Bayer CropScience Limited reports Q2 Results for FY 2021-22
Mumbai, November 1, 2021: Bayer CropScience Limited (BSE: 506285) announced today its unaudited results for the quarter (Q2) and half year ended (H1) September 30, 2021.
For Q2 ended September 30, 2021, Bayer CropScience Limited (BCSL) registered Revenue from Operations of ₹13,651 million as compared to ₹13,816 million in the corresponding period of FY 2020-21. Profit Before Exceptional Items and Tax stood at ₹2,195 million, compared to ₹2,960 million in the corresponding period of the previous financial year.
For the H1 ended September 30, 2021, BCSL reported Revenue from Operations of ₹27,810 million compared to ₹26,094 million for the corresponding period in FY 2020-21. Profit Before Exceptional Items and Tax for the H1 ended September 30, 2021 stood at ₹5,395 million, compared to ₹6,098 million for the corresponding period in FY 2020-21.
Speaking about the financial results, D. Narain, CEO & Managing Director of Bayer CropScience Limited, said, “Our half-yearly revenue growth of 7% was primarily driven by Crop Protection products including the herbicide Roundup™ and new product launches while our second quarter revenue declined by 1% compared to last year. Overall profitability was impacted by a challenging season for our Corn Seeds portfolio and pressure on margins in our Crop Protection business. The Kharif Corn season witnessed a drop in acreages owing to lower relative profitability of Corn for the grower versus other crops, as well as some weather-related events leading to higher seeds returns in the second quarter. Crop Protection business was impacted by higher material & logistics costs and product mix, partially offset by product price increases. Given unseasonal rains and subsequent slowing of liquidation in late September, we consciously reduced our channel placements.”
D. Narain added, “We will continue to focus our investments on capacity building programs for smallholder farmers in India, especially through the continuing expansion of the Better Life Farming program and new business models such as eCommerce and Food Chain Partnerships. With drones now being available for agriculture, we look forward to accelerating innovations that foster precision farming, resource efficiencies and sustainability.”
This year marks also 125 years of Bayer’s presence in India. The Company has made significant contributions towards advancing agriculture and healthcare in the country while promoting inclusive and sustainable growth through innovation. To commemorate Bayer’s presence in India for 125 years, the Board of Directors of Bayer CropScience Limited (BSE: 506285) declared a special dividend for the financial year ending March 31, 2022 amounting to ₹ 125/- per equity share for 44,942,092 Equity Shares of ₹10/- each. The record date for the purpose of determining the entitlement for payment of special dividend is fixed as November 13, 2021.
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 2020, the Group employed around 100,000 people and had sales of 41.4 billion euros. R&D expenses before special items amounted to 4.9 billion euros. For more information, please visit 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.