Bayer CropScience Limited. — Interim / Quarterly Report 2021

Feb 11, 2021

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February 11, 2021

The General Manager Department of Corporate Services BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai - 400 001

COMPANY CODE : 506285 SCRIP CODE : BAYERCROP

Dear Sir / Madam,

Sub.: Unaudited financial results of the Company for the quarter ended December 31, 2020 and Limited Review Report thereon

Pursuant to Regulation 30 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are pleased to furnish the unaudited financial results of the Company for the quarter ended December 31, 2020 and the Limited Review Report thereon from the Statutory Auditors, Deloitte Haskins & Sells LLP (ICAI Firm Registration No. 117366W/W-100018).

Bayer CropScience Ltd. CIN: L24210MH1958PLC011173

Registered and Corporate Office: Bayer House Central Avenue Hiranandani Estate Thane (West) – 400 607 Maharashtra, India

Tel : +91 22 2531 1234 Fax : +91 22 2545 5063 www.bayer.in www.cropscience.bayer.com

Kindly acknowledge receipt.

Thanking You.

Yours faithfully, for Bayer CropScience Limited

Digitally signed by NIKUNJKUMAR JAYSUKHLAL SAVALIYA NIKUNJKUMAR DN: c=IN, st=Gujarat, 2.5.4.20=f4b6303c6a9fe05eb04e62759179373cbcf4b728c73ed8 032294e09b9e3e0c98, postalCode=390024, street=102 TITHI FLATS, BHADRAN NAGAR, NEW SAMA ROAD, CHHANI RD, JAYSUKHLAL VADODARA, serialNumber=d3cad62ac6fcdd76e7d78a49dee85262351ff6c69 d1c3b84d7669f10a495714a, o=Personal, cn=NIKUNJKUMAR JAYSUKHLAL SAVALIYA, SAVALIYA pseudonym=edc1463c7f2e505c0cb80b5170d37433 Date: 2021.02.11 17:26:32 +05'30'

Nikunjkumar Savaliya

Company Secretary and Compliance Officer

Encl.: As above

BAYER CROPSCIENCE LIMITED

Registered Office:

Bayer House, Central Avenue, Hiranandani Estate, Thane - 400 607, Maharashtra, India CIN: L24210MH1958PLC011173

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PART- I ₹ in Millions	PART- I ₹ in Millions	PART- I ₹ in Millions	PART- I ₹ in Millions	PART- I ₹ in Millions	PART- I ₹ in Millions	PART- I ₹ in Millions
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2020
PARTICULARS	QUARTER ENDED			NINE MONTHS ENDED		YEAR ENDED
	31.12.2020	30.09.2020	31.12.2019	31.12.2020	31.12.2019	31.03.2020
	UNAUDITED	UNAUDITED	UNAUDITED	UNAUDITED	UNAUDITED	AUDITED
Revenue from Operations Other Income Total Income Expenses Cost of Materials Consumed Purchases of Stock-in-Trade Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade Employee Benefits Expense Finance Costs Depreciation and Amortisation Expense Other Expenses Total Expenses Profit Before Exceptional Items and Tax Exceptional Items [Refer Note 2] - Employee separation expenses - Amalgamation related expenses Profit Before Tax Tax Expense/ (Credit) - Current Tax [Refer Note 3] - Deferred Tax Total Tax Expense (Loss)/ Profit for the period/ year Other Comprehensive Income Items that will not be reclassified to profit or loss: - Remeasurement of Defined Benefit Obligation - Tax on remeasurement of Defined Benefit Obligation Total Other Comprehensive Income Total Comprehensive Income for the period/ year Paid up Equity Share Capital (Face Value ₹ 10/-) Reserves (excluding Revaluation Reserve as per Balance Sheet) Earnings pershare basic and diluted (*notannualised) (in ₹)	9,182 183	13,816 147	8,540 194	35,276 479	31,507 482	36,094 660
	9,365	13,963	8,734	35,755	31,989	36,754
	4,060 493 900 948 39 143 1,721	8,081 211 182 769 25 139 1,596	3,090 209 1,310 801 36 149 1,527	18,135 1,090 1,168 2,655 91 519 4,938	13,576 887 2,723 2,678 112 462 4,961	17,514 993 591 3,616 138 653 6,116
	8,304	11,003	7,122	28,596	25,399	29,621
	1,061 - -	2,960 - -	1,612 - 29	7,159 (12) -	6,590 (706) (310)	7,133 (992) (310)
	-	-	29	**(12) **	**(1,016) **	(1,302)
	1,061 1,543 (31)	2,960 650 64	1,641 321 (59)	7,147 2,749 86	5,574 1,303 (159)	5,831 1,248 (162)
	1,512	714	262	2,835	1,144	1,086
	(451) (43) 11	2,246 - -	1,379 (191) 48	4,312 (43) 11	4,430 (210) 21	4,745 (201) 19
	(32)	-	(143)	(32)	(189)	(182)
	(483)	2,246	1,236	4,280	4,241	4,563
	449 (10.03)*	449 49.97*	449 30.68*	449 95.95*	449 98.57*	449 25,276 105.58

