C Mithun Chand, wholetime director at Kaveri Seed says unseasonal rains won't impact it much. He says the company saw good sales in the third quarter and fourth quarter had always been a lean one for it.
Unseasonal rains over the last few days are estimated to have resulted in a loss of around Rs 1,000 crore in Maharashta alone. India's foodgrain production is estimated to fall by 3 percent in 2015.
States such as Uttar Pradesh, Rajasthan, Madhya Pradesh, Punjab and Maharashtra are seeing maximum crop damage – seen across 50 lakh hectares.
Kaveri Seed is optimistic about next year despite current challenges. The company believes market share gains in cotton and higher corn acreage will drive growth next year. It does not see significant impact on cotton acreage next season.
C Mithun Chand, wholetime director of the company says unseasonal rains won't impact it much. He says the company saw good sales in the third quarter and fourth quarter had always been a lean one for it.
Below is the verbatim transcript of C Mithun Chand's interview with Reema Tendulkar and Sumaira Abidi on CNBC-TV18.
Sumaira: Can you take us through your own assessment of what could be the impact of this unseasonal rains and how would a company like yours be impacted?
A: This year it was a very difficult year for the farmers - starting with a delayed monsoon then erratic rainfall and prolonged dry spells and over and above unseasonal rains, which we have witnessed recently. It has created a lot of damage to the farming community and moreover that agricultural commodity prices are also under stress so this time it is a very bad situation for the farmer. With the recent rainfall, we see huge damage. Right now it is too early to estimate the actual damage but most of the wheat crops and grams have been affected by this rainfall. It is bad for the farming community.
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Kaveri Seed stock price
On March 13, 2015, at 14:12 hrs Kaveri Seed Company was quoting at Rs 940.50, down Rs 9.45, or 0.99 percent. The 52-week high of the share was Rs 1022.70 and the 52-week low was Rs 562.05.
The company's trailing 12-month (TTM) EPS was at Rs 43.83 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 21.46. The latest book value of the company is Rs 75.28 per share. At current value, the price-to-book value of the company is 12.49.
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