Bayer Crop Science Ltd (BSCL) reported a 5.5 per cent growth in net profits for the second quarter ended September 2022 on higher sales. The company reported a net profit of ₹162.6 crore for Q2FY23 as compared to ₹154.1 crore in the same period last year. Income for the quarter was up by over 6 per cent at ₹1,465.1 crore over same period last year’s ₹1379.4 crore.
For the first half of current fiscal, BSCL reported a net profit of ₹465.2 crore (₹407.8 crore in same period last year). Income for the first half was up at ₹3,147.3 crore (₹2,810.1 crore). Bayer CropScience scrip ended 0.41 per cent lower on Thursday on the BSE.
“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 Uttar Pradesh, Bihar and West Bengal also aided positive demand momentum,” said Simon-Thorsten Wiebusch, Executive Director BCSL
“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,” Wiebusch added.
Simon Britsch, Chief Financial Officer, BCSL said, “We have maintained our growth momentum in H1. ”
The board of directors of BSCL has also approved an interim dividend payment of ₹100 per equity share 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.
Bayer also said that due to the recent Gazette Notification on the application of glyphosate, the 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.