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Transcript – Kaveri Seed Q4 & FY 2024-25 Results Conference Call on Tuesday, 20th May, 2025 – Reg., Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Please find attached herewith Transcript of Kaveri Seed Company Limited Q4 & FY 2024-25 Results Conference Call made on Tuesday, 20th May, 2025. The transcript and audio is uploaded on the Company’s website as well on below link: https://www.kaveriseeds.in/wp-content/uploads/2025/05/Transcript-1.pdf This is for your information and records. Thanking you, Yours faithfully, For KAVERI SEED COMPANY LIMITED SREELATHA VISHNUBHOTLA COMPANY SECRETARY Encl: a/a. Sreelatha Vishnubhotla Digitally signed by Sreelatha Vishnubhotla Date: 2025.05.23 13:02:20 +05'30'
MANA MODE Q4 AGEMENT ERATOR: “Kave & FY T: MR. M KAVE MR. R P eri Seed '25 Ear May MITHUN C ERI SEED RAMA NA
d Comp rnings C y 20, 2 CHAND – COMPAN AIDU – INT 5 pany Li Confer 2025 – EXECUT NY LIMITE TELLECT imited ence C TIVE DIRE ED T PR Call” ECTOR –
n Chand: Ladies Compan all parti opportu Please n Joining Before made in risk and the earn I would you, sir Thank financia chance on our perform and-ans Financi operatio Q4FY2 negativ 30 crore Revenu compar was at R in FY2 FY25 a RS. 556 P and gentl ny's Q4 and icipant lines unity for you note that thi g us today o we begin, I n today's ca d uncertaint nings presen d now like t r. you. Good al year '25 to review th r website. mance of the swer session ial year Q ons was at R 24. EBITDA ve Rs. 10.72 es as compa ue from op red to RS. 1 RS. R274.2 24, grown b as compared 6 crores in
emen, goo d FY '25 E s will be in u to ask que is conferenc n this call i I would lik ll may be fo ties. For a ntation. to hand the evening, a 5 Earnings he presentat I would e company n.
RS. 76.95 c A was at ne 2 crores in ared to RS. perations w 1062.43 cro 29 crores in by 1.43%. d to RS. 293 FY25 a 5 od day, an Earnings Co the listen-o estions at th ce call will b is Mr. Mithu ke to mentio orward-look list of such e call over t and welcom Conference tion of our touch upo and then op financial crores as co egative Rs.
2.79 crores was at Rs. ores in FY2 n FY25 as c Net profit 3 crores in as against R Kaveri S nd welcome onference C only mode a he end of to be recorded un Chand, E on that som king in natu h considerat to Mr. Mith me, everyon e Call. We results, whi on the op pen the floo highlights ompared to 15.31 cror Net profit w s in Q4FY24 1121.57 c 24, grown b compared to was at RS FY24. Cash RS. 443 crore Seed Company May e to Kave Call. As a re and there w oday’s prese d. Executive D me of the sta ure and may tion, please hun Chand. ne, to our q e hope you ich is also a erational f or for the q s. Revenu Rs. 80.54 c res as comp was at negat 4. crores in F by 5.57%. E o RS. 270.4 S. 265.21 c h on book s es in FY24. ny Limited y 20, 2025 eri Seed eminder, will be an entation. Director. atements y involve refer to Over to quarter 4 u had a available financial question- e from crores in pared to tive RS. FY25 as EBITDA 43 crores crores in stands at .
