- Revenue from Operations of ₹16,674 million
- Profit Before Tax of ₹3,823 million
Mumbai, August 04, 2022: Bayer CropScience Limited (BSE: 506285) announced today its unaudited results for the first quarter (Q1) of Financial Year (FY) 2022-23. For Q1 ended June 30, 2022, the Company registered Revenue from Operations of ₹16,674 million, compared to ₹14,159 million in the corresponding period of FY 2021-22. Profit Before Tax for the quarter stood at ₹3,823 million, compared to ₹3,200 million in the corresponding quarter of the previous financial year.
Commenting on the quarterly results, Simon-Thorsten Wiebusch, Executive Director, Bayer CropScience Limited said, “Our Q1 revenue from operations registered a robust growth of 18% despite global supply chain constraints. This was driven largely by our crop protection portfolio and product liquidation. We also witnessed volume growth in Corn seeds, driven by portfolio growth and better acreages in Kharif. Our rice hybrid volumes were impacted due to a delay in monsoon and unfavorable market conditions. Going forward, we expect challenges to persist specifically around global supplies of RoundUp® in the near term. However, we will continue proactive efforts to drive future growth with our diversity of portfolio and alternate business models.”
Simon Britsch, Chief Financial Officer, Bayer CropScience Limited, while speaking about the quarterly results said, “We are happy to continue our growth momentum in the new financial year despite challenges of rising operational expenses owing to costs coming back to pre-Covid levels and inflationary pressures. We have also made significant investments in promotions and branding ahead of the Kharif season. Developments in global oil prices continue to impact operating costs.”
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 the 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 2021, the Group employed around 100,000 people and had sales of 44.1 billion euros. R&D expenses before special items amounted to 5.3 billion euros. For more information, go to www.bayer.com.