EBITDA loss stood at INR118m in 4QFY20 v/s loss of INR59m in Kaveri Seeds (KSCL) closed FY20 on a strong note, with 15%/20%/20% revenue/EBITDA/PAT growth. We have increased our earnings estimates by 25%/31% in FY21/FY22 on the 1015% volume growth guidance in the Cotton Seed segment and 2025% growth in the Non-Cotton segment. However, we have assumed 7m packet (in FY21) sales of cotton seeds (lower by 3% YoY) on lower cotton price due to subdued domestic as well as export demand. 12% revenue growth in FY20 in cotton seeds was driven by 17% volume growth (to 7.23m packets). Additionally, the contribution of new products rose from 15% to 23% of the total volume. Hybrid paddy reported 66% revenue growth in FY20 on 60% volume growth; growth was driven by the launch of the new Hybrid Paddy KPH 468. The contribution of new products rose from 26% to 51% of volumes.