Nuziveedu Seeds aims to double revenue in next 4 yrs

Nuziveedu Seeds Limited (NSL) has set an ambitious target to double its revenue over the next 4-5 years, said Dr M Prabhakar Rao, the chairman of the NSL group and the Managing director of NSL seeds. It has achieved 15 percent growth in its revenues at Rs 1,100 crore in FY 2023 from Rs 950 crore in FY 2022. He spoke to the media on the occasion of the company celebrating Golden Jubilee this year. He said, “NSL has completed 50 years of service to the farming community. We extend our heartfelt gratitude to all the farmers, our seed producers, channel partners, scientists, government officials, industry peers and our employees who have worked with us at any point of time for making us stand in the shape we are in today.”
Prabhakar Rao further said: “While the global seed market is growing at 5-6 percent year-on-year (y-o-y), Indian seed market is growing at 10 percent y-o-y. The organised seed market in the country stood at Rs 20,000 crore, and NSL has a significant share in that. We are leaders in cotton seeds, which contribute 45 percent of the company’s revenues.”
“In the cotton seed market of the country, our company used to have 30 percent market share up to 2010. However, we are now having only 16-17 percent market share, but we are confident that we will regain 30 percent market share within next three years. We have started research on oil seeds like sunflower and mustard. We will soon develop jute seeds also,” he informed.
“NSL is one among very few seed companies to have crossed Rs 1,000-crore revenue over the years. Every year, we have been spending 5 percent of our revenues on research and development (R&D). During the last 18 months, we have invested heavily and this has resulted in a lineup of 33 new products that will be launched soon,” Chief Strategic Officer Sharad Khurana said.
He said, Our company is spending double of the average R&D expenditure in seed industry, which is only 2.5 percent of the revenues. Moreover, we are spending on tech adoption, bio technology and gene-editing technology. This will help us in bringing more products in the future. We were mainly focusing on cotton, maize and paddy. But, we have recently come up with bajra, mustard and sunflower seeds.”
Many of the NSL products are used as national checks in All India Coordinated Research Projects, talks about our product development capabilities. A 150 plus strong and qualified team of scientists works day and night to develop and test pipeline products across major crops that cater to almost 85 percent of the cropped area in the country. Over the last 20 years, NSL has developed an industry leading supply and warehousing capability to cater to growing market needs. It is the only private sector company with 13 processing facilities and 29 cold storages & warehouses spread across 10 States.
Source: Bizzbuzz