Bayer CropScience has reported a 39 per cent drop in March quarter net profits on dip in revenues.
Profits for Q4FY stood at ₹96 crore over the same period last year’s ₹158.5 crore. Revenues for the quarter were down 18 per cent at ₹821.1 crore over same period last year’s ₹1,003.2 crore.
Profit before tax was down 46 per cent at ₹105.4 crore over same period last year’s ₹195.2 crore
Profits for FY24 were down 2.33 per cent at ₹740.5 crore over the same period last year’s ₹758.2 crore. Revenues for FY24 were down at ₹5,184.2 crore over the previous year’s ₹5,203.6 crore.
Tracking the results, the Bayer CropScience scrip ended 5.17 per cent lower at the BSE at ₹5,290 on Friday.
Simon Wiebusch, Vice Chairman/Managing Director and CEO, Bayer CropScience Limited said, “Despite weather challenges and lower reservoir levels affecting crop protection volumes, our performance remained resilient. While revenue from operations witnessed a decline owing to Roundup price developments and proactive channel management, our corn seeds business continued its growth trend. Prudent spending kept operational expenses flat. We remain positive on the overall agricultural landscape in India and reconfirm our commitment to sustainable growth which entails dealing with the cyclical nature of our business proactively.”
Speaking on the FY results, Simon Britsch, Chief Financial Officer, Bayer CropScience Limited said, “Our full-year performance reflects our fortitude amidst market shifts and extreme weather events. Despite challenges such as higher material cost, our strategic focus on channel inventory has ensured sustained market outperformance. Our proactive cost management also helped bolster our bottom line. With operational expenses lowered and a strong bottom line to show for it, we stand poised for continued growth and success.”