Kaveri Seed Company Ltd. share price target

largest producer of hybrid cotton seeds in India with a market share of ~17%. Kaveri Seeds has access to 60,000 acres under seed production, with farms in Karnataka, Andhra Pradesh and across the country. In the last five years (FY10-15), company's revenue and PAT have grown at a CAGR of 48% and 59.6% respectively. The company has a pan-India presence with a strong distribution network of ~25,000 distributors (direct & in-direct) and retailers across 15 key states in India (up from 11,000 - 4 years ago). Kaveri has 26 warehouses at strategic location with a combined storage space of ~500,000 sqft. The company has...

largest producer of hybrid cotton seeds in India with a market share of ~17%. Kaveri Seeds has access to 60,000 acres under seed production, with farms in Karnataka, Andhra Pradesh and across the country. In the last five years (FY10-15), company's revenue and PAT have grown at a CAGR of 48% and 59.6% respectively. The company has a pan-India presence with a strong distribution network of ~15,000 distributors (direct & in-direct) and retailers across 15 key states in India (up from 11,000 - 4 years ago). Kaveri has 26 warehouses at strategic location with a combined storage space of ~500,000 sqft. The company has...

In a seasonally small quarter, topline/EBITDA bettered estimates; higher depreciation charge(duetonewwarehouse)pulledearningsbelowestimates Grossmarginsfellonhigherinventorywriteoffsandadversesalesmix(highershareof...

Centre to regulate Bt cottonseed prices: Conceding to the demand of National Seed Association of India (NSAI) the central government has brought Bt cottonseed under price control by exercising its power under the ECA (Essential Commodities Act) with effect from...

largest producer of hybrid cotton seeds in India with a market share of ~17%. Kaveri Seeds has access to 60,000 acres under seed production, with farms in Karnataka, Andhra Pradesh and across the country. In the last five years (FY10-15), company's revenue and PAT have grown at a CAGR of 48% and 59.6% respectively. The company has a pan-India presence with a strong distribution network of ~15,000 distributors (direct & in-direct) and retailers across 15 key states in India (up from 11,000 - 4 years ago). Kaveri has 26 warehouses at strategic location with a combined storage space of ~500,000 sqft. The company has...

Cotton seeds volumes (aided by dead cat bounce in credit markets) are expected to recover to 92 lac packets by FY17E. Maize seeds volume is expected to be weak in FY16E, with an expected best case scenario of 10000MT, before an expected recovery to 12000MT in FY17E. Rice hybrid seeds volume is expected to grow at a pace of 20% and reach volumes of 2220 MT by FY17E.

moderation in its cotton volumes because of its plan to reduce credit (for managing its receivables and protecting margins). However, it remains optimistic about maintaining cottonmarketshareinTelanganaandmakingmeaningfulgainsinthenoncreditmarketsof...

Management Discussion: 1) Cottons seed packets to sell ~6.2mn in FY16, 2) KSCL market share reduced to 15-16% from 18% earlier due to reduction in cotton acreages, 3) management feel recovery to be difficult in FY16, 4)...

largest producer of hybrid cotton seeds in India with a market share of ~17%. Kaveri Seeds has access to 60,000 acres under seed production, with farms in Karnataka, Andhra Pradesh and across the country. In the last five years (FY10-15), company's revenue and PAT have grown at a CAGR of 48% and 59.6% respectively. The company has a pan-India presence with a strong distribution network of ~15,000 distributors (direct & in-direct) and retailers across 15 key states in India (up from 11,000 - 4 years ago). Kaveri has 26 warehouses at strategic location with a combined storage space of ~500,000 sqft. The company has...

of cotton/maize acreage. We adjust Q1 reported numbers for the Rs 640mn under provisioningofroyaltyfeeandnoteRev/EBITDA/PATtohavedeclinedby20/30/33%yoy. As per our checks, the royalty fee is an agreement between two parties and state...