Bayer CropScience zooms 7% as Q4 PAT surges over two-fold

NEW DELHI – Bayer CropScience surged 7.2 per cent in early trade on Wednesday as the global pharma and chemicals major reported a more than two-fold jump in profit to Rs 152.7 crore for the quarter ended March 31, 2022, compared to the same period of the previous financial year.

The company's profit stood at Rs 61.9 crore during the corresponding period of 2020-21.

Bayer CropScience’s share price jumped to a high of Rs 5,078.55 as against Rs 4,737.55 at previous close on the BSE.

In the fourth quarter of 2021-22, the company's revenue from operations witnessed a growth of 31.29 per cent to Rs 963.3 crore compared with Rs 733.7 crore in the corresponding quarter of the previous year, PTI reported.

The company's profit grew by 30.86 per cent to Rs 645.3 crore in FY2021-22 compared to Rs 493.1 crore in the previous fiscal, the report said.

Effective demand generation, scaling up of alternate business models and new product launches, enabled the company to post strong growth of 11 per cent in Revenue from Operations, Simon Britsch, Chief Financial Officer, Bayer CropScience Limited was quoted as saying by PTI.

"Our operating costs increases were driven by our continuing investments into strategic initiatives to expand Bayer's farmer reach of our portfolio and normalization of business activities as travel restrictions eased. During the year, the company had an exceptional income of Rs 58.5 crore arising from the sale of part of the seed distribution business viz. mustard, cotton, millet and sorghum seeds.”

The Board of Directors has recommended a final dividend payment of Rs 25 per equity share of Rs 10 each for the financial year ended March 31, 2022, subject to shareholders' approval, he added.