance: Revenue grew 13% YoY to INR6,555m (our estimate: INR6,588m). EBITDA increased 15% YoY to INR2,333m (our estimate: INR2,306m), with the margin expanding 60bp YoY to 35.6% (our estimate: 35%) led by operating leverage. Adj. PAT was up 9% YoY to INR2,289m (our estimate: INR2,367m). ** Non-cotton busin...
Kaveri Seed Co.: Subdued FY19 attributed to lower acreage (KSCL IN, Mkt Cap USD0.5b, CMP INR532, TP INR630, 18% Upside, Buy) performance improves in fourth quarter: Revenue increased 7.5% YoY to INR447m (our estimate: INR421m) in 4QFY19. KSCL reported an operating loss of INR59m (our estimate: INR141m), as against a loss of INR133m in the year-ago period. Margin was at -13.3% (our estimate: -33.5%) versus -32.1% in 4QFY18. Consequently, the company reported a net loss of INR114m, lower t...
Q4FY19 results KSCL’s revenues in Q4FY19 largely in line with our estimates , however PAT was below our estimates Revenues increased by 7.5%yoy (on a low base) to Rs447m (est. Rs434m) led by high value product mix. Maize volumes were impacted due on lower acreage (fall army worm instances) Gross margins improved 900bps yoy to 46% vs 37% in Q4FY18. Negative operating leverage led to EBITDA loss of Rs59m versus Rs133m loss in Q4FY18 ( est : Rs4m) Tax rate stood at 21.1% vs 6.5% in Q4FY18 on...
Q3FY19 results KSCL reported revenues below our estimates owing to fall in maize seed volumes. Revenues declined by 4.9%yoy to Rs672m (est. Rs756m) Gross margins declined 200bps yoy to 42% vs 44% in Q3FY18 due to lower contribution from high-margin non cotton business. Higher employee costs and other operating expenses led to sharp decline in EBITDA margins to 0.2% vs 13.8% in Q3FY18. EBITDA declined by 98.8% to Rs1m (est :Rs108m) Higher other income (Rs106m vs Rs16m in Q3FY18) restricted...
Kaveri Seed Co.: Maize was bitter – a miss on all fronts; Firm crop prices a silver lining for upcoming season (KSCL IN, Mkt Cap USD0.4b, CMP INR468, TP INR582, 24% Upside, Buy) Disappointment at operating level: Revenue declined 5% YoY to INR672m (our estimate: INR714m) in 3QFY19. EBITDA fell 99% YoY to INR1m (our estimate: INR89m), with the margin shrinking to 0.2% from 13.8% in the year-ago period. Adj. PAT was down 33% YoY at INR36m (our estimate: INR47m). For 9MFY19, revenue and adj....
Q2FY19 results Kaveri reported revenue growth ahead of our est ,however PAT was below our estimates Revenues grew by 8%yoy at Rs752m (est. Rs710m) led by higher contribution from non- cotton business Gross margins decline sharply by 1300bps to 51% vs 65% in Q2FY18 due to inventory write-offs of Rs30m, lower recovery in cotton and govt price control. Lower employee costs and other expenses restricted further decline in EBITDA margins which declined by 1070bps to10.5%. EBITDA declined by 46....
Kaveri Seed Co.: Non-cotton biz growing from strength to strength; Cotton volumes expected to revive in FY20 post muted FY19 (KSCL IN,Mkt Cap USD0.6b, CMP INR623, TP INR741, 19% Upside, Buy) Minor miss on revenue and EBITDA; PAT in-line: KSCL's revenue fell 1.5% YoY to INR5,819m (est. of INR6,166m) in 1QFY19. EBITDA declined 2% YoY to INR2,035m (est. of INR2,170m), with the margin coming in flat YoY at 35%. Adj. PAT grew 4.1% YoY to INR2,106m (est. of INR2,115m). Robust non-cotton covers...
Q4FY18 results Kaveri Seed Company (KSCL) witnessed a net loss of Rs184m (est.Rs15m PAT) in Q4FY18, versus Rs871m net loss in Q4FY17 Revenues were in-line with our estimates at Rs416m (est. Rs423m), up 3.2% yoy, led by high value product mix. Maize volumes were impacted by lower acreage in AP and Telangana. Higher overhead expenses, higher employee costs (up 82%) and lower other income (down 22%) led to an operating loss of Rs133m (est.Rs18m) versus Rs272m loss in Q4FY17. Inventory writeo...
Kaveri Seed Co.: Healthy recovery in FY18; Muted growth expected in cotton; non-cotton share to increase (KSCL IN, Mkt Cap USD0.5b, CMP INR513, TP INR591, 15% Upside, Buy) Revenue below estimate; profitability improves YoY but misses estimate: KSCL's revenue grew 3.4% YoY to INR416m (est. of INR443m) in 4QFY18. EBITDA stood at INR-133m (est. of INR-15m), as against INR-272m in 4QFY17. Margin came in at -32.1% (est. of -3.3%), as against -67.5% in the year-ago period. Consequently, adj. PA...
Q3FY18 results KSCL’s reported revenue growth in line with our expectation, however EBITDA and PAT was below our expectation KSCL reported revenue growth of 4.1% to Rs706m (est. Rs712m) Growth was led by favourable product mix and increase in rice seed sales, while maize volumes were impacted by lower acreage in Telangana and Karnataka. Gross margins declined by 100bps to 56.3%. However lower other expenses (down 41.2% yoy) led to 880bps improvement in EBITDA margins. EBITDA increased by...
Kaveri Seed Co.: Results below expectations; Market share gain to continue in FY19 (ksCL IN, Mkt Cap USD0.5b, CMP INR479, TP INR664, 39% Upside, Buy) Revenue below estimates; a significant miss on EBITDA and PAT: Revenue increased 4.1% YoY to INR7,066m (est. of INR814m) in 3QFY18. Maize volumes have been impacted by reduced exports, lower acreages in Karnataka and Telangana, and a drop in government business from 10,400mt last year to 9,200mt this year. Notably, maze volumes fell 12% YoY ...
​Kaveri Seed Co.: Lower write-offs boost profitability(KSCL IN, Mkt Cap USD0.6b, CMP INR575, TP INR738, 28% Upside, Buy)Revenue marginally below estimates, significant beat on EBITDA and PAT: KSCL’s overall revenue increased 2.7% YoY to INR696m (est. of INR745m) in 2QFY18. EBITDA grew 337% YoY to INR147m (est. of INR43m), with the margin expanding 1,620bp YoY to 21.2% (est. of 5.8%) on account of a steep decline of 2,530bp in raw material cost (35.5% of net sales) due to significantly lower ...
Kaveri Seed Co.: Holistic growth on the cards; Attractive play of balanced growth in Cotton and Non-cotton businesses(KSCL IN, Mkt Cap USD0.6b, CMP INR532, TP INR738, 39% Upside, Buy)Non-cotton business to flourish driven by VegetablesKaveri Seed (KSCL) is highly dependent on the Cotton business, which contributes ~60% of its overall revenues. However, of late, management has increasingly shifted its focus toward the higher-margin Non-cotton business (target to take its share to 50% of overall r...
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