diversification of business activities acting as a key growth driver for kaveri seed company limited
TRANSCRIPT
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Kaveri Seed Company Limited
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TABL E OF CONTENTS
1. Executive Summary: Kaveri Seed Company Limited
2. Business Overview
Introduction
Expertise
Products
Awards
2.1. Corporate Timeline
2.2. Key Developments
2.3. Ownership Structure
2.4. Kaveri Seed Company Limited Organisational Structure
3. Kaveri Seed Company Limited Products Portfolio
3.1. By Hybrid Seeds
3.2. By Micro-Nutrients
3.3. By Exotic Vegetables
4. Kaveri Seed Company Limited Financial Performance
4.1. Valuation Analysis and Financial Summary
4.2. DCF (Discounted Cash flow) Valuation and Upside Potential
5. Kaveri Seed Company limited Annotated Stock Chart and Analyst Recommendations
5.1. Annotated Stock Price Performance
5.2. Analyst Recommendations
Expected Bullish Stock Performance
Low Liquidity Implying High Investments
Expectation of Earning Growth
6. SWOT Analysis
Strengths
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Weaknesses
Opportunities
Threats
7. Kaveri Seed Company Limited Operational Overview
7.1. Board of Directors Profile
7.2. Management Profile
8. Indian Hybrid Seed Industry Overview and Size, FY’2008- Fy’2012
8.1. Indian Hybrid Seed Industry Segmentation, FY ’2012
8.2. Market Share of Major Players in the Indian Hybrid Seed Market, FY ’2012
9. Competitive Analysis
9.1. By Products Offered/Revenue/Business Strategy
9.2. By Financial Performance (Topline/ Enterprise Value/ Multiples)
9.3. A Relative Valuation Analysis of Indian Seed and Agrochemical Industry
10. Kaveri Seed Company Limited Management Outlook and Future Projections
10.1. Kaveri seed Company Limited Future Projections
10.2. Ratio Analysis
11. Appendix
11.1. Market Definition
11.2. Abbreviations
11.3. Research Methodology
Data Collection Methods
Approach
11.4. Disclaimer
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L IST OF FIGURES
Figure 1: Kaveri Seed Company Limited Corporate Timeline
Figure 2: Kaveri Seed Company Limited Ownership Structure in Percentage as on 30 September
2012
Figure 3: Kaveri Seed Company Limited Product Portfolio
Figure 4: Kaveri Seed Company Limited Revenue Segmentation on the Basis of Contribution by
Business Segments in overall Revenue in Percentage, FY’2012
Figure 5: Kaveri Seed Limited Hybrid Seeds Performance on the Basis of Revenue in INR Crore,
FY ’2008-LTM 31st December 2012
Figure 6: Kaveri Seed Company Limited Micro-nutrients and Bio-pesticides Performance on the
Basis of Revenue in INR Crore, FY ’2008-LTM 31st December 2012
Figure 7: Kaveri Seed Company Limited Annotated Stock Price Performance on the Basis of
Volume Traded and Stock Prices in Thousand Shares and INR per Share, 25th February 2012-
25th February 2013
Figure 8: India Hybrid Seed Industry Market Size and Contribution in the Overall Indian Seed
Market on the Basis of Revenue in INR Crore and percentage, FY’2008-FY’2012
Figure 9: India Hybrid Seed Industry Segmentation on the Basis of Contribution in the Overall
Hybrid Seed Industry in Percentage, FY’2012
Figure 10: Market Share of Major Players in Indian Hybrid Seed Market on the Basis of Contribution by Revenue in Percentage, FY ’2012
Figure 11: Kaveri Seed Company Limited Future Projections on the Basis of Revenue, EBITDA
Margin and Net Profit Margin in INR Crore and Percentage, FY’2013-FY’2017
Figure 12: Non-linear Regression Analysis and Scatter Chart Based upon Indian Hybrid Seed
Industry Market size, FY ’2008-FY ’2012
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L IST OF TABLES
Table 1: Kaveri Seed Company Limited Financial Summary on the Basis of Revenue, Growth
and Net Profit Margin in INR Crore and Percentage, FY’2008-LTM, 31st December 2012
Table 2: Kaveri Seed Company Limited Key Developments
Table 3: Kaveri Seed Company Limited Ownership Structure on the Basis of Share held as on
30th September 2012
Table 4: Kaveri Seed Company Limited Promoters Stake on the Basis of Number of Share Held
and the Percentage of Share Held in Shares Outstanding, as on 30th September 2012
Table 5: Kaveri Seed Company Limited Top Mutual fund Investors stake on the Basis of
Number of Shares Held and the Percentage of Shares Held in Shares Outstanding, as on 30th
September 2012
Table 6: Kaveri Seed Company Limited Seed Product Quality on the Basis of Breeding
Objectives
Table 7: Kaveri Seed Company Limited Financial Performance on the Basis of Revenue,
EBITDA Margin and Net Profit Margin in INR Crore, and Percentage, FY’2008-LTM ending
