Bayer CropScience Limited reports Q2 results for FY 2020-21
Mumbai, November 9, 2020: 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.”
Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition. Its products and services are designed to benefit people by supporting efforts to overcome the major challenges presented by a growing and aging global population. At the same time, the Group aims to increase its earning power and create value through innovation and growth. Bayer is committed to the principles of sustainable development, and the Bayer brand stands for trust, reliability and quality throughout the world. In fiscal 2019, the Group employed around 104,000 people and had sales of € 43.5 billion. Capital expenditures amounted to € 2.9 billion and R&D expenses to € 5.3 billion. For more information, go to www.bayer.com.
Communications, Bayer CropScience Limited
This release may contain forward-looking statements based on current assumptions and forecasts made by Bayer management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer’s public reports, which are available on the Bayer website at www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.