Bayer CropScience Q1 net up 8.5% at ₹328.5 cr on higher sales

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Bayer CropScience Ltd reported an 8.5 per cent increase in April-June quarter net profit at ₹328.5 crore against ₹302.6 crore in the same period last year. Sales revenue for the quarter was up 4.3 per cent at ₹1,739.6 crore against ₹1,667.4 crore in the same period last year..

Profit before tax for the quarter stood at ₹406.1 crore (₹382.3 crore).

Strong growth

Commenting on the quarterly results, Simon-Thorsten Wiebusch, Executive Director, Bayer CropScience Ltd, said, “In Q1 of FY2023-24 despite the impact of delayed monsoon we continued to see strong growth in sales and liquidation of our crop protection portfolio. As expected, we witnessed Roundup™ price normalisation impacting the overall sales growth of the quarter. Corn seeds continue to yield strong results with volume growth driven by portfolio and better acreages in kharif.”

Simon Britsch, Chief Financial Officer, Bayer CropScience, said, “We have delivered modest reported revenue from operations growth of 4 per cent for the quarter and adjusted for the effect of customer incentive programs, we delivered a revenue from operations growth of 9 per cent for the quarter despite normalisation of roundup pricing. We have continued to proactively manage costs and invest in targeted growth opportunities resulting in increased profit before tax by 6 per cent.”

Bayer CropScience scrip closed marginally higher at ₹4,591.85 on the BSE on Monday.