Major cotton s Volume maize a which i PAT fo interest employ account increase new off Revenu exports year '2 compan increase Some o to volu increase volume volume Vegetab by 8%. compar unrest governm 24% an 35% an I would you. P highlights, segments li e growth ac and vegetab is a very enc or the curre t of RS. 8.8 yee trust an t of increas e in depreci fice. ue during Q to Govern 25 -- FY24 ny, Aditya e company' of the opera umes of Baj ed by 13% es increased es increased ble seed vo Export sal red to RS. in Bangla ment of Tan nd revenues nd revenues d now open
witnessed ke hybrid r cross segme bles has resu couraging tr ent year is d 85 crores o nd increase se in valuat iation of RS
nment of Ta 4. Acquired Agritech P s stake to 10 ational high jra was up % and reve d by 22% d by 7% and lumes incre les stands a 66 crores i adesh, and nzania. Vol s by 22%. decreased b n the floor 5 good grow rice, selectio ents, like Ba ulted in pro rend. down on ac n the loan in employe tion of ESO S. 5.68 cror as slightly d anzania wo d remainin Private Lim 00%. hlights. The from 64% enues incre and revenu d revenues in eased by 3% at RS. 22 c in FY24. T there wa lumes of no Volumes o by 27%. for questio Kaveri S wth rates a on rice, ma ajra, hybrid oportionate ccount of a given by th ee cost of R OPs given res due to r down becau rth RS. 24 ng 30% sta mited for R contributio to 74%. H ased by 26 ues increase ncreased by %, whereas crores in fin his decline as no one on-cotton hy of cotton hy on-and-answ Seed Company May across all o aize and veg rice, select higher reali a one-time he compan RS. 4.95 cr for employ recent addit use of no o crores in f ake in dist RS. 23.60 c on on new p ybrid rice v 6%. Selecti ed by 39% y 22%. revenues in nancial yea is due to e-time orde ybrids incre ybrid decre wer session ny Limited y 20, 2025 our non- getables. ion rice, izations, entry of y to the rores on yees and tion of a one-time financial tribution rores to products volumes ion rice %. Maize ncreased ar '25 as political er from eased by eased by n. Thank
a Dave: n Chand: ator: Jain: n Chand: Thank session Capital Sir, con The bui for a fa view, w season p The sea monsoo present acreage And dry In term One, w empty w produce maintai the inve The nex So, just in quart FY '25, Regardi the volu will gro but as launchi P you very m . The first q . ngratulation ildup on the airly robust what are yo panning out ason looks g on is good. looks mor es, but we s y segments, ms of our pla we anticipate with the en e more in t in a buffer entory. xt question t two questi ter 1? And what do w ing cotton, umes. And ow in cotton a company ng couple o
much. We w question is f ns. Sir, how e balance sh season. But ou seeing in t? good for the We might g re or less st see a very , it will be s ans, we have e a good se ntire invent these tough inventory, is from the ion. What i since our n e expect in last year w with the lo n this year, y as a level of new hybr 5 will now b from the lin w are you heet indicat t I would lik n the mark e coming ye get monsoo table. There encouragin slightly side e built up in eason. Seco tory, and it h times. So that's one o line of Saan is the expec non-cotton p FY '26 con we were dow ow base, w even thoug , we'll grow rids, which w Kaveri S egin the qu ne of Agasty seeing the tes that you ke to under ket? And ho ear, even th on on time. T e is a little g trend for eways, but it nventory for ond thing, a was really where the of the reaso nia Jain from ctations of o portfolio ha sidering the wn by close e are pretty gh the acrea w with this we have tes Seed Company May uestion and ya Dave fro upcoming guys are pr rstand your ow do you he prediction The acreage pressure on maize com t should be r couple of as we were y tough in t strategy wa on why we m Care PM our cotton p s done very e high base? to 30% in t y confident ages may no base. And sted last tim ny Limited y 20, 2025 d answer om CAO season? reparing point of see the n for the es at the n cotton ming up. stable. reasons. e almost terms to anted to built up MS. portfolio y well in ? terms of that we ot grow, d we are me.
