Mumbai, May 24, 2023: Bayer CropScience Limited (BSE: 506285) on Wednesday announced its results for the financial year (FY) and quarter ended March 31, 2023. In FY 2022-23, the Company registered Revenue from Operations of ₹51,397 million, compared to ₹47,344 million in the previous year, registering an overall revenue growth of 9%. Profit Before Exceptional Items & Tax stood at ₹8,863 million, compared to ₹7,883 million in the previous year, representing an increase of 12%. Profit Before Tax (After Exceptional Items) increased by 17% from ₹8,468 million to ₹9,901 million.
In Q4 of FY 2022-23, the Company registered Revenue from Operations of ₹9,825 million, compared to ₹9,633 million in the corresponding quarter of the previous year, delivering a growth of 2%. Profit Before Exceptional Items & Tax for the quarter stood at ₹1,921 million, compared to ₹1,895 million in the corresponding quarter of the previous year.
Commenting on the quarterly results, Simon-Thorsten Wiebusch, Executive Director, Bayer CropScience Limited said, “Our sales growth in Q4 continued to be driven by strong crop protection sales and consistent performance by our corn seeds business while overcoming some supply constraints faced during the quarter. Although our channel inventory continues to remain at healthy levels, we are witnessing a normalization of Roundup™ prices and availability.”
Speaking on the FY results, Simon Britsch, Chief Financial Officer, Bayer CropScience Limited said, “The steady performance of our crop protection and corn seeds portfolio helped us deliver 9% growth in Revenue from Operations for the financial year. Though headwinds in the form of inflationary pressures led to higher operating expenses, we continued to invest in key initiatives to drive long-term growth. During the year, the company had an exceptional income of ₹1,038 million arising from the sale of its Environmental Science Business in Q3 of FY 2022-23.”
About Bayer
Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition. Its 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 drive sustainable development and generate a positive impact with its businesses. At the same time, the Group aims to increase its earning power and create value through innovation and growth. The Bayer brand stands for trust, reliability, and quality throughout the world. In fiscal 2021, the Group employed around 100,000 people and had sales of 44.1 billion euros. R&D expenses before special items amounted to 5.3 billion euros. For more information, go to www.bayer.com
Media Contacts:
Snigdha Vishal
Communications Business Partner, CropScience - South Asia, Bayer
Email: snigdha.vishal@bayer.com
Forward-Looking Statements:
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.