On a standalone basis, Bayer Cropscience's net profit stood at Rs 45.10 crore in Q3 December 2020 compared with net loss of Rs 137.90 crore in Q3 December 2019.
Net sales jumped 7.5% to Rs 918.20 crore in Q3 FY21 as against Rs 854 crore in Q3 FY20. Profit before tax (PBT) dropped 35.3% to Rs 106.10 crore in Q3 December 2020 as against Rs 164.10 crore in Q3 December 2019. Current tax expense for the quarter surged 380.70% to Rs 154.30 crore as against Rs 32.10 crore paid in Q3 December 2019. The Q3 result was declared after market hours yesterday, 11 February 2021.
Commenting on the Q3 performance, D. Narain, the managing director (MD) & chief executive officer (CEO) of Bayer CropScience, said: "Our third quarter was driven by double-digit sales growth in our Crop Protection products, especially in fungicides and herbicides. It was adversely affected by low commodity prices for corn in India, which caused sizeable reduction in corn acreages, especially in the late corn segment and significantly lowered sales of our corn seeds. Overall profitability for Q3 was impacted due to the drop in high margin corn seed volumes, along with impacts driven by strong customer initiatives to widen the market reach of our Crop Protection portfolio, and a non-cash actuarial effect related to employee benefits."
Sharing an outlook for the year ahead, D. Narain, further stated, "Indian agriculture is seeing a rise in demand for high-quality agri-inputs that can help double farm incomes and enhance crop yields. Bayer is committed to support farmers with innovative products and solutions to accelerate their crop productivity and farm profitability and improve the livelihoods of rural farming communities."
Shares of Bayer CropScience dropped 5.49% to Rs 5,233.20. Bayer CropScience is a global enterprise with core competencies in the life science fields of healthcare and nutrition.
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