Bayer Crop Science Q4 Results: Profit Drops 39%, Misses Estimates
The company posted a net profit of Rs 96 crore in the quarter-ended March, in comparison with Rs 159 crore in the year-ago period.
Bayer Crop Science Ltd.'s consolidated net profit declined 39.4% in the fourth quarter of fiscal 2024, and it missed analysts' estimates.
The company posted a net profit of Rs 96 crore in the quarter-ended March, in comparison with Rs 159 crore in the year-ago period, according to an exchange filing on Thursday. Analysts tracked by Bloomberg had estimated a profit of Rs 137.26 crore.
Bayer Crop Science Q4 FY24 Highlights (Consolidated, YoY)
Revenue down 19.5% to Rs 792 crore versus Rs 983 crore (Bloomberg Estimate: Rs 1,004.14 crore).
Ebitda down 53.1% to Rs 97 crore versus Rs 206 crore (Bloomberg Estimate: Rs 220.93 crore).
Margin at 12.2% vs 21% (Bloomberg Estimate: 22%).
Net profit down 39.4% to Rs 96 crore versus Rs 159 crore (Bloomberg Estimate: Rs 137.26 crore).
"Despite weather challenges and lower reservoir levels affecting crop protection volumes, our performance remained resilient. While revenue from operations witnessed a decline owing to Roundup price developments and proactive channel management, our corn seeds business continued its growth trend." said Simon Wiebusch, vice chairman/managing director and CEO at Bayer Crop Science.
"Prudent spending kept operational expenses flat. We remain positive on the overall agricultural landscape in India and reconfirm our commitment to sustainable growth, which entails dealing with the cyclical nature of our business proactively."
Shares of the company closed 0.96% lower at Rs 5,571 apiece on the NSE, as compared with a 1.64% advance in the benchmark Nifty 50.
