Bayer Cropscience jumped 2.06% to Rs 4224.10 after announcing decent Q3 earnings during market hours today.
On a standalone basis, net profit jumped 118.54% to Rs 137.90 crore in Q3 December 2019 as against Rs 63.10 crore reported in Q3 December 2018. Net sales rose 10.18% to Rs 854 crore in Q3 December 2019 over Q3 December 2018.Profit before tax (PBT) for Q3 December 2019 stood at Rs 164.10 crore, up by 96.06% from Rs 83.70 crore reported in Q3 December 2018. Current tax expense rose 46% to Rs 32.1 crore in Q3 FY20 from Rs 22 crore posted in Q3 FY19.
Commenting on the Q3 results, D. Narain, Managing Director & CEO, Bayer CropScience, said, Prolonged monsoon in October 2019 resulted in a delay in Rabi sowing, but good weather in November and December contributed to higher sales and liquidation across India, positively impacting our Q3 performance. In Q3, we also benefitted from early gains arising from our integrated product portfolio, cost synergies and one-time consolidation effects.
Sharing an outlook for the year ahead, D. Narain further stated, We are progressing well on the integration and are geared up for a strong spring season. Supportive commodity prices and good water availability resulted in a favorable Rabi season and will continue to support improved sales growth for the rest of the financial year.
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 benefit people by supporting efforts to overcome the major challenges presented by a growing and aging global population.
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