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.