Bayer Crop Science on Tuesday reported doubling of its profit to Rs 61.9 crore for the March 2021 quarter.
The company's profit had stood at Rs 31.5 crore during the corresponding quarter of 2019-20, Bayer Crop Science said in a BSE filing.
Its revenue from operations during January-March 2021 jumped 59.95 per cent to Rs 733.7 crore, compared with Rs 458.7 crore in the year-ago period.
For the full financial year 2020-21, Bayer Crop Science witnessed a 3.91 per cent growth in profit to Rs 493.1 crore as against Rs 474.5 crore in 2019-20.
The firm's revenue from operations witnessed an 18.06 per cent rise to Rs 4,261.3 crore in 2020-21, compared with Rs 3,609.4 crore a year ago.
In the fourth quarter ended March 2021, the company continued to deliver significant sales growth in crop protection, supported by strong farmer demand for agri-inputs and higher product liquidation, Bayer Crop Science Chief Operating Officer (India) Simon Wiebusch said.
"This was partly offset by a decline in corn seed volumes from lower commodity prices and acreages. This impacted our portfolio mix for the quarter, negatively impacting our gross margins.
"Overall, we delivered a robust growth of 35 per cent in profit before exceptional items and tax in the fourth quarter supported by a well-diversified portfolio," he noted.
Elaborating on the full-year results for 2020-21, Wiebusch said, "While the first half of the year witnessed short-term disruption due to COVID-19, the second-half saw the market normalise significantly with an increased demand for agri-inputs." He added that the company achieved "excellent growth" in crop protection products driven by a good monsoon, strong portfolio performance and new product launches. "Our strong growth in corn seeds in kharif 2020 was offset by weak corn prices, which in turn affected Rabi and spring corn sowing in key corn-producing markets." Despite these offsets, BCSL delivered robust growth in sales, profit before exceptional items and tax and cashflow, he added.
Shares of Bayer Crop Science on Tuesday closed at Rs 5,264.45, down 0.84 per cent on the BSE.