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Bayer CropScience Ltd has reported a 37 per cent increase in net profits for the September quarter at ₹222.9 crore. In the same period last year, the company reported a profit of ₹162.6 crore.
Revenue for the September quarter was up 11.38 per cent at ₹1617.2 crore over the same period last year’s ₹1451.9 crore.
In the first half of the current financial year, Bayer reported a profit of ₹551.4 crore, an 18 per cent increase over same period last year’s ₹465.2 crore. Revenue for the period was up by about eight per cent at ₹3393.6 crore over the samer period last year’s ₹3147.3 crore.
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 per cent in revenue from operations in Q2 of FY24. 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 COUNCILactiv 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 per cent. We will continue with sustained growth investments of which digitalisation is a key pillar. Our drone spray service under this umbrella spans six states in the country currently.”
The Board of Directors of the Company at their meeting held on November 03, 2023, declared an interim dividend of ₹105 per equity share of ₹10 each for the FY24.
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