Celebrating its golden jubilee, Nuziveedu Seeds Limited (NSL) aims to double its turnover in the next 4-5 years. The company, which posted revenues of ₹ 1,100 crore in FY23, said the growth is driven by more than 30 different seed categories that it has introduced in the last 2-3 years. The market share of the top three companies in the cotton seed industry is 15-16 percent. “10-15 years ago, we had more than a third of the market share in this segment. We want to recover to 30 percent in the next 2-3 years,” said M Prabhakara Rao, Chairman and CEO of NSL.
The company has 13 processing facilities and 29 cold storage and warehouse facilities in 10 states with more than 500 employees serving 1 million seed growers. He further said that according to NSL CEO P Satish Kumar, it serves more than 50 lakh farmers across 18 states.
The company spent about 5 percent of its revenue on research and development, resulting in a strong seed portfolio.
Jute alternative to single-use plastic
The company is working on various jutes that can be used to develop products that would be effective alternatives to single-use plastic, which has become a threat to the environment. The NSL president said the company has also developed new paddy varieties (basmati and fine grain) that promise significant yield improvement.
“The Indian seed industry is one of the fastest growing seed industries in the world. The global seed industry is growing at 5-6 percent, while India’s ₹ 20,000 crore seed industry is growing at 10 percent. Our target for NSL is 19-20 per cent growth in the next 3-4 years”, said Sharat Khurana, Chief Commercial Officer of NSL.