n Chand: ator: Saraf: n Chand: Those h forward segmen forward to 15% Okay. operatio As of n come b with us invento real cas We'll t Bowhea Just wa announ cost inc you see Yes. Th The gov in term crops, w the othe But in c really d the syst new hy we are the farm P hybrids are d looks ve nt, we have d, even with growth in t Got it. An ons? now, we do back once w s. This tim ory, most of sh, then we'l take our ne ad India Fun anted to kno nced a 4% p creases that e this situati his time, we vernment h ms of the co we have see er crops, we cotton, even difficult for tem. We m ybrids, but i trying to pu mer. But onl
also doing ery encoura already w h this high b this non-cot nd what is on't have m we have a c me, we hav f the cash is ll have a str ext questio nd. ow about th rice hike th you've seen on? e have seen as increased ost of prod en a sharp ri e might be a n though th us to pass might be abl in the old h ush the real ly in the sea 5 well. So as aging. And itnessed a g base, we can tton segmen the plan much plans. oncrete pla ve seen be getting dep rategy and w on from th he cotton p his year. So n in the pro a huge incr d only by 4 duction, not ise in the pr able to pass he prices ha it on becau le to realiz hybrid, it m lization so t ason we get Kaveri S s a cotton a d the other good growt n easily imp nt also. for the cas We need t an. As of no ecause we ployed there we'll let you e line of price hike th is that com oduction of rease in the %, but ther t only in co roduction co it on to the ave increase use there's a e good figu may be a litt that we can t to know. Seed Company May as a portfoli r hand, non th this year prove with t sh generate to discuss a ow, we'll ke have built e. Once we h u know. Dhruv Sar he governm mmensurate cotton? Or cost of pro e's a lot of p otton, but a ost. And wh farmer. ed by 4%, it a lot of inve ure in term tle bit diffic n pass some ny Limited y 20, 2025 io going n-cotton r. Going the 12% ed from and then eep cash up the have the raf from ment has with the how do oduction. pressure all other hereas in t will be entory in ms of the cult. But cost to
n Chand: Saraf: n Chand: Saraf: n Chand: Sir, foll as a per And sec Overall And sir gone up hear wh going f experie should than wh Sorry. W Should a struct to it use cost of In term And if 9% of intentio We wil product last qua markets So we there m may no slightly P low-up que rcentage of cond one... l, growth, ye r, second q p because w hy this buffe forward hig nce last yea assume tha hat it used to What was th we expect tural basis, n ed to be in production ms of the R& you add the our total s on to strateg ll have som tion comes arter of the s. want to bu may not be a ot be there y usually hig
stion, if you f sales this y es, sorry. G question wa we're keepin fer. And is th gher inven ar of non-av at inventory o be in the p he last one? that invento not like one the past as because yo &D cost, the e fixed expe sales. And gically build me sort of a in very late e financial uild-up thos a sudden in e going for gher than th 5 u may allow year? And h Go ahead, so as that you ng some bu his structura ntory as a vailability o y now, gene past as a per ? ory going fo e-off basis, a percentag ou want to k e recurring e enses altoge in terms o d up the inve a buffer sto e in the first year. So w se inventor ncrease than rward, but he previous y Kaveri S w. What wa how is it lik orry. mentioned uffer. I could al like you w buffer bec of seed stand erally speak rcentage of orward like should be h ge of sales, keep some b expenditure ether, it wa f the inven entory. ock as in so t quarter or we are not ry levels. A n what we h the invent years. Seed Company May as your R&D kely to be i that invent d not really would want cause you ding. So is king, will be f revenues? this year sh higher as co , as a percen buffer? was close t s in betwee ntory, we h ome market r the last ha t missing o And going f have seen t tory levels ny Limited y 20, 2025 D spend in 2026? tory has y exactly t to keep had the that one e higher hould on ompared ntage of to 6.5%. en 8% to have the ts as the alf of the on some forward, this year will be
s Verma: n Chand: s Verma: n Chand: s Verma: n Chand: s Verma: n Chand: The nex Advisor Yes. Si 10% to of your expecte around help me guidanc can. We wer portfoli 15% pl base wi it is for So do y higher t That's t Okay. A to 12% well? O Export I mean RS. 160 No, wh next 5 same tim crores. P xt question rs. ir, I had a q 12% for th r earlier con ed to grow 15%, plus, e reconcile ce of 10% t re a bit con io, it should lus or negat ill grow this the next 3 t you still ma than that als the minimum And just on %, does that Or like have like, export export guid 0 crores som hat I meant i years, the e me, I've giv
