Bayer CropScience Limited reports Q2 Results for FY 2022-23

Bayer CropScience Limited (BSE: 506285) has 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 Rs. 14,519 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 ?5,395 million for the corresponding period in FY 2021-22.

BCSL concluded the sale of a part of its seeds 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% for Q2 and 14% for H1 FY 2022-23 while Profit Before Tax increased by 14% for Q2 and 22% 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. The Board of Directors has also approved an interim dividend payment of Rs. 100/- per equity share for 44,942,092 of ?10/- each for the financial year ending March 31, 2023. The record date for the purpose of determining the entitlement for payment of the interim dividend is fixed as November 19, 2022.

Due to the recent Gazette Notification on the application of Glyphosate, Management sees a potential impact in the short term on the sale of Glyphosate and is working with all stakeholders to understand the implications and to best serve the critical weed management needs of farmers.

Shares of Bayer Cropscience Limited was last trading in BSE at Rs. 4730.10 as compared to the previous close of Rs. 4749.40. The total number of shares traded during the day was 351 in over 216 trades.

The stock hit an intraday high of Rs. 4738.35 and intraday low of 4709.60. The net turnover during the day was Rs. 1659060.00.

Source : Equity Bulls

Keywords

BayerCropscience INE462A01022 Q2FY23 H1FY23 ResultUpdate