31st December 2012
Table 8: Kaveri Seed Company Limited Valuation Analysis on the Basis of Market
Capitalization, Net Debt and Enterprise Value in INR Crore and Units as on 25th February 2013
Table 9: Kaveri Seed Company Limited Valuation Multiples Ratios on the Basis of Revenue,
EBITDA and Net Profit Multiples, FY’2008-LTM ending 31st December 2012
Table 10: Kaveri Seed Company Limited Discounted Cash Flow Valuation on the Basis of
Weighted Average Cost to Capital, Present Value of Company Valuation and Target Share Price
Table 11: Kaveri Seed Company Limited Sensitivity Analysis of Discounted Cash Flow
Analysis, Perpetuity Growth Rate and weighted Average Cost of Capital on the basis of
Perpetuity Growth Rate Method in INR Crore and in Percentage
Table 12: Kaveri Seed Company Limited Operational Overview on the Basis of Board of
Directors Profile
Table 13: Kaveri Seed Company Limited Operational Overview on the Basis of Management
Profile
Table 14: Competitive Landscape of Major Companies on the basis of Product Offered, Revenue
and Business Strategies
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Table 15: Company Comparable Analysis on the Basis of Financial Performance in INR Crore
and Valuation Multiples as on LTM 31st December 2012
Table 16: Company Comparables on the Basis of Revenue in INR Crore, FY’2008-LTM year
ending 31st December 2012
Table 17: Relative Valuation Analysis on the Basis of Deal Value, Deal Stake, Implied
Enterprise Value and Multiples in INR Crore, Percentage and Multiples
Table 18: Kaveri Seed Company Limited Fututre Projections on the Basis of Income Statement
in INR, FY ’2011-FY’2014
Table 19: Kaveri Seed Company Limited Future Projections on the Basis of Balance Sheet in
INR, FY’2011-FY ’2014
Table 20: Kaveri Seed Company Limited Fututre Projections on the Basis of Cash Flow
Statement in INR, FY’2011-FY ’2014
Table 21: Kaveri Seed Company Limited Ratio Analysis on the Basis of Liquidity, Asset
Management, Profitability and Leverage Ratios in Multiple and Percentage, FY’2008-FY ’2014
Table 22: Regression Coefficients of the Indian MSW market
Table 23: Regression Intercepts of the Kaveri Seed Company Limited
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EXECUTI VE SUMMARY: K AVERI SEED COMPANY
LIMITED
Recommendation: ~ Target Price: INR ~ Date: 25th February 2013
Kaveri Seed Company is involved in the production of genetically modified hybrid seed for variousvegetables and field crops. The company generates most of the revenue from the sale of thesehybrid seeds. The company engages in the production of soil enhancing micro-nutrients, bio-pesticides and has a separate division for producing exotic vegetables. The company was listedon the Bombay stock exchange of India in 2007 and is headquartered in Hyderabad
KeyDifferentiators
The company engages in the pre cleaning, grading, cob drying, packingand storage of hybrid seeds via ultra modern equipment
CompetitionandPositioning
The company is one of the leading hybrid cotton producer, contributing~% in the INR ~crore hybrid cotton market
KeyDevelopments
Established a new Subsidiary “Kexveg India Private Limited” forproducing exotic vegetables and herbs to cater to the demand in bothdomestic and international market
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FinancialSummary
Kaveri Seed Company L imited Financial Summary on the Basis of Revenue,Growth and Net Profit Margin in INR Crore and Percentage, FY’2008-LTM,31st December 2012
Particulars FY’2008 FY ’2009 FY ’2010 FY ’2011 FY ’2012 LTM
Revenue
Growth%
Net Profit%
CORPORATE TIMELINE
The company started its operations in 1976 with the production of different varieties of hybrid
seeds such as corn, millet, sunflower and rice. In 1986, the company changed its structure to a
private limited under the Companies Act, having registration No. 6728 of 1986-87. The company
established a seed processing unit in Bellary, Karnataka. In 1987, Kaveri Seed set up its first
marketing office in Davangere in Karanataka. In 1997, the company established its first research
and development facility and launched its first hybrid corn seeds in 1997 in South India. The
company’s hybrid corn seeds product were successfully commercialized as it was providing
more yield than other existing variety of seeds. In 1999, the company increased its seed
production capacity to meet the growing demand for the same by setting up a processing plant at
Kandlakoi near Hyderabad. Subsequently, the company had added more hybrid seeds of other
crops such as sunflower, pearl millet, sorghum and rice...