is from the question reg he next 2 ye n calls, you at around 1 negative 2 how this tra to 12%? So nservative i d be plus 1 tive 2%, tha s year. But w to 5 years, n aintain that so? Like is i m what we ne more que t include th you factore t variance o dance in you mething. is that in the export mark ven the guid 5 e line of Aa garding you ears that yo had mentio 15%, 20% a 2% thing. So anslates int am I missi in giving th 5% non-co at will cont when I gave not for the y 10% to 12% it conservat see. It shou estion. So w he export gu ed in ahead f... ur earlier co e earlier cal ket can be R dance of veg Kaveri S abhas Verm ur revenue g ou had given ned that the and the non o given tha o a lower c ng somethi he guidance tton segme tinue. And c e guidance o year. % or we can tive? uld be better when you ar uidance of of them? on calls, yo ll, I gave a g RS. 150 cro getables to b Seed Company May ma from Eas growth guid n earlier. So e cotton por n-cotton por at, could you consolidated ng there? O e, but by se nt with a b cotton with of like 10% n expect so r than that. re getting th RS. 160 c u had given guidance th ores. And e be close to ny Limited y 20, 2025 st Green dance of o in one rtfolio is rtfolio at u please d growth Or if you eing the big base, h a small % to 12% mething his 10% crores as n around hat in the even the RS. 150
n Chand: ator: i Parekh: n Chand: i Parekh: All righ everyth Yes. The nex PMS. Yes, h underst underst this can expect t some u overall So we h one cro segmen buffer s We hav in large for the crops, w terms o minima packets Okay. S what is now? A I believ product to the c P ht. So 10% hing into tha xt question hi. Krushi tand -- so tand there is n be constru to be sold in understandin inventory, n have increa op. We hav nts also. The stock across ve produced e segment, w next year, we have in of the cotto al. Now this s. So, Mithun the propor And how are ve last qua ts in terms competition
, 12% is in at, right? is from the Parekh fro we have t s buffer also ued as buffe n this financ ng on the m new produc sed the inve ve increased ere will be s all crops, l d some varie we have pro wherein th ncreased ou on also, the s time, it w n, sir, if yo rtion of the e we approa arter, you of the yield also. But th 5 ncluding ev e line of Kr om BugleR this 40% ju o. So one th er? And wh cial year its mix in term cts, old prod entory acro d the invent close to 20 leaving som eties, I mea oduced more he discount ur inventori e inventory will be like c ou can just new produc aching it aga had mentio ds and every hen how ar Kaveri S erything yo rushi Parek Rock PMS ump in the hing is that, hat is someth self? And al ms of cotton ducts, somet ss all crops tory in cott 0% to 25% me varieties. an, moving e because w ts will be v ies significa is like last close to 6 m give some cts that we ainst the com oned that w ything are p re we appro Seed Company May ou have fac kh from Bug S. I just w e inventory what propo hing that w lso, can you n, non-cotto thing like th . It's not sp ton and non of the inve hybrids, w we can alway very low. I antly high. t year, it w million to 7 understand have in the mpetition? B we don't h pretty much oaching to g ny Limited y 20, 2025 ctored in gleRock want to y, and I ortion of we would u give us on in the hat? ecific to n-cotton ntory as which are ys use it In those And in was very 7 million ding on, e market Because have the h similar grow our
i Parekh: n Chand: i Parekh: n Chand: product on the c It will b we are years, m product market, years an to more Okay. B differen pick-up So ther day, it differen perform date. So So whe the mar how m existing low. Th Okay. differen Yes, de the farm building our hyb awarene P ts versus th competition be a bit diff doing, but more than 5 ts, new pro , which are nd also the n e than 50% But any se ntiated vers p in the mark re are so m all boils do nt way. On m, one like o different c en we see a rket share in much does o g one along hese are the And then ntiation? efinitely. Se mers' field g awarenes brid and th ess and we
hat of comp n this year? ficult to exp I can give y 50% of the oducts in th e already la newly to be of our reven ense in term sus that of ket and grab many variant own to yield ne is by lik low pest, l crops have g a competito n hybrid, we our hybrid g with maki 2 factors w we go on ee, when w only. That ss among fa he competit create dema 5 etition? An plain about you a guida revenue w e sense, wh aunched in t e launched p nue. ms of -- be competitio b some mar ts to do tha d, but how ke stress c low disease got differen r in hybrid e see that in need to d ing sure tha what we see. n to educa we launch a t's how we armers and tor hybrid. and for that Kaveri S nd how are each marke ance for lik will be contr hich are alr the market products. Th ecause how n that we'l rket share? at. Basically you would condition, t es. So diffe nt parameter or when w n the given p do give bet at the main ating the f hybrid, it s also create show the That's how t. Seed Company May we looking et and each e in the nex ributed by ready place for the las hese will co w are our p ll be expec y, at the en arrive to y the hybrid erent crop m rs to look on we want to particular co tter yield t ntenance sh farmers ab should be t e a program difference b w we incre ny Limited y 20, 2025 g to take product xt 3 to 5 the new d in the t 1 or 2 ontribute products cting the d of the yield is a need to maturity n. increase ondition than the hould be out our tested in mme for between ease the
