MUMBAI, 10 November 2020: Bayer CropScience Limited (BSE: 506285) announced that it has recorded Profit Before Exceptional Items and Tax at INR 609 crore for the H1 ended September 30, 2020, as compared to INR 497 crore for the corresponding period in FY 2019-20.
For Q2 ended September 30, 2020, Bayer CropScience Limited (BCSL) registered Revenue from Operations of INR 1381 crore, as compared to INR 1346 crore in the corresponding period of FY 2019-20. Profit Before Exceptional Items and Tax stood at INR 296 crore, compared to INR 294 crore in the corresponding period of the previous financial year.
For the H1 ended September 30, 2020, BCSL reported Revenue from Operations of INR 2609 crore compared to INR 2296 crore for the corresponding period in FY 2019-20.
Speaking about the financial results, D. Narain, CEO & Managing Director of Bayer CropScience Limited, said, “Building on the strong growth momentum in Q1 with early season demand and subsequent sales of our products, we saw continuing momentum with year-to-date revenue growth of 14 percent in H1 and 3 percent in Q2. Growth in Q2 was driven by herbicides and fungicides in key crops such as corn, rice and vegetables."
"Post integration, we implemented a unified distribution approach for our hybrid corn seeds. Cotton was affected due to excessive rainfall across India, limiting insecticide growth. We also delivered significant liquidation growth and maintained a healthy channel situation,” Narain said.
Sharing an outlook for the rest of the year, D. Narain said, “While post-monsoon non-seasonal rain caused crop damages in a few key markets, it also led to an increase in water reservoir levels across the country. We are optimistic that good water availability will help us achieve a favorable Rabi season. We will continue to work closely with farmers to ensure crop productivity and farm profitability during the current challenging Covid-19 situation and beyond.”