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The company introduced its first
corn hybrid seed
The company had developed its
first seed conditioning plant in
Kandlkoi
The company was given
recognition from the department
of science and industry research,
for its research and development
practices on hybridization of seeds
The company entered into
partnership for producing bio-
pesticides and micro-nutrients
The company had acquired licensefrom Mahyco Monsanto Biotech
(India) Limited for using Bt. Gene
technology to produce hybrid cotton
seeds
The company had established a seed
conditioning plant with cob dryers
facility at Gundla, Pochampally and
Eluru
The company was listed on the
bombay stock exchange (BSE)
The company had signed an
agreement with Agri Jenetics for
producing testing and marketing
hybrid cotton seed products
The company acquired Kaveri
Agritek, a joint venture
establishment which produces
micro-nutrients
The company’s revenue had
inclined to INR 1.0 billion
The company had established a
new division for producing exotic
vegetables and herbs named as
Kexveg India Private limited
Kaveri Seed Company Limited Corporate Timeline
The company had incepted its
operation in the field of hybrid
seed, at Gatla Narsingapur
Village, Andhra Pradesh
The company had expanded its
structure to a private limited entity
and developed a seed processing
unit at Bellary, Karnataka
The company had started research
and development on the
hybridization of seeds and thus
initiated a seed processing plant in
Biramulguda
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OWNERSHIP STRUCTURE
Kaveri Seed promoters are the major stake holders of the company accounting for ~% stake in
total shares outstanding of the company. Company promoters have increased their stake from ~%as of 31st March 2012 to ~% as of 30th September 2012, a ~% y-o-y increase. Foreign
Institutional Investors (FIIs) have increased their share holding significantly from ~% as on 30th
June 2012 to ~% as of 30th September 2012 an increase of ~%. Among the promoters,
G.V.Bhaskar Rao and R.Venu Manohar Rao had the highest shares held. Together they held
more than ~%. The institutional investors held ~% stake in the company, of these institutional
investors, IDFC premier equity fund has the highest stake of ~%.
Kaveri Seed Company Limited Ownership Structure on the Basis of Share held as on 30th
September 2012
Category No. of Share Holder as on
30th September 2012
No. of Shares as on 30th
September 2012
Change in
Share Held
Percentage
Change
Promoters
Mutual Funds
Financial
Institutions/ Banks
Bodies Corporate
FIIs
NRIs
Public
Total
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Kaveri Seed Company Limited Ownership Structure in Percentage as on 30 September
2012
Kaveri Seed Company Limited Promoters Stake on the Basis of Number of Share Held and
the Percentage of Share Held in Shares Outstanding, as on 30th September 2012
Name of Shareholder No. of Share as on 30th September
2012
Percentage of Shares as on 30th September
2012
G.V.Bhaskar Rao
G.V. Bhaskar Rao (HUF)
DR.C.Gopal Rao
Gouthareddy Shanker
Reddy
G. Madhushree
G. Pawan
Padamaja C
R. Venu Mahohar Rao
G. Vanaja Devi
Promoters
Mutual Funds
Financial Institutions/ Banks
Bodies Corporate
FIIs
NRIs
Public
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Madhavi Chennamaneni
C Mithun Chand
Vamsheedhar
Chennamaneni
Total
Kaveri Seed Company Limited Top Mutual fund Investors stake on the Basis of Number of
Shares Held and the Percentage of Shares Held in Shares Outstanding, as on 30th
September 2012
Name of Institution No. of Share Percentage of Share
IDFC Premier Equity Fund
Religare Finvest Ltd.
