Bayer CropScience announced its unaudited results for the quarter (Q2) and half year ended (H1) September 30, 2024. For Q2 ended September 30, 2024, Bayer CropScience Limited (BCSL) registered Revenue from Operations of Rs 17,376 million as compared to Rs 16,172 million in the corresponding period of FY 2023-24. Profit Before Tax stood at Rs 1,901 million, compared to Rs 3,057 million in the corresponding period of the previous financial year.
For the H1 ended September 30, 2024, BCSL reported Revenue from Operations of Rs 33,688 million compared to Rs 33,568 million for the corresponding period in FY 2023-24. Profit Before Tax for the H1 ended September 30, 2024, stood at Rs 5,059 million, compared to Rs 7,118 million for the corresponding period in FY 2023-24.
Commenting on the quarterly results, Simon Wiebusch, Vice Chairman & Managing Director and CEO, BCSL said, “In Q2 BCSL achieved a 7% increase in Revenue from Operations primarily driven by higher volumes which were partially offset by price pressure rooted in lower producer prices in China. Moreover, our margins were negatively impacted by higher production costs in corn seeds due to adverse weather conditions as well as a higher cost of goods sold in our chemical business. Despite these headwinds, we are looking forward to a stronger rabi and spring season, delivering sustainable, long-term value for our stakeholders.”
Speaking about the quarterly results, Simon Britsch, Chief Financial Officer, Bayer CropScience Limited (BCSL) said, “We maintain our strong focus on cash flow generation and prudent operational expense management. However, we witnessed one-time effects from higher receivables and employee severance provisions. As we look forward, we are confident in our ability to continue with further growth investments and distributing a significant share of our profit to our owners.”
The Board of Directors at its meeting held on November 13, 2024, declared an interim dividend of Rs 90/- per equity share for the financial year ending March 31, 2025, amounting to Rs 4045 million.
