- Revenue from Operations of ₹17,396 million
- Profit Before Tax of ₹4,061 million
Mumbai, August 07, 2023: Bayer CropScience Limited (BSE: 506285) announced today its unaudited results for the first quarter (Q1) of Financial Year (FY) 2023-24. For Q1 ended June 30, 2023, the Company registered Revenue from Operations of ₹17,396 million, compared to ₹16,674 million in the corresponding period of FY 2022-23. Profit Before Tax for the quarter stood at ₹4,061 million, compared to ₹3,823 million in the corresponding quarter of the previous financial year.
Commenting on the quarterly results, Simon-Thorsten Wiebusch, Executive Director, Bayer CropScience Limited said, “In Q1 of FY2023-24 despite the impact of delayed monsoon we continued to see strong growth in Sales and liquidation of our Crop Protection portfolio. As expected, we witnessed Roundup™ price normalization impacting the overall Sales growth of the quarter. Corn seeds continue to yield strong results with volume growth driven by portfolio and better acreages in Kharif.”
Simon Britsch, Chief Financial Officer, Bayer CropScience Limited, while speaking about the quarterly results said, “We have delivered modest reported Revenue from Operations growth of 4% for the quarter and adjusted for the effect of customer incentive programs, we delivered a Revenue from Operations growth of 9% for the quarter despite normalization of Roundup™ pricing. We have continued to proactively manage costs and invest in targeted growth opportunities resulting in increased Profit Before Tax by 6%.”
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 help people and the planet thrive by supporting efforts to master the major challenges presented by a growing and aging global population. Bayer is committed to drive sustainable development and generate a positive impact with its businesses. At the same time, the Group aims to increase its earning power and create value through innovation and growth. The Bayer brand stands for trust, reliability, and quality throughout the world. In fiscal 2021, the Group employed around 100,000 people and had sales of 44.1 billion euros. R&D expenses before special items amounted to 5.3 billion euros. 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.