NOTES:

1. The Company has only one reportable business segment, i.e. "Agri Care". The Company’s business is seasonal in nature and hence quarterly figures are not necessarily representative of the full year's performance.

2. Exceptional items consist of:

(i) Expense in relation to separation of employees arising from restructuring measures due to amalgamation of Monsanto India Limited with Bayer CropScience Limited and the Bayer 2022 global efficiency program being implemented in phased manner.

• (ii) Amalgamation related expenses i.e. stamp duty, professional/ consulting fees and other costs.

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BAYER CROPSCIENCE LIMITED

Registered Office:

Bayer House, Central Avenue, Hiranandani Estate, Thane - 400 607, Maharashtra, India CIN: L24210MH1958PLC011173

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NOTES (Contd):

3. In respect of certain past years, with a view to give certainty and effectively close long pending disputes and litigations under the Income Tax Act, 1961, the Company had filed an application under The Direct Tax Vivad Se Vishwas Act, 2020 (VSV Act) and related rules. Consequent to tax authority's order under VSV Act in December 2020, an additional tax expense of ` 1,272 million (net) is recognized for the quarter and nine months ended December 31, 2020. The effect of this tax expense on the Profit After Tax for the said periods is disclosed below:

	₹ in Millions	₹ in Millions
PARTICULARS	QUARTER ENDED	NINE MONTHS ENDED
	31.12.2020	31.12.2020
(Loss)/ Profit after Tax	(451)	4,312
Add: Current tax related to prior period arising under VSV Act	1,272	1,272
Profit after Tax, before Tax Expense related to VSV Act	821	5,584

4. The Company has implemented several steps including work from home, strict practice of hygiene, health and sanitation across its offices and site locations due to Covid-19 situation. Given the uncertainties associated with pandemic's nature and duration, the Company continues to closely monitor the changing situation.

5. The above results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors of the Company at its meeting held on February 11, 2021. The above results have been subjected to limited review by the Statutory Auditors of the Company.

By Order of the Board

Digitally signed by ROLF AXEL HOFFMANN ROLF AXEL DN: c=SZ, o=Personal, postalCode=4104, st=OBERWIL, 2.5.4.20=12853598b4363f6d3f631efe HOFFMANN 578456a9f937453a78f5fdc5242db01894c79360, cn=ROLF AXEL HOFFMANN Date: 2021.02.11 16:55:38 +05'30'

Rolf Hoffmann

Place: Mumbai Date: February 11, 2021

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Executive Director & Chief Financial Officer DIN 08460583

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INDEPENDENT AUDITOR’S REVIEW REPORT ON REVIEW OF INTERIM FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF BAYER CROPSCIENCE LIMITED

1. We have reviewed the Unaudited Financial Results of BAYER CROPSCIENCE LIMITED (“the Company”), for the quarter and nine months ended December 31, 2020 included in the accompanying Statement of Unaudited Financial Results (“the Statement”), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

2. This Statement, which is the responsibility of the Company’s Management and approved by the Company’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 ‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity’, issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company’s personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

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1. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm’s Registration No. 117366W/W-100018)

Sampada Digitally signed by Sampada Narvankar Narvankar Date: 2021.02.11 17:07:40 +05'30'

Sampada S Narvankar (Partner) (Membership No. 102911)

Place: Mumbai

Date: February 11, 2021