Kaveri Seeds has described a drop in web product sales and gain in the very first quarter finished June 30, 2021, dragged by lower volumes and earnings in the cottonseed segment.
Though the pandemic had disrupted the offer-chain community, steep increase in herbicide tolerant Bt cottonseed contributed to lower volumes in the cottonseed segment.
The organization described web product sales of ₹629.78 crore in the quarter from ₹719.forty eight crore in the similar quarter last year, a drop of 12.47 for each cent.
The web gain declined to ₹204.73 crore in the quarter as from ₹296.forty one crore in the similar quarter last year, displaying a drop of 31 for each cent.
“The volumes and revenues in the cotton segment are down by about 28 for each cent. Nevertheless we gained in the cottonseed industry, we were being impacted in Andhra Pradesh, Telangana and Karnataka,” the corporation stated in statement.
“It has been a complicated quarter primarily due to the 2nd wave. Gross sales of hybrid seeds throughout the field and cotton in distinct were being impacted. Acreages of cotton were being considerably lower than previous year, drop in product sales of branded seeds even a lot more steep,” GV Bhaskar Rao, Chairman and Handling Director of Kaveri Seeds, stated.
“Use of HTBT (herbicide tolerant seeds) even further impacted branded product sales,” he stated.
Quoting estimates, he pegged the total area beneath HTBT at fifteen for each cent of all the cotton acreage in the country.
The corporation stated the pandemic had disrupted offer chains, ensuing in lower absorption of cotton hybrids by sellers and distributors. This, in turn, resulted in farmers not receiving ample provides. “In the absence of cottonseed provides, farmers reluctantly appeared at other choices and even shifted to other crops,” the corporation defined.