Bengal Finance & Investment Private Limited
Bodhivrishika Advisors LLP
Ashish Kacholia
Bodhivriksha Advisors LLP
Total
BY HYBRID SEEDS
The company had introduced 4 hybrid paddy seeds namely KPH 216, KPH 371, KPH 272, and
KPH 199…
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…The company has a market share of more than ~% in the overall hybrid seed industry of India
and is primarily involved in the production of hybrid cotton, corn/maize and rice in the segment
of field crops. The company’s revenue from the hybrid seed has increased at a CAGR rate of ~%
from FY’2008-FY’2012. The company produced ~tonnes of seeds in FY’2012 up by ~% y-o-y.
The segments generated an overall net profit of INR ~crore in FY’2012 up by ~% y-o-y.
The company’s product for hybrid cotton and corn seeds contributes the highest in the overall
revenue from the hybrid seed segment. The product is estimated to contribute 47.3% in the
overall revenue from hybrid seed in FY ’2012 and the company has a market share of 5.5% in the
hybrid cotton market in FY ’2012…
.
…The company has been giving emphasis on the development of herbicide tolerance (HT) and
draught tolerance (DT) while BT cotton has been the main focus of the company. The company’ssales of the BT cotton seeds had increased because of the increase in the demand for the
company’s premier BT cotton hybrid products namely, jadoo and jack-pot.
Kaveri Seed L imited Hybrid Seeds Performance on the Basis of Revenue in INR Crore,
FY ’2008-LTM 31st December 2012
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
FY'2008 FY'2009 FY'2010 FY'2011 FY'2012 LTM
I N R C
r o r e
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Kaveri Seed Company Limited Seed Product Quality on the Basis of Breeding Objectives
Seed Product
Category
Breeding Objectives
Corn To ensure high yield
To provide for medium to full maturity seeds
Sunflower Medium harvesting duration
Pearl Milet Maturity ranging from early to medium
Sorghum Medium height
Cotton Suitable for rain fed and irrigated condition
Rice To provide for 30% more yield
Source: Company Reports
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VALUATION ANALY SIS AND FINANCIAL SUMMARY
The company has witnessed a revenue growth of 39.6% from FY’2008 to FY’ 2012. This was
due to an increase in the sales of hybrid seeds and micro nutrient over the years. Hybrid cotton
seeds have been major source of revenue for the company…
… Though the expenses incurred on sales
has increased on account of an increase in the cost of raw material from INR ~crore in FY ’2008
to INR ~crore in FY’2012 at a CAGR of ~% however, the increase was offset by a more than a
proportional increase in the revenue of the company. Additionally, the increase in the
compensation to the employees at a CAGR of ~% for the same period led to the further
expansion in the cost of sales. The net profit margins had also declined at a CAGR of ~% from
FY’2008-FY ’2012 at a CAGR of ~%. It represents the percentage of gross sales which is being
transformed into the profit after tax…
Kaveri Seed Company Limited Financial Performance on the Basis of Revenue, EBITDA
Margin and Net Profit Margin in INR Crore, and Percentage, FY’2008-LTM ending 31st
December 2012
Particulars (in INR Crore and Percentage) FY ’2008 FY ’2009 FY ’2010 FY ’2011 FY ’2012 LTM*
Revenue
y-o-y Growth%
EBITDA%
Net Profit%
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Kaveri Seed Company Limited Valuation Analysis on the Basis of Market Capitalization,
Net Debt and Enterprise Value in INR Crore and Units as on 25th February 2013
Particulars (in INR Crore and Units)
Share Price (INR)*
Share Outstanding (in Million)
Market Value
Net Debt
Associates/ Minority Interest
Enterprise Value
Kaveri Seed Company Limited Valuation Multiples Ratios on the Basis of Revenue,EBITDA and Net Profit Multiples, FY ’2008-LTM ending 31st December 2012
Particulars FY ’2008 FY ’2009 FY ’2010 FY ’2011 FY ’2012 LTM*
EV/Revenue
EV/ EBITDA
EV/Net Profit
DCF (DISCOUNTED CASH FLOW) VALUATION AND UPSIDE
POTENTIAL
The DCF Valuation of the company showcases that the company stock price has an upside
potential of ~% for the future period. The company is expected to grow at a perpetuity growth
rate of ~% in the future, leading to a terminal value of INR ~ crore. This implies that the
company’s stock price is undervalued and is expected to increase in the future.
