India's Bayer CropScience reports Q4 & Annual Results

• FY 2022-23: Revenue from Operations of ₹51,397 million and Profit Before Exceptional Items & Tax of ₹8,863 million

• Q4 2022-23: Revenue from Operations of ₹9,825 million and Profit Before Exceptional Items & Tax of ₹1,921 million 

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.″