Bayer CropScience Ltd has announced its unaudited results for the second quarter and half-year ended September 30. For the second quarter ended September 30, profit before exceptional items and tax was marginally high at ₹296 crore, compared to ₹294 crore in the corresponding period of the previous financial year, the company said in a media statement.
In Q2, the company registered revenue from operations of ₹1,381 crore as compared to ₹1,346 crore in the corresponding period of FY2019-20.
For the first half, the company reported revenue from operations of ₹2,609 crore compared to ₹2,296 crore for the corresponding period in FY 2019-20. Profit before exceptional items and tax for the H1 ended September 30 stood at ₹609 crore, compared to ₹497 crore for the corresponding period in FY 2019-20.
Speaking about the financial results, D Narain, CEO & Managing Director, said that building on the strong growth momentum in Q1 with early season demand and subsequent sales of our products, the company saw continuing momentum with year-to-date revenue growth of 14 per cent in H1 and 3 per cent in Q2. Growth in Q2 was driven by herbicides and fungicides in key crops such as corn, rice and vegetables, he said.
Narain added that cotton was affected due to excessive rainfall across India, limiting insecticide growth. While post-monsoon non-seasonal rain caused crop damages in a few key markets, it also led to an increase in water reservoir levels across the country. The company is optimistic that good water availability will help achieve a favourable rabi season.
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