Bayer CropScience surged 10.41% to Rs 6219.60 after the company's net profit jumped 86% to Rs 251.70 crore on 29.2% rise in revenue from operations to Rs 1227.80 crore in Q1 FY21 over Q1 FY20.
Profit before tax in Q1 June 2020 stood at Rs 312.60 crore, up by 75.9% from Rs 177.70 crore in Q1 June 2019. Current tax expense increased 35.9% on a year-on-year (YoY) basis to Rs 55.6 crore in the June quarter.
Commenting on the Q1 results, D. Narain, CEO & managing director of Bayer CropScience, said, "Preparations for Kharif season started earlier this year due to COVID-19 related uncertainties. Consequently, we advanced our production schedule to enable early product availability and shifted to digital training & advisory for our farmer customers. On-time arrival of monsoon and uninterrupted availability of agri-inputs helped farmers procure seeds and crop protection products for timely Kharif sowing. This led to a strong demand in Q1, compared to previous years. New routes such as e-commerce sale of our brands helped us leverage our existing value chain partnerships and deliver greater value to farmers."
Sharing an outlook for the future, D. Narain, said, "COVID-19 has significantly disrupted Indian agriculture and forced players across the agri value chain to remodel their day-to-day operations and supply chains. It has also highlighted the importance of agriculture for food security, advancing rural livelihoods and the Indian economy. The government's transformational agri-reforms will provide farmers wider access to sell their produce beyond their local marketplaces and achieve better price realization. Bayer will continue to support Indian farmers through access to seeds & crop protection inputs, product innovation and crop advisory. Our focus will be on new business models and value chain collaborations to expand the reach of our agri-solutions, support scale-up of FPOs (Farmer Producer Organizations) and digital farming solutions."
Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition.
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