Bayer CropScience Ltd Reports Q2 Results for FY 2022-23

Profit Before Tax stood at ₹2,290 million, compared to ₹2,195 million in the corresponding period of the previous financial year. For the H1 ended September 30, 2022, BCSL reported Revenue from Operations of ₹31,193 million compared to ₹27,810 million for the corresponding period in FY 2021-22. 

Profit Before Tax for the H1 ended September 30, 2022 stood at ₹6,113 million, compared to ₹5,395 million for the corresponding period in FY 2021-22.

BCSL concluded the sale of a part of its seeds distribution portfolio comprising mustard, millet, cotton and sorghum seeds in Q3 of FY 2021-22. Considering this, the portfolio adjusted Revenue from Operations grew by 8% for Q2 and 14% for H1 FY 2022-23 while Profit Before Tax increased by 14% for Q2 and 22% for H1 FY 2022-23, respectively.

Commenting on the quarterly and half-yearly results, Simon-Thorsten Wiebusch, Executive Director BCSL said, “Our continuing revenue growth in Q2 was driven largely by strong demand and product liquidation of our crop protection portfolio despite continuing supply chain challenges and a tough hybrid rice season. Supportive commodity prices led to better acreages and strong sales of Corn seeds. A near-normal monsoon in most parts of the country except for the states of Uttar Pradesh, Bihar and West Bengal also aided positive demand momentum.”

“Our efforts of reaching larger segments of smallholder farmers through alternate go-to-market initiatives such as Sahbhaagi and Better Life Farming Centers are also steadily gaining ground,” he added.

Simon Britsch, Chief Financial Officer, BCSL said, “We have maintained our growth momentum in H1. We continue to invest in our business growth opportunities and focus on sustaining margins despite continuing challenges associated with global supplies and rising costs.”

The Board of Directors has also approved an interim dividend payment of ₹100/- per equity share for 44,942,092 of ₹10/- each for the financial year ending March 31, 2023. The record date for the purpose of determining the entitlement for payment of the interim dividend is fixed as November 19, 2022.

Due to the recent Gazette Notification on the application of Glyphosate, Management sees a potential impact in the short term on the sale of Glyphosate and is working with all stakeholders to understand the implications and to best serve the critical weed management needs of farmers.