Bayer Cropscience Q2 net up 5.51% to Rs 163 cr, income rises to Rs 1,451 cr

Bayer Cropscience Ltd on Wednesday posted a 5.51 per cent increase in net profit at Rs 162.6 crore in the September quarter.

The company had a net profit of Rs 154.1 crore in the same quarter previous fiscal, according to a regulatory filing.

Total income increased to Rs 1,451.9 crore in the second quarter of the current fiscal from Rs 1,365.1 crore in the year-ago period.

Bayer Cropscience said it concluded the sale of a part of its seeds distribution portfolio consisting of mustard, millet, cotton and sorghum seeds during the third quarter of the 2021-22 fiscal.

"Considering this, the portfolio adjusted revenue from operations grew by 8 per cent for Q2 and 14 per cent for H1 of the 2022-23 fiscal, respectively," the company said.

Bayer Cropscience Executive Director Simon-Thorsten Wiebusch said, "our continuing revenue growth in Q2 was driven largely by strong demand and product liquidation of our crop protection portfolio despite continuing supply chain challenges and a tough hybrid rice season."

Supportive commodity prices led to better acreages and strong sales of corn seeds. A near normal monsoon in most parts of the country except for the states of Uttar Pradesh, Bihar and West Bengal also aided positive demand momentum, Wiebursh said.