Bayer Cropscience's Q2 net profit rises by 5.51% to Rs 162.6 crore

10 Nov 2022 , 10:12 AM

In the September quarter, Bayer Cropscience Ltd.'s net profit increased by 5.51% to Rs 162.6 crores. According to a regulatory filing, the company's net profit for the same period the year before was Rs 154.1 crore. From Rs1,365.1 crore in the same quarter last year, total income grew to Rs 1,451.9 crore in the second quarter of the current fiscal.

In the third quarter of the fiscal year 2021—2022, Bayer Cropscience reported that it had completed the sale of a portion of its seed distribution portfolio, which included mustard, millet, cotton, and sorghum seeds. Accordingly, the portfolio adjusted revenue from operations increased by 8% for the second quarter and 14% for the first half of the fiscal year 2022—23, respectively, the business reported.

Simon-Thorsten Wiebusch, executive director of Bayer Cropscience, stated that amid ongoing supply chain issues and a challenging hybrid rice season, "our continuous revenue growth in Q2 was principally driven by robust demand and product liquidation of our crop protection portfolio."

Strong sales of maize seeds and greater acreages were the results of supportive commodities prices. Wiebursh noted that the majority of the nation, with the exception of the states of Uttar Pradesh, Bihar, and West Bengal, experienced a monsoon that was nearly typical.

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