Stock Report

Bayer CropScience Limited reports Q1 Results for FY 2022-23

Posted On : 2022-08-04 22:44:53( TIMEZONE : IST )

Bayer CropScience Limited (BSE: 506285) announced today its unaudited results for the first quarter (Q1) of Financial Year (FY) 2022-23. For Q1 ended June 30, 2022, the Company registered Revenue from Operations of ₹16,674 million, compared to ₹14,159 million in the corresponding period of FY 2021-22. Profit Before Tax for the quarter stood at ₹3,823 million, compared to ₹3,200 million in the corresponding quarter of the previous financial year.

Commenting on the quarterly results, Simon-Thorsten Wiebusch, Executive Director, Bayer CropScience Limited said, "Our Q1 revenue from operations registered a robust growth of 18% despite global supply chain constraints. This was driven largely by our crop protection portfolio and product liquidation. We also witnessed volume growth in Corn seeds, driven by portfolio growth and better acreages in Kharif. Our rice hybrid volumes were impacted due to a delay in monsoon and unfavorable market conditions. Going forward, we expect challenges to persist specifically around global supplies of RoundUp® in the near term. However, we will continue proactive efforts to drive future growth with our diversity of portfolio and alternate business models."

Simon Britsch, Chief Financial Officer, Bayer CropScience Limited, while speaking about the quarterly results said, "We are happy to continue our growth momentum in the new financial year despite challenges of rising operational expenses owing to costs coming back to pre-Covid levels and inflationary pressures. We have also made significant investments in promotions and branding ahead of the Kharif season. Developments in global oil prices continue to impact operating costs."

Shares of Bayer Cropscience Limited was last trading in BSE at Rs. 5280.55 as compared to the previous close of Rs. 5266.40. The total number of shares traded during the day was 398 in over 185 trades.

The stock hit an intraday high of Rs. 5311.50 and intraday low of 5231.70. The net turnover during the day was Rs. 2101343.00.