Consolidated Performance for the quarter ended June 2015

The top-line has decreased by 20% to Rs 664.07 crore. The growth was impacted by volume moderation in cotton and maize - acreages impacted in Kaveri dominated markets. Hybrid rice reported healthy growth.

The margin increased due to lower royalty payments – calculated on the prices submitted by recommended institutions to relevant state governments. Focus on non-credit markets has protected realizations – better than industry average and improved receivables management with a focus on ‘Cash & Carry" segment. The company adopts a strategy of contracted employees to optimize costs and utilization.

OPM increased by 590bps to 34%. There was to fall in other expenditure by 780bps to 35.5% of adjusted net sales. The operating profit decreased by 3% to Rs 225.79 crore.

Other income has decreased by 45% to Rs 2.04 crore. Depreciation was up by 169% to Rs 5.87 crore. The profit before tax and EO decreased by 5% to Rs 221.94 crore due to fall in sales.

The tax outgo has increased by 1% to Rs 3.29 crore. The net profit after minority interest has decreased by 5% to Rs 218.44 crore due to fall in sales

Consolidated Performance for the financial year ended March 2015

The top-line inclined by 15% to Rs 1161.23 crore. OPM inclined by 479 bps to 26.7%. The operating profit has increased by 40% to Rs 309.66 crore.

Other income inclined by 62% to Rs 15.75 crore. Depreciation was down by 9% to Rs 14.91 crore. The profit before tax and EO inclined by 45% to Rs 310.33 crore.

EO expenses for the year stood at Rs 0.33 crore. The tax outgo has increased by 79% to Rs 9.22 crore. Effective tax rate increased from 2% to 3%. The net profit after minority interest has increased by 44% to Rs 300.96 crore due to increase in net sale and OPM.

Other Developments

The board has recommended interim dividend of Rs 2.5 per share

Valuation

The scrip is currently trading at Rs 635.95 on the BSE.

The share pledged is nil.

The promoter holding in the company is at 56.76%.