Bayer CropScience Limited reports Q3 results for FY 2019-20
- Revenue from Operations of ₹8,540 million
- Profit Before Exceptional Items and Tax of ₹1,612 million
Mumbai, February 3, 2020: Bayer CropScience Limited (BSE: 506285) announced today its unaudited results for the quarter and nine months ended December 31, 2019. In the third quarter (Q3) of Financial Year (FY) 2019-20, Bayer CropScience Limited earned Revenue from Operations of ₹8,540 million, as compared to ₹7,751 million in the corresponding period of FY 2018-19. Profit Before Exceptional Items and Tax stood at ₹1,612 million, compared to ₹837 million in the corresponding period of the previous financial year.
Commenting on the Q3 results, D. Narain, Managing Director & CEO, Bayer CropScience Limited, said, “Prolonged monsoon in October 2019 resulted in a delay in Rabi sowing, but good weather in November and December contributed to higher sales and liquidation across India, positively impacting our Q3 performance. In Q3, we also benefitted from early gains arising from our integrated product portfolio, cost synergies and one-time consolidation effects.”
For the nine months ended December 31, 2019, Bayer CropScience Limited reported Revenue from Operations of ₹31,507 million, compared to ₹29,151 million for the corresponding period in FY 2018-19. Profit Before Exceptional Items and Tax for the nine months ended December 31, 2019 stood at ₹6,590 million, compared to ₹5,750 million for the corresponding period in FY 2018-19. The results for the nine months ended December 31, 2018, and year ended March 31, 2019, include results of erstwhile Monsanto India Limited from June 7, 2018, (the date on which Monsanto Company, USA was acquired by Bayer AG) and are therefore not comparable.
Sharing an outlook for the year ahead, D. Narain further stated, “We are progressing well on the integration and are geared up for a strong spring season. Supportive commodity prices and good water availability resulted in a favorable Rabi season and will continue to support improved sales growth for the rest of the financial year.”
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 2018, the Group employed around 117,000 people and had sales of 39.6 billion euros. Capital expenditures amounted to 2.6 billion euros, R&D expenses to 5.2 billion euros. For more information, go to www.bayer.com
Communications, Bayer Group in India
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.