Bayer Cropscience Ltd.'s profit rose in the second quarter, beating analysts' estimates.
The company's net profit increased 37% year-on-year to Rs 223 crore in the quarter-ended September, according to an exchange filing on Friday. This compares with a Bloomberg estimate of Rs 186.26 crore.
Q2 FY24 Highlights (Consolidated, YoY)Revenue up 11.4% at Rs 1,617 crore vs Rs 1,452 crore (Bloomberg estimate: Rs 1563.22 crore)
Ebitda up 28.2% at Rs 305 crore vs Rs 238 crore (Bloomberg estimate: Rs 269.64 crore)
Margin at 18.85% vs 16.38% (Bloomberg estimate: 17.20%)
Net profit up 37.1% at Rs 223 crore vs Rs 163 crore (Bloomberg estimate: Rs 186.26 crore
“In a difficult environment of delayed, deficient and erratic monsoons as well as elevated COGS, we delivered strong growth of 11% in revenue from operations in Q2 of FY2023-24, said Simon Wiebusch, Vice Chairman & Managing Director and CEO, BCSL
"Strong volume growth in Roundup™ on the back of good availability and market demand mitigated significantly lower prices. DeKalb™ corn seed sales, driven by favorable acreages and commodity prices, along with strong product liquidation of our crop protection portfolio remain our key growth drivers with Laudis, Nativo and Council activ performing especially well.” he added
Shares of company advanced 5.40% to Rs 5,169.95 apiece, compared to a rise of 0.66% in the benchmark NSE Nifty 50 on Friday at 1:03 p.m.
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