Bayer CropScience's standalone net profit jumped 32.3% to Rs 224.60 crore on 2.6% increase in net sales to Rs 1,381.60 crore in Q2 September 2020 over Q2 September 2019.
Standalone profit before tax (PBT) surged 37.3% to Rs 296 crore in Q2 September 2020 as against Rs 215.60 crore in Q2 September 2019. Current tax expense for the quarter rose 13.4% to Rs 65 crore as against Rs 57.30 crore in Q2 September 2019. The Q2 result was declared post market hours yesterday, 9 November 2020.
D. Narain, the chief executive officer (CEO) & managing director (MD) of Bayer CropScience, said: "Building on the strong growth momentum in Q1 with early season demand and subsequent sales of our products, we saw continuing momentum with year-to-date revenue growth of 14% in H1 and 3% in Q2. Growth in Q2 was driven by herbicides and fungicides in key crops such as corn, rice and vegetables. Post integration, we implemented a unified distribution approach for our hybrid corn seeds. Cotton was affected due to excessive rainfall across India, limiting insecticide growth. We also delivered significant liquidation growth and maintained a healthy channel situation."
Sharing an outlook for the rest of the year, D. Narain stated: "While post monsoon non-seasonal rain caused crop damages in a few key markets, it also led to an increase in water reservoir levels across the country. We are optimistic that good water availability will help us achieve a favorable Rabi season. We will continue to work closely with farmers to ensure crop productivity and farm profitability during the current challenging COVID-19 situation and beyond."
Shares of Bayer CropScience declined 5.71% to Rs 5,310.95 on BSE.
Bayer CropScience is a global enterprise with core competencies in the life science fields of healthcare and nutrition.
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