n Chand: i Parekh: n Chand: i Parekh: n Chand: ator: vardhan: n Chand: Okay. year… Yes, ini based o in diffe good vi Okay. proport new in Sorry, w What p over las Close t moving very m increase earlier invento the mar The nex Sir, wan ahead? The ma to 47% because may no But goi should P So typically itially, once on the base, rent areas. isibility. Fir And sorry tion of our c the given y what is field roportion o st 1 to 2 yea to more tha g hybrids, b minimum. O e the inven way, that t ory is from rket. xt question nted to unde argins shoul %. That sho e of this ye ot pass on. T ing forward go further u
y, this wou e you launch it will take So as 2 to 3 rst year will , if I may current prod ear? d... f our invent ars across ge an 95% of ecause whe Once we se ntory. So th the invento the moving is from the erstand, wh ld sustain. T uld remain ear, we have This year mi d, there are p up as we w 15 uld be 1 to h the hybrid e 1 to 3 yea 3 years is th l be very sm y just cont ducts is som tory current eographies? the invento en we launc ee the perf hat's what I ory what w g hybrids, w line of Yas hat is the gro The margin n same in l e high inve ight be sligh pretty high wisll be incre Kaveri S o 2-year cy d -- once yo ars because he right time mall. tinue on th mething tha tly is new a ? ory is the p h a hybrid t formance, t said in the we have now which are a hovardhan oss margin s ns this year ike 1% to entory cost. htly stressed chances th easing in ve Seed Company May ycle and th u launch th we need to e where you his question t is field tes and is alread products wh the quantity then only e earlier cal w, majority already appr from Tiger sustainabilit r was close 2% plus o And in cot d. at the gross egetables an ny Limited y 20, 2025 en third e hybrid o market u get the n, what sted and dy tested hich are y will be will we ll in the y of the roved in Assets. ty going to 46% or minus tton, we s margin nd other
n Chand: vardhan: n Chand: vardhan: n Chand: ator: Saraf: crops. B should cotton. Underst expectin Basical first qua because aware o revenue So first Yes, H there m the firs because Underst just wa monsoo Good m widespr Otherw impact the crop in that. most of The ne Bowhea Mithun busines P Bajra, whic go up. Thi tood, sir. A ng to be uti lly, if you s arter, right? e there migh of the mons e. That will t half in H1, 1. And eve might be som st quarter it e if it is not tood, sir. Si anted to und on will bene monsoon in read rain ac wise, there m sales to som ps. When co The risk is f the crops. ext follow-u ad India Fun n, sir, just w ss. So we've
ch we alrea is year, slig And sir, so o lized in Q1 see the tren ? It's easy to ht be some oon. So firs continue go , right? n in H1, th me spillover tself, but s liquidated, ir, lastly, yo derstand if y efit us? the sense t cross countr might be a me extent. B ompared to very minim up question nd. wanted to un e seen a big 15 ady have h ghtly we ne on the inven ? nd like 70% o take like f spillover s st half contr oing forwar he Q1 contr r sales, whi sometimes we don't re ou've already you can ela that if you g ry, then the a chance in But as a com other comp mal for us b n is from th nderstand s drop in exp Kaveri S high gross eed to chec ntory front, % of our rev first quarter sales based ributes like rd. ributes a lot ich we plac we recogni ecognize it a y spoken ab aborate a bi get a rainfa e season wil n the crop mpany, we a panies, we h because we he line of some color ports this ye Seed Company May margins. A ck only bec , how much venue come and second on the mon 70% to 80% t. But as I s ed in the m ize the sale as sale. bout the mo it on how th all in time a ll be as anti shifting tha are there in have a mini are already Dhruv Sar on the Ban ear. So do y ny Limited y 20, 2025 Again, it cause of h are we es in the d quarter nsoon or % of our said that market in e in Q2 onsoon, I he good and it's a icipated. at might most of mal risk there in raf from ngladesh ou think
Saraf: n Chand: ator: haveri: n Chand: that bus back? It will c reason next 1 t like we consolid year, w also pic Sir, this Yes, ye there w was lot because invento get bac have be The nex Acreage this yea portfoli acreage As a cr like ma also pre year. A agricult But cot also ver P siness is gon come back. I said that to 3 years. T e are there i dated rate w we'll definite ck up. s year itself, es. We can were a coupl t of inventor e before tha ories are dow ck to the ea etter plans in xt question e, as you m ar. So why io going for es are falling rop, cotton aize. The M etty good. And wherea ture, wherei tton as a cro ry good foc
