Bayer CropScience on Wednesday announced its results for the financial year (FY) and quarter ended March 31, 2024. In FY 2023-24, the Company’s Revenue from Operations remained flat at Rs 51,032 million, compared to Rs 51,397 million in the previous year. Profit Before Exceptional Items & Tax stood at Rs 9,414 million, compared to Rs 8,863 million in the previous year, representing an increase of 6%.
In Q4 of FY 2023-24, the Company registered Revenue from Operations of Rs 7,915 million, compared to Rs 9,825 million in the corresponding quarter of the previous year. Profit Before Exceptional Items & Tax for the quarter stood at Rs 1,054 million, compared to Rs 1,921 million in the corresponding quarter of the previous year.
Commenting on the quarterly results, 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."
