MUMBAI, 9 August 2023: Bayer CropScience Limited (BSE: 506285) has unveiled its unaudited financial performance for the first quarter (Q1) of the Financial Year (FY) 2023-24, showcasing substantial growth and resilience despite challenging conditions.
The company's strong revenue and profit figures demonstrate its commitment to driving sustainable growth and innovation in the agriculture sector.
For the quarter ending June 30, 2023, Bayer CropScience Limited achieved Revenue from Operations amounting to ₹17,396 million, reflecting a notable increase compared to ₹16,674 million in the corresponding period of FY 2022-23. The remarkable growth underscores the company's strategic efforts and strong market presence.
The Company's Profit Before Tax for the Q1 stood at ₹4,061 million, marking a significant rise from ₹3,823 million reported in the same quarter of the previous financial year. This growth in profitability indicates effective financial management and targeted investments to enhance operational efficiency.
Simon-Thorsten Wiebusch, Executive Director of Bayer CropScience Limited, commented on the quarterly results, stating, "In Q1 of FY2023-24, despite the challenges posed by delayed monsoons, we witnessed robust growth in Sales and liquidation of our Crop Protection portfolio. Although Roundup™ pricing normalization impacted overall Sales growth as expected, our Corn seeds segment delivered strong results with volume growth driven by a diverse portfolio and better acreages in the Kharif season."
Simon Britsch, Chief Financial Officer of Bayer CropScience Limited, highlighted the company's resilient financial performance. He remarked, "We have achieved a modest reported Revenue from Operations growth of 4% for the quarter. Adjusted for the impact of customer incentive programs, our Revenue from Operations growth for the quarter stands at an impressive 9%. Despite the normalization of Roundup™ pricing, we have proactively managed costs and strategically invested in growth opportunities, resulting in a remarkable 6% increase in Profit Before Tax."
Bayer CropScience Limited's positive Q1 results underscore its commitment to innovation, sustainable practices, and maintaining a strong market presence. The company's ability to navigate challenges and capitalize on growth opportunities positions it well for the coming quarters as it continues to drive advancements in the agriculture industry.
As the agricultural sector faces evolving dynamics, Bayer CropScience Limited's performance sets a promising tone for the remainder of FY 2023-24, with its unwavering dedication to sustainable growth and commitment to delivering value to its stakeholders.