Bayer CropScience Limited reports Q4 & Annual Results
Mumbai, May 25, 2021: Bayer CropScience Limited (BSE: 506285) announced its results for the financial year (FY) and quarter ended March 31, 2021 today. In FY 2020-21, the Company registered Revenue from Operations of ₹42,613 million, compared to ₹36,094 million in the previous year, registering an overall revenue growth of 18%. Profit Before Exceptional Items & Tax stood at ₹7,894 million, compared to ₹7,133 million in the previous year.
The Board of Directors have recommended a final dividend payment of ₹25/- per equity share of ₹10/- each for the financial year ended March 31, 2021, subject to shareholders’ approval.
In Q4 of FY 2020-21, the Company registered Revenue from Operations of ₹7,337 million, compared to ₹4,587 million in the corresponding quarter of the previous year, delivering a strong growth of 60%. Profit Before Exceptional Items & Tax for the quarter stood at ₹735 million, compared to ₹543 million in the corresponding quarter of the previous year.
Commenting on the quarterly results, Simon Wiebusch, Chief Operating Officer (COO), Crop Science division for India, said, “In Q4, we continued to deliver significant sales growth in Crop Protection, supported by strong farmer demand for agri-inputs and higher product liquidation. This was partly offset by a decline in corn seed volumes from lower commodity prices and acreages. This impacted our portfolio mix for the quarter, negatively impacting our gross margins. Overall, we delivered a robust growth of 35% in Profit Before Exceptional Items & Tax in Q4 supported by a well-diversified portfolio.”
Elaborating on the full-year results for FY 2020-21, Simon Wiebusch, said, “While the first-half of the year witnessed short-term disruption due to Covid-19, the second-half saw the market normalize significantly with an increased demand for agri-inputs. BCSL achieved excellent growth in Crop Protection products driven by a good monsoon, strong portfolio performance and new product launches. Our strong growth in corn seeds in Kharif 2020 was offset by weak corn prices, which in turn affected Rabi and spring corn sowing in key corn-producing markets. Despite these offsets, BCSL delivered robust growth in Sales, Profit Before Exceptional Items & Tax and Cashflow.”
In FY 2020-21, BCSL introduced ‘Better Farms, Better Lives’ to support smallholder farmers severely impacted by Covid-19 and create capacity building on the use of modern agricultural practices. Nearly 4,40,000 smallholder farmers across 17 states received free samples of Bayer’s hybrid seeds, crop protection products, personal protective equipment, and access to training programs as part of the initiative. Expanding its Better Life Farming franchise in India, BCSL added over 400 new Better Life Farming Centers across nine states. The company also supported farmers through digital advisory for integrated crop management and collaborated with e-commerce players for home delivery of its products directly to rural farming communities.
Sharing an outlook for the future, D. Narain, CEO & MD, Bayer CropScience Limited, said, “With the escalating Covid-19 situation in India, the external business environment remains uncertain in the short-term. However, agriculture will always remain an essential industry sector critical to India’s food security. Apart from portfolio innovations, we will continue to introduce new business models and value-chain collaborations to increase our farmer reach, including leveraging the accelerated digitalization of Indian agriculture due to Covid-19.”
Expressing his gratitude to the Company’s employees and stakeholders, D Narain, stated, “At Bayer CropScience Limited, we deeply acknowledge the outstanding support of our farmer customers, government authorities, channel partners, our employees and their families, in helping us deliver our products & technologies to farmers, while overcoming multiple challenges due to Covid.”
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 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, 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.