Bayer CropScience Limited reports Q2 results for FY 2020-21

Bayer CropScience Limited (BSE: 506285) announced today its unaudited results for the quarter (Q2) and half year ended (H1) September 30, 2020.

For Q2 ended September 30, 2020, Bayer CropScience Limited (BCSL) registered Revenue from Operations of ₹13,816 million as compared to ₹13,463 million in the corresponding period of FY 2019-20. Profit Before Exceptional Items and Tax stood at ₹2,960 million, compared to ₹2,943 million in the corresponding period of the previous financial year.

For the H1 ended September 30, 2020, BCSL reported Revenue from Operations of ₹26,094 million compared to ₹22,967 million for the corresponding period in FY 2019-20. Profit Before Exceptional Items and Tax for the H1 ended September 30, 2020 stood at ₹6,098 million, compared to ₹4,978 million 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% in H1 and 3% 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."

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."

Shares of BAYER CROPSCIENCE LTD. was last trading in BSE at Rs.5688 as compared to the previous close of Rs. 5573.4. The total number of shares traded during the day was 1260 in over 430 trades.

The stock hit an intraday high of Rs. 5703.9 and intraday low of 5546.5. The net turnover during the day was Rs. 7099410.

Source : Equity Bulls

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