Bayer CropScience Limited has reported a 22.6 per cent drop in net profits for the June quarter on lower revenues. The company reported a net profit of ₹254.2 crore for the quarter that ended June 2024 over the same period as last year’s ₹328.5 crore.
Revenue from operations were down 6 per cent at ₹1631.2 crore, compared to ₹1739.6 crore in the corresponding period last year. Profit before tax for the quarter stood at ₹315.8 crore, compared to ₹406.1 crore in the corresponding quarter of the previous financial year.
Simon Wiebusch, Vice Chairman/Managing Director and CEO, Bayer CropScience Ltd, said, “Despite the slow progression of monsoons and the impact of low reservoir levels on our first quarter, we still achieved a 3 per cent growth in liquidation. Business picked up towards the end of June, coinciding with increased farming activity, indicating a positive market shift. However, supply constraints in our seeds business affected availability and increased the cost of corn seeds. Although revenue from operations declined, we maintain optimism for the upcoming season due to promising monsoon coverage across the country. Nevertheless, we remain sensitive to rain distribution, cropping patterns, and price pressure resulting from high industry inventories.”
Simon Britsch, Chief Financial Officer, Bayer CropScience Ltd, “We continue to focus on sustained operational expense management and rigorous working capital discipline, including targeted efforts in receivable collections. As we look forward, we maintain an optimistic outlook on our future prospects, confident in our ability to build momentum and steady growth investments.”