Just to add, in Bangaladesh, they are giving a good fight to MNCs and they are looking at expanding to other markets as well. But, unlike other products, in this case farmers need to be educated and convinced about the efficacy of the seeds. This will take some time (2-3 years) until the brand is established.
I also feel very safe with the management with their capital allocation strategy. They do not spend the earnings on questionable investments. For example, when asked about investments on GM technologies, they mentioned that it is much cheaper to license those from Monsanto and other companies and there is no monopoly by monsanto there. Besides, they give our consistent dividends and also buy back shares regularly.
There is heavy competition and they are susceptible to ups and downs of agri sector. But, they are growing slowly and steadily. As mentioned by @harsh.beria93, the consolidated results do not show the read efforts due to the drag of cotton.
If one expects rapid growth, then this is not the investment. However, the valuation of stock is quite low and the company is yet to achieve economy of scale in varieties of crops as well as expanding into export market. It will take 2+ years for the growth to kick in. Until then, we can enjoy our dividends 
Disc: Invested around 5% of portfolio
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