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HomeAgribusinessBayer CropScience reports Rs 9,549 Mn revenue from operations in Q3 FY 2023-24

Bayer CropScience reports Rs 9,549 Mn revenue from operations in Q3 FY 2023-24

Company’s Profit Before Tax stood at Rs 1,242 million as compared to Rs 1,836 million in the corresponding period of FY 2022-23.

Bayer CropScience Limited has announced its unaudited results for the quarter and nine months ended December 31, 2023. In the third quarter (Q3) of Financial Year (FY) 2023-24, Bayer CropScience Limited (BCSL) earned Revenue from Operations of Rs 9,549 million, as compared to Rs 10,379 million in the corresponding period of FY 2022-23. Profit Before Tax (Before Exceptional Items) stood at Rs 1,242 million, compared to Rs 829 million in the corresponding period of FY 2022-23. Profit Before Tax (After Exceptional Items) stood at Rs 1,242 million as compared to Rs 1,836 million in the corresponding period of FY 2022-23.

For the nine months ended December 31, 2023, BCSL reported Revenue from Operations of Rs 43,117 million, compared to Rs 41,572 million for the corresponding period in FY 2022-23. Profit Before Tax (Before Exceptional Items) for the nine months ended December 31, 2023, stood at Rs 8,360 million, compared to Rs 6,942 million for the corresponding period in FY 2022-23. Profit Before Tax (After Exceptional Items) stood at ₹ 8,360 million as compared to Rs7,949 million in the corresponding period of FY 2022-23.

Commenting on the quarterly performance, Simon Wiebusch, Vice Chairman/Managing Director and CEO, BCSL said, “An erratic monsoon led to low water reservoir levels. The resulting crop shifts and missed sprays, had an unfavorable impact on our quarterly sales performance owing to lower volumes and sales returns. While Crop Protection liquidation has been sluggish on the back of the weak season, we actively managed rebates and discounts and thus maintained our margins to a large extent. A more diversified corn footprint supported seeds sales. We continue to steadily expand our efforts in support of the Government’s collectivization endeavors by reaching out to 3000+ Farmer Producer Organizations (FPOs), of which 10 belong to women, with BCSL supporting the creation of over 110 FPOs in the country. Also, we continue to focus on Better Life Farming as our extended smallholder farmer go to market.”

Simon Britsch, Chief Financial Officer, BCSL said, “We continued our efforts and focused on optimizing our operating expenses, achieving sizable efficiencies in the past 9 months. We were thus able to expand our profit margins in a difficult market environment. While managing operating expenses, we continue to make significant investments into future growth and market reach.”

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