Bayer CropScience’s FY23 PAT up 17.5% at ₹758.2 crore on higher sales

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Bayer Crop Science Ltd It recorded a 4 percent increase in profits for the fourth quarter for the fiscal year ending March 2023 due to higher revenues.

The company recorded a profit after tax of Rs.158.5 crore for the fourth quarter of FY23 over the same period last year at Rs.152.7 crore. Revenue from operations during the fourth quarter of FY23 was Rs.982.5 crore, up by 1.9 per cent over the same period last year at Rs.963.3 crore.

For the 2022-23 fiscal year, Bayer CropScience reported PAT of ₹758.2 crore, an increase of 17.49 per cent over the previous year’s ₹645.3 crore. Revenue from operations increased by 8.5 per cent to Rs. 5,139.7 crore for FY23 compared to the previous year’s Rs. 4,734.4 crore. Bayer CropScience’s board of directors has recommended a final dividend of €30 per share over a par value of $10 per share.

Commenting on the quarterly results, Simon-Thorstein Wibusch, Managing Director of Bayer CropScience Limited, said: “Our sales growth continued in the fourth quarter driven by strong crop protection sales and consistent performance by our corn seed business while overcoming some of the supply constraints experienced during the quarter. Although our channel inventory continues to be at healthy levels, we are seeing a normalization of rounding pricing and availability.”

Speaking about the fiscal year results, Bayer CropScience Chief Financial Officer Simon Britsch said: “The consistent performance of the Crop Protection and Corn Seed portfolio helped us achieve 9 per cent growth in revenue from operations for the fiscal year. Despite the headwinds in the form of inflationary pressures While driving higher operating expenses, we have continued to invest in key initiatives to drive long-term growth. During the year, the company generated exceptional income of Rs. 103.8 crore arising from the sale of its environmental science business in the third quarter of the 2022-23 financial year.”

On Wednesday, Bayer CropScience ended down $2.25 at $4,112.20 on BSE before the earnings announcement.