Bayer CropScience Limited reported a 4 per cent rise in fourth quarter profits for financial year ended March 2023 on higher revenues.
The company reported profit after tax of ₹158.5 crore for Q4FY23 over same period last year’s ₹152.7 crore. Revenues from operations during Q4FY23 stood at ₹982.5 crore, up 1.9 per cent over same period last year’s ₹963.3 crore.
For the financial year 2022-23, Bayer CropScience reported a PAT of ₹758.2 crore, a 17.49 per cent increase over previous year’s ₹645.3 crore. Revenue s from operations were up 8.5 per cent at ₹5,139.7 crore for FY23 over previous year’s ₹4,734.4 crore. The Board of Directors of Bayer CropScience recommended a final dividend of ₹30 per share on face value of ₹10 each.
Commenting on the quarterly results, Simon-Thorsten Wiebusch, Executive Director, Bayer CropScience Limited said, “Our sales growth in Q4 continued to be driven by strong crop protection sales and consistent performance by our corn seeds business while overcoming some supply constraints faced during the quarter. Although our channel inventory continues to remain at healthy levels, we are witnessing a normalisation of roundup prices and availability.”
Speaking on the FY results, Simon Britsch, Chief Financial Officer, Bayer CropScience said “The steady performance of our crop protection and corn seeds portfolio helped us deliver 9 per cent growth in revenue from operations for the financial year. Though headwinds in the form of inflationary pressures led to higher operating expenses, we continued to invest in key initiatives to drive long-term growth. During the year, the company had an exceptional income of ₹103.8 crore arising from the sale of its Environmental Science Business in Q3 of FY 2022-23”.
On Wednesday, Bayer CropScience scrip had ended lower by ₹2.25 at ₹4,112.20 on the BSE ahead of the earnings announcement.