Bayer CropScience Limited announced today its unaudited results for the first quarter (Q1) of the Financial Year (FY) 2023-24.
For Q1 ended June 30, 2023, the Company registered Revenue from Operations of ₹17,396 million, compared to ₹16,674 million in the corresponding period of FY 2022-23. Profit Before Tax for the quarter stood at ₹4,061 million, compared to ₹3,823 million in the corresponding quarter of the previous financial year.
Commenting on the quarterly results, Simon-Thorsten Wiebusch, Executive Director, Bayer CropScience Limited said, “In Q1 of FY2023-24 despite the impact of delayed monsoon we continued to see strong growth in Sales and liquidation of our Crop Protection portfolio. As expected, we witnessed Roundup™ price normalization impacting the overall Sales growth of the quarter. Corn seeds continue to yield strong results with volume growth driven by portfolio and better acreages in Kharif.”
Simon Britsch, Chief Financial Officer, Bayer CropScience Limited, while speaking about the quarterly results said, “We have delivered modest reported Revenue from Operations growth of 4% for the quarter and adjusted for the effect of customer incentive programs, we delivered a Revenue from Operations growth of 9% for the quarter despite normalization of Roundup™ pricing. We have continued to proactively manage costs and invest in targeted growth opportunities resulting in increased Profit Before Tax by 6%.”