The present value of the company’s future cash flows has been discounted by ~% whichrepresents the weighted average cost of capital for the company. Assuming a risk free rate of
return of ~% and an unlevered beta of 0.81, the weighted average cost of capital has been
computed for a debt to equity ratio of ~%. The company comprises equity of ~% and debt of ~%
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leading to a levered beta of ~. The company’s cost of equity has been estimated at 14.8% and the
cost of debt is estimated to be ~%...
…The sensitivity analysis showcases how the company’s valuation will be affected, given a
change in the weighted average cost of capital and in the perpetuity growth rate of the company.
The company’s enterprise value is expected to show a nominal change, given an upside ordownside 0.5% change in the weighted average cost of capital and 1.0% positive or negative
change in the company’s perpetuity growth rate.
Kaveri Seed Company Limited Discounted Cash Flow Valuation on the Basis of Weighted
Average Cost to Capital, Present Value of Company Valuation and Target Share Price
Particulars Value (in INR Crore, Percentage and Units)
WACC
Revenue CAGR over 2013-17E
Present Value of Cash Flow till 2017E
Terminal Growth
Present Value (PV) of terminal cash flow
Present Value (PV) of firm
Less: Current Debt
Total present value of the Equity
Number of Equity Shares Outstanding (in Units)
DCF - Target price (INR)
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Kaveri Seed Company Limited Sensitivity Analysis of Discounted Cash Flow Analysis,
Perpetuity Growth Rate and weighted Average Cost of Capital on the basis of Perpetuity
Growth Rate Method in INR Crore and in Percentage
Enterprise Value (in INR Crore) Weighted Average Cost of Capital
Perpetuity Growth Rate
MARKET SHARE OF MAJ OR PLAY ERS IN THE INDIAN HYBRID
SEED MARKET, FY ’2012
…As per the historical trend, the revenue of the seed companies has been inclining. However,
despite expansion in demand and favorable crop economics, EBITDA margins of most domestic
seed companies declined in FY’2012 over the previous year, due to high competition intensity,
maturation of growing cotton seed market leading to stagnant growth and significant increase in
labor cost due to shortage in labor supply.
For Monsanto India, corn hybrid was the single biggest focus in seed business. Through its
Project Golden Rays project the company has signed a public-private partnership with Rajasthan
state government for increasing the maize hybrid yields by two folds. The project involves ~lakh
tribal farmers. The company has a share of ~% in the overall hybrid seed market…
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Market Share of Major Players in Indian Hybrid Seed Market on the Basis of Contribution
by Revenue in Percentage, FY’2012
BY FINANCIAL PERFORMANCE (TOPLINE/ ENTERPRISE VALUE/
MULTIPLES)
Company Comparable Analysis on the Basis of Financial Performance in INR Crore and
Valuation Multiples as on LTM 31st December 2012
(INR Crore, unless Stated) Last Twelve Months (LTM) Year
Ending December 2012
Company Market
Cap
Net Debt Enterprise
Value (EV)
EV/Revenue EV/EBITDA P/E
JK Agri Genetics Ltd.
Advanta India Limited
Monsanto India Ltd.
Nath Seeds India Limited
Nuziveedu Seeds Private limited
Maharashtra Hybrid Corporation
(Mahyco)Monsanto India Limited (MIL)
Bayer CropScience Ltd. - India
Pioneer Seeds
Syngenta India Ltd.
Ankur Seeds Pvt. Ltd.
Vibha Agrotech Ltd
Rasi Seeds Private Limited
Kaveri Seed Company Limited
Others
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Kaveri Seed Company Limited
Mean
Median
Company Comparables on the Basis of Revenue in INR Crore, FY’2008-LTM year ending
31st December 2012
Revenue (in INR Crore) FY’2008 FY ’2009 FY’2010 FY’2011 FY’2012 LTM
JK Agri Genetics Ltd.*
Advanta India Limited**
Monsanto India Ltd.
