Last Updated : 30 October 2009 at 11:50 IST

Agri firm Karuturi Global records 25% profit growth

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BANGALORE (Commodity Online): Karuturi Global Limited's ( BSE: 531687), (NSE: KGL) have reported growth of 24.7% in quarterly revenues for the quarter ended September 2009.

The company clocked Rs.126.33 Crores as compared to Rs.101.27 crores for the corresponding period of last year with a growth rate of 24.7%. Net profit of the company has shown a growth of 25% with Rs.36.45 crores as compared to Rs.29.16 crores for the corresponding quarter of last year and E.P.S is up by 30.8%.

Karuturi Sai Ramakrishna, Managing Director of the company has said that 'the result manifests the steady growth of the company with a view to achieve a wider growth once the investment and efforts put in by the company in Agriculture yield results'. He is also confident of transforming Ethiopia into a floriculture hub of the world once the company's ambitious expansion plans are materialized.

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Karuturi Global Ltd has also received a prestigious 'Business Excellence award' from CCA, Corporate Council on Africa for its agricultural initiatives in Africa. Karuturi Sai Ramakrishna , Managing Director of the company received this award at a ceremony held in Washington D.C.USA on 1st October 2009.

Recently, Karuturi Global Limited has ventured into the African Continent by acquiring 7,65,000 acres of agricultural land for the cultivation of Maize, Paddy, Sugar Cane, Palm oil and Vegetables . Karuturi Global is also the worlds largest producer of roses , with 239 hectares under green house cultivation in Ethiopia, Kenya and India. This acquisition of land makes the Company as one of the largest private land bank owners in the world.

Today Karuturi has more than10000 employees working across 3 continents which continues to grow rapidly. Karuturi's preparedness, vision and strategy in foreseeing the severe food demand that the world faces in the coming years with steady depletion of food grain stocks in the world markets has prompted the company into entering the agribusiness in Africa. The company has clocked revenues of Rs.4536 Million and PAT of Rs.1173 Million with an EPS of Rs.3.24 for the year ended 31.03.2009. (Courtesy: PRNewswire)