Bayer CropScience Limited released its financial results for the fiscal year and quarter ending on March 31, 2023. The company reported Revenue from Operations of Rs 51,397 million for the fiscal year 2022-23, indicating a 9% revenue growth compared to the previous year's Rs 47,344 million.
Profit Before Exceptional Items & Tax reached Rs 8,863 million, demonstrating a 12% increase from the previous year's Rs 7,883 million. Furthermore, Profit Before Tax (After Exceptional Items) rose by 17% from Rs 8,468 million to Rs 9,901 million.
During the fourth quarter of the fiscal year 2022-23, Bayer CropScience Limited achieved Revenue from Operations of Rs 9,825 million, showing a 2% growth compared to the corresponding quarter of the previous year, which reported Rs 9,633 million. The Profit Before Exceptional Items & Tax for this quarter amounted to Rs1,921 million, a slight increase from Rs1,895 million in the same quarter of the previous year.
Simon-Thorsten Wiebusch, Executive Director of Bayer CropScience Limited, commented on the quarterly results, stating that the sales growth in Q4 was driven by strong crop protection sales and consistent performance by the corn seeds business, despite facing some supply constraints during the quarter. He also mentioned that although the channel inventory remained at healthy levels, they were observing a normalization of Roundup prices and availability.
Simon Britsch, Chief Financial Officer of Bayer CropScience Limited, discussed the results of the fiscal year, stating that the steady performance of the crop protection and corn seeds portfolio contributed to a 9% growth in Revenue from Operations.
He acknowledged that higher operating expenses were incurred due to inflationary pressures but highlighted the company's continued investment in key initiatives for long-term growth. Additionally, he mentioned that the company had an exceptional income of Rs1,038 million from the sale of its Environmental Science Business in Q3 of FY 2022-23.
Bayer's performance in both the fiscal year and the fourth quarter of 2022-23 reflects its ability to adapt to market conditions and deliver sustainable growth. With a positive outlook for the future, Bayer CropScience Limited aims to build on its achievements and continue providing value to its customers and stakeholders.
