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Global pharma and chemicals major Bayer CropScience on Tuesday reported a more than twofold jump in profit to Rs 152.7 crore for the quarter ended on 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 said in a BSE filing.

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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 to Rs 733.7 crore in the corresponding quarter of the previous year.

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.

Revenue from operations of the company during FY22 went up by 11.10 per cent to Rs 4,734.4 crore from Rs 4,261.3 crore in the previous financial year.

“New product launches such as Vayego and Dekalb 9208 and overall strong crop sentiments were key drivers for our sales growth in the fourth quarter. This has been achieved overcoming some supply constraints faced during the quarter and partially offsetting inflationary pressure with price increases,” Bayer CropScience Executive Director Simon-Thorsten Wiebusch said.

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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, Speaking on the FY results, Simon Britsch, Chief Financial Officer, Bayer CropScience Limited said.

“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,” he said.

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.

“We continue to focus our efforts to bring innovations across the entire agricultural value chain to drive business growth. To this effect, we have rolled out multiple initiatives, some of which have already started showing growth potential,” Bayer CropScience MD and CEO D Narain added.

Bayer CropScience shares on Tuesday closed at Rs 4,737.55, down 0.23 per cent on BSE. PTI SM MR MR

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