Health for all, Hunger for none
Financial Results for FY 2023-24
Bayer CropScience Limited reports Q4 & Annual Results
Mumbai, May 23, 2024: Bayer CropScience Limited (BSE: 506285) 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 ₹51,032 million, compared to ₹51,397 million in the previous year. Profit Before Exceptional Items & Tax stood at ₹9,414 million, compared to ₹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 ₹7,915 million, compared to ₹9,825 million in the corresponding quarter of the previous year. Profit Before Exceptional Items & Tax for the quarter stood at ₹1,054 million, compared to ₹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."
Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition. In line with its mission, “Health for all, Hunger for none,” the company’s products and services are designed to help people and the planet thrive by supporting efforts to master the major challenges presented by a growing and aging global population. Bayer is committed to driving sustainable development and generating a positive impact with its businesses. At the same time, the Group aims to increase its earning power and create value In fiscal 2023, the Group employed around 100,000 people and had sales of 47.6 billion euros. R&D expenses before special items amounted to 5.8 billion euros. For more information, go to www.bayer.com.
Snigdha Vishal
Communications, Bayer CropScience Limited
E-mail: snigdha.vishal@bayer.com
This release may contain forward-looking statements based on current assumptions and forecasts made by Bayer management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer’s public reports, which are available on the Bayer website at www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.
