Quarterly Results: Bayer CropScience Limited reports Q2 Results for FY 2023-24
- Revenue from Operations of ?16,172 million
- Profit Before Tax of ?3,057 million
MUMBAI, India, Nov. 9, 2023 /PRNewswire/ -- Bayer CropScience Limited (BSE: 506285) announced today its unaudited results for the quarter (Q2) and half year ended (H1) September 30, 2023.
For Q2 ended September 30, 2023, Bayer CropScience Limited (BCSL) registered Revenue from Operations of ?16,172 million as compared to ?14,519 million in the corresponding period of FY 2022-23. Profit Before Tax stood at ?3,057 million, compared to ?2,290 million in the corresponding period of the previous financial year.
For the H1 ended September 30, 2023, BCSL reported Revenue from Operations of ?33,568 million compared to ?31,193 million for the corresponding period in FY 2022-23. Profit Before Tax for the H1 ended September 30, 2023 stood at ?7,118 million, compared to ?6,113 million for the corresponding period in FY 2022-23.
Commenting on the quarterly results, Simon Wiebusch, Vice Chairman & Managing Director and CEO, BCSL said, "In a difficult environment of delayed, deficient and erratic monsoons as well as elevated COGS, we delivered strong growth of 11% in revenue from operations in Q2 of FY 2023-24. Strong volume growth in Roundup™ on the back of good availability and market demand mitigated significantly lower prices. DeKalb™ corn seed sales, driven by favorable acreages and commodity prices, along with strong product liquidation of our crop protection portfolio remain our key growth drivers with LAUDIS®, NATIVO® and COUNCIL® activ performing especially well."
Speaking about the half-yearly results, Simon Britsch, Chief Financial Officer, BCSL said, "A strong operating expense steering and sustained focus on maintaining optimal channel inventory, combined with consistent portfolio performance, especially in corn seeds and crop protection, have yielded us a Profit Before Tax growth of 16%. We will continue with sustained growth investments of which digitalization is a key pillar. Our drone spray service under this umbrella spans 6 states in the country currently."
We would also like to take this opportunity to thank D. Narain for his visionary leadership and passionate commitment to enhance smallholder value during the last 5 years and we wish him all the very best for his future.
Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition. Its products and services are designed to help people and the planet thrive by supporting efforts to master the major challenges presented by a growing and aging global population. Bayer is committed to driving sustainable development and generating a positive impact with its businesses. At the same time, the Group aims to increase its earning power and create value through innovation and growth. The Bayer brand stands for trust, reliability and quality throughout the world. In fiscal 2022, the Group employed around 101,000 people and had sales of 50.7 billion euros. R&D expenses before special items amounted to 6.2 billion euros. For more information, go to www.bayer.com.
This release may contain forward-looking statements based on current assumptions and forecasts made by Bayer management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer's public reports, which are available on the Bayer website at www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.
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