08 August 2023, New Delhi: Bayer CropScience Limited (BSE: 506285) announced its unaudited results for the first quarter (Q1) of the Financial Year (FY) 2023-24. For Q1 ended June 30, 2023, the Company registered Revenue from Operations of ₹17,396 million, compared to ₹16,674 million in the corresponding period of FY 2022-23. Profit Before Tax for the quarter stood at ₹4,061 million, compared to ₹3,823 million in the corresponding quarter of the previous financial year.
Commenting on the quarterly results, Simon-Thorsten Wiebusch, Executive Director, Bayer CropScience Limited said, ″In Q1 of FY2023-24 despite the impact of delayed monsoon we continued to see strong growth in Sales and liquidation of our Crop Protection portfolio. As expected, we witnessed Roundup™ price normalization impacting the overall Sales growth of the quarter. Corn seeds continue to yield strong results with volume growth driven by portfolio and better acreages in Kharif.″
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Simon Britsch, Chief Financial Officer, Bayer CropScience Limited, while speaking about the quarterly results said, ″We have delivered modest reported Revenue from Operations growth of 4% for the quarter and adjusted for the effect of customer incentive programs, we delivered a Revenue from Operations growth of 9% for the quarter despite normalization of Roundup™ pricing. We have continued to proactively manage costs and invest in targeted growth opportunities resulting in increased Profit Before Tax by 6%.″