ne for the n This year i it's not only There are m in Africa an will go to R ely see gro f, we'll see B see that Ba le of reason ry in the m at, the seas wn, the issu arlier sales n Banglades is from the mentioned th y is that? A rward in th g. So I just w is not that SPs of maiz So people s cotton, th in some cro op, we can't cus on it. A 15 next 1 or 2 y is a hit wha y Banglade many other nd the Sout S. 150 crore owth in the Bangladesh angladesh i ns. One was market in la son was not ue is also s we had in sh going for line of Jeet hat we exp And why ar his year at l want to get lucrative w ze and the c are slightly his crop shi ops will do w t neglect it. And with the Kaveri S years? Or do at we have t sh, which i countries w theast Asian es in the nex se segment coming bac is coming b s political i st year in B t that great orted out. A Bangladesh rward. t Jhaveri fro ect the cott re we focu least, if you some more when compa current mar y inclined t ift is very n well and som . And going e decent bas Seed Company May o you see it taken. But th is coming u we have add n countries. xt 5 years. A ts. Banglad ck? back. No, la ssue. Secon Bangladesh . Now mos And I think h. And in f om Moneyb ton acreage using on the u're saying e color on th ared to oth rket rate of m towards ma natural in t me crops w g forward, c se that we a ny Limited y 20, 2025 t coming hat's the up in the ded upon . So, the And this esh will ast time, nd, there markets st of the k we can fact, we ee. es to fall e cotton that the hat? er crops maize is aize this terms of ill fall. cotton is are right
g Jain: n Chand: g Jain: n Chand: now, w we are cotton a The nex Basical mention related the mar the curr Not rea and we facilitie strategy that in- much o all our p Okay, s process have th Kaveri and pac Yes, at the high of the p cold sto facilitie As of n whateve sure to that's a P we have goo focusing o as well. xt question lly, the Tata ned that the to processi rket. So is t rent season? ally because e don't hire es. We have y move wil -house proc of a challeng processes to sir. And sir sing seeds a he capacity will need t cking? present, if hest proces processing f orages. We es. now, for th er new capa have made continuous
od scope to on cotton. A is from the a Group Co e entire seed ing of seeds this someth ? e most of o e much of e faced this ll be to do cessing facil ge. It's not a o in-house. r, how is K and packing to accoun o do some you see in sing faciliti facilities, in e have one he anticipate acities or ne e it compat activity to 15 increase m And going f line of Anu ompany, Ra d industry is s, packing hing that is our facilitie facilities f s challenge everything lity as of n a major cha Kaveri plac seeds for th nt for the g capex to en India, we h ies that we n terms of th of the high ed growth, ew lines tha tible to add increase the Kaveri S market share forward, ou urag Jain, w allis in its c s facing dist of seeds an affecting K es are owne from outsid earlier. Th in-house, now. And fo allenge for u ced in term he next 2, 3 growth for nhance capa have got one have right he warehou hest capacit we already at we have b d more capa e facilities. Seed Company May e. That's the ur focus wi who is an Inv conference tribution ch nd sending Kaveri Seeds ed by Kave de. It's all hat's the rea and we are or us, we d us to fully i ms of capac 3 years? We next 2, 3 y acity for pro e of the larg now, both i uses, in term ties and pro y have plan built. We al acity on to But going f ny Limited y 20, 2025 e reason ill be on vestor. call had allenges seeds to s also in eri itself, in-build ason the e having don't see integrate ities for e already years or ocessing gest and in terms ms of the ocessing nned for so made it. And forward,
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RS. 30 cr addition of n xt question f e cotton seed million pack ed in one of n to 7 millio an you just t housekeep exact figure al assets, wh verything is different w n we try to d at a differe ould be biol crores. Exac t's like RS. 2 u regarding t up question nd. ne clarificati odd crores. 15 rores per a new plants. from the lin d sale last y kets. f the answe on packets? tell me the i ing? e right now hich are sho s like stock ways to ma send it to ent levels. logical asset ctly, I don' 200-odd cro that one. n is from th ion on the b This is desp Kaveri S annum will ne of Nilesh year, Mithun ers that the i inventory o w, but whate own in the k, which is a ake it finish the market. ts as of end t have the ores of it. he line of balance she pite all com Seed Company May be the ca h Doshi from n? inventory y of finished g ever is ther balance she already ther hed ready t . Otherwise of March? figure righ Dhruv Sar et. We see mmissions... ny Limited y 20, 2025 apex for m Green you have goods as re, apart eet as of re in the to go to e, it's all t on the raf from a CWIP
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