Kaveri Seed Company Limited
Nath Seeds India Limited
7.1. A RELATIVE VALUATION ANALY SIS OF INDIAN SEED AND
AGROCHEMICAL INDUSTRY
The Indian seed Industry has witnessed a number of deal transactions in terms of mergers andacquisition between companies. Some of the company have transformed from a private limited to
public limited by issuing equity stocks, one such company is R J Biotech Limited…
Relative Valuation Analysis on the Basis of Deal Value, Deal Stake, Implied Enterprise
Value and Multiples in INR Crore, Percentage and Multiples
Date Target
Company
Deal Type Deal
Value
INR (Cr)
Stake % Implied
EV/
Revenue
Implied
EV/
EBITDA
Implied
EV/ PAT
21-Feb-13 R J Biotech
Limited
IPO
10-Jan-13 Karnalyte
Resources Inc
Outbound
Acquisition
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6-Dec-12 Sree Ramcides Inbound
Acquisition
24-Nov-12 Century Seeds
Private
Limited
Inbound
Acquisition
26-Jul-12 Advanta India
Limited
Private
Equity Fund
Raise
17-Jul-12 Agrichem Domestic
Acquisition
21-May-12 Bisco Bio
Sciences
Private
Limited
Inbound
Acquisition
14-May-12 NaanDanJain
Irrigation
Limited
Domestic
Acquisition
24-Apr-12 Zero Waste
Agro Organics
Private
Limited
Domestic
Acquisition
2-Apr-12 Super Agri
Seeds Pvt. LtdPrivate
Equity
Fund Raise
5-Mar-12 Gold'N Chicks
LimitedInbound
Acquisition
9-Dec-10 Metahellix
Life SciencesDomestic
Acquisition
Mean
Median
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KAVERI SEED COMPANY LIMITED FUTURE PROJ ECTIONS
…Additionally, the farmers of rice are also expected to weigh the benefits of hybrid rice over its
cost, thus providing growth opportunity for the company’s revenue. The government will alsohelp in the growth of company’s revenue in the form of subsidies for production of quality
hybrid seeds so as to raise the farm productivity and increase the demand for hybrid seeds…
…Additionally, the company has ~hybrid seed products in development stage. These products
are expected to be ready for commercialization in the next three years. Kaveri Seed Company
limited is expected to showcase a revenue growth of ~% from FY’2012-FY’2017 as the
company is expected to focus on quality, product development, manufacturing efficiencies,
productivity improvements and quicker reach to market…
Kaveri Seed Company Limited Future Projections on the Basis of Revenue, EBITDA
Margin and Net Profit Margin in INR Crore and Percentage, FY’2013-FY’2017
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
0.0
500.0
1,000.0
1,500.0
2,000.0
2,500.0
3,000.0
3,500.0
FY'2013 FY'2014 FY'2015 FY'2016 FY'2017
i n P e r c e n t a g e
I N R C
r o r e
Revenue EBITDA Margin Net Profit Margin
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Kaveri Seed Company Limited Fututre Projections on the Basis of Income Statement in
INR, FY ’2011-FY’2014
Income Statement (in INR) FY’2011 FY’2012 FY’2013 FY’2014
Revenues
Expenses
Financial Cost
Depreciation
EBITDA
Net Profit
Kaveri Seed Company Limited Future Projections on the Basis of Balance Sheet in INR,
FY’2011-FY’2014
Balance Sheet (in INR) FY’2011 FY’2012 FY’2013 FY’2014
Application of Funds
Fixed Asset (Net)
CWIP
Investments
Other Assets
Inventories
Sundry Debtors
Cash and Bank Balance
Loans and Advances
Miscellaneous Expenses not
written-off
Total
Sources of Funds
Share Capital
Reserves and Surplus
Other Liabilities
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Total Debt
Current Liabilities
Provisions
Total
Kaveri Seed Company Limited Fututre Projections on the Basis of Cash Flow Statement in
INR, FY ’2011-FY’2014
Cash Flow Statement (in INR) FY '2011 FY '2012 FY'2013 FY '2014
Profit Before Tax
Total Adjustments
Change in Operational Expenses
Direct Taxes Paid
Cash Flow from Operations
Net Investment in GFA
Change in Investments
Others
Cash Flow from Investment
Repayment of LT Borrowings
Repayment of ST Borrowings
Dividend Paid
Interest Paid
Cash Flow from Financing
Net Cash Flows
Openning balance of cash
Transferred to Balance Sheet
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