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Despite climatic challenges, Bayer Cropscience makes net profit ₹84.8cr Q3 2021-22

Despite climatic challenges, Bayer Cropscience makes net profit ₹84.8cr Q3 2021-22

Despite climatic challenges, Bayer Cropscience makes a net profit ₹84.8cr Q3 2021-22

Despite unseasonal rains, crop pests, and a hard corn season, Bayer Cropscience Ltd recorded a net profit of ₹84.8 crores in the third quarter (Q3) of the fiscal year (FY) 2021-22.

In the previous fiscal quarter, the firm recorded a net loss of ₹45.1 crores. Net sales increased to ₹999.9 crores in the third quarter of the fiscal year 2021-22, up from ₹936.5 crores the previous year.

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The firm stated in a statement that the sale of its seed business to crystal crop protection on December 1, 2021, resulted in a profit of ₹58.5 crores. Expenses rose higher, at ₹940.6 crores, compared to ₹830.4 crores in the same period last year.

The company stated that it has incurred expenditures related to employee separation as a result of restructuring actions resulting from the merger of Monsanto India Ltd and Bayer CropScience.

Bayer CropScience Executive Director Simon-Thorsten Wiebusch commented on the results, stating that revenue increased in the third quarter despite unseasonal rainfall, crop pests, and a hard rabi corn season.

Higher input and operating expenses, including the development of new business models to increase market reach to smallholders, corn seed returns, and obsolescence impacts, he added, were offset by extraordinary income from the sale of the mustard, cotton, millet, and sorghum seed business.

‘Improving real-time agronomy advice, farm collectivization activities, and increasing market connections through Farmer Producer Organizations (FPOs) and digitization are critical drivers of Indian agricultural transformation. Bayer is dedicated to maximizing its efforts to help smallholder farmers, expanding the base of its Better Life Farming centers, developing gender-sensitive treatments, doubling down on its sustainability initiatives, and making Indian agriculture competitive,’ He continued.

Also Read | Bayer CropScience reported 31.38% drop in net profit Q2 total to ₹154.1cr

Meanwhile, Bayer undertook drone spraying trials as an agriculture industry-first from April to December 2021. Bayer’s Better Life Farming (BLF) global value chain project has also formed a number of key collaborations to assist over 500,000 smallholder farmers across the nation.

(PTI inputs).