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HomePosts Tagged "financial results for Q2 FY23"
Agro chems – Chemicals, Company News, Finance, Seeds

Profit Before Tax stood at Rs 2,290 million, compared to Rs 2,195 million in the corresponding period of the previous financial year

 Bayer CropScience Limited announced its unaudited results for the quarter (Q2) and half year ended (H1) September 30, 2022. For Q2 ended September 30, 2022, Bayer CropScience Limited (BCSL) registered Revenue from Operations of Rs14,519 million as compared to Rs 13,651 million in the corresponding period of FY 2021-22. Profit Before Tax stood at Rs 2,290 million, compared to Rs 2,195 million in the corresponding period of the previous financial year.

For the H1 ended September 30, 2022, BCSL reported Revenue from Operations of Rs 31,193 million compared to Rs 27,810 million for the corresponding period in FY 2021-22. Profit Before Tax for the H1 ended September 30, 2022 stood at Rs 6,113 million, compared to Rs 5,395 million for the corresponding period in FY 2021-22.

BCSL concluded the sale of a part of its seed distribution portfolio comprising of mustard, millet, cotton and sorghum seeds in Q3 of FY 2021-22. Considering this, the portfolio adjusted Revenue from Operations grew by 8 per cent for Q2 and 14 per cent for H1 FY 2022-23 while Profit Before Tax increased by 14 per cent for Q2 and 22 per cent for H1 FY 2022-23, respectively.

Commenting on the quarterly and half-yearly results, Simon-Thorsten Wiebusch, Executive Director BCSL said, “Our continuing revenue growth in Q2 was driven largely by strong demand and product liquidation of our crop protection portfolio despite continuing supply chain challenges and a tough hybrid rice season. Supportive commodity prices led to better acreages and strong sales of Corn seeds. A near-normal monsoon in most parts of the country except for the states of Uttar Pradesh, Bihar and West Bengal also aided positive demand momentum. Our efforts of reaching larger segments of smallholder farmers through alternate go-to-market initiatives such as Sahbhaagi and Better Life Farming Centers are also steadily gaining ground.”

Simon Britsch, Chief Financial Officer, BCSL said, “We have maintained our growth momentum in H1. We continue to invest in our business growth opportunities and focus on sustaining margins despite continuing challenges associated with global supplies and rising costs”.

Profit Before Tax stood at Rs 2,290

Agro chems – Chemicals, Company News, Finance, India

Profit After Tax at Rs 44.83 Crore in Q2 FY23 and Rs 83.14 Crore for H1 FY23

New Delhi-based Insecticides (India) Ltd. (IIL), one of the country’s leading manufacturers of crop protection and nutrition products announced its unaudited results for Q2 and H1 ended on 30th September, 2022. IIL boasts of an impressive product portfolio consisting of 21+ technical products and 105+ formulation products.

Performance Highlights:

Revenue from Operations reported at Rs 582.49 Cr. in Q2 FY23 and Rs 1143.37 Crore for H1 FY23

EBITDA stands at Rs 68.45 Crore in Q2 FY23 and Rs 126.90 Crore for H1 FY23

PAT at Rs 44.83 Crore in Q2 FY23 and Rs 83.14 Crore for H1 FY23

Commenting on the performance, Rajesh Agarwal, Managing Director (IIL) said, “We are very happy to share that we had a good quarter and half year in terms of financial performance and a successful quarter and half year in terms of market acceptance of our newly launched products. We have been able to deliver solid results, with revenue from operations having grown by 31 per cent from Rs 44.36 Crore in Q2 FY22 to Rs 58.24 Crore in Q2 FY23.

The EBITDA increased by 6.68 per cent from Rs 64.16 Cr in Q2 FY22 to Rs 68.45 Cr. in Q2 FY23. EBITDA margins declined from 14.45 per cent in Q2 FY22 to 11.76 per cent in Q2 FY23 on a YoY basis due to increase in cost of raw materials and currency headwinds which led to a forex loss. However, on QoQ basis the margins improved by 133 bps primarily led by better product mix and calibrated price hikes majorly offsetting elevated input cost and currency headwinds. While PAT increased by 7 per cent from Rs 41.87 Crore in Q2 FY22 to Rs 44.83 Crore in Q2 FY23.

Talking about the growing acceptance of their products, R&D initiatives, and export performances, Rajesh Agrawal, Managing Director, “We have received a good response to our newly launched products like Hachiman, Shinwa, Torry and Izuki. Our R&D initiatives are being recognized as successful innovations in the form of several patents being granted in H1 FY23, taking our total patented products to 18. On the exports front, we continue to witness good demand, however we have focused on exports in a calibrated manner.

“At IIL, we’re committed to launching new products to keep pace with the changing trends and requirements of crop protection and nutrition market.,” Agarwal further added.

Profit After Tax at Rs 44.83 Crore

Company News, Finance, India, Poultry

H1 FY23 numbers reflect a growth of 19.4 per cent YoY

Godrej Agrovet Limited has announced its financial results for the second quarter and half-year that ended September 30, 2022. Q2 FY23 consolidated total income increased to Rs. 2,454.2 crore from Rs 2,159.7 crore in Q2 FY23, a growth of 13.6 per cent year-on-year. Company reported consolidated EBITDA of Rs 159.1 crore in Q2 FY23 as compared to Rs 196.1 crore in Q2 FY22· Company reported Profit before tax* of Rs 87.3 crore in Q2 FY23 as compared to Rs 138.1 crore in Q2 FY22.

H1 FY23 Financial Summary

H1 FY23 consolidated total income increased to Rs. 4,972.8 crore from Rs. 4,162.9 crore in H1 FY22, a growth of 19.4 per cent year-on-year. Company reported consolidated EBITDA of Rs 328.4 crore in H1 FY23 as compared to Rs 376.0 crore in H1 FY22. Company reported Profit before tax* of Rs. 190.1 crore in H1 FY23 as compared to Rs 264.2 crore in H1 FY22

Commenting on the performance, B. S. Yadav, Managing Director, Godrej Agrovet Limited, said, “Q2 FY23 was a mixed bag for Godrej Agrovet as we achieved solid top line growth of 13.6 per cent in Q2 FY23 and 19.4 per cent in H1 FY23 over the corresponding previous periods. However, profitability was impacted due to commodity price volatilities, sustained cost inflation, limited transmission, and an unfavourable macro environment.

Uneven monthly as well as the geographic spread of the southwest monsoon led to lower sowing of Kharif crops, mainly paddy and foodgrains. Prices of rice bran jumped sharply in Q2 due to strong demand while Maize prices continued to trend higher. Crude palm oil prices, after reaching record levels in May’22, corrected sharply owing to high inventories in two key exporting countries – Indonesia and Malaysia coupled with the resumption of supplies post-lifting of the exports ban. In the Dairy sector, milk procurement prices continued to increase further with the limited transmission. For the Poultry sector, Q2 is a seasonally weak quarter due to the festive season resulting in a sharp decline in live bird prices.”

H1 FY23 numbers reflect a growth of