Bayer CropScience today reported a loss of Rs 36.1 crore in the fourth quarter ended March 31, mainly due to a poor northeast monsoon in the southern states. The company had posted a profit of Rs 19.4 crore in the corresponding quarter of 2015-16. Revenue from operations declined by 49.11 per cent to Rs 238 crore from Rs 467.7 crore in the corresponding quarter of 2015-16, a company release said here.
“Our Q4 results were impacted due to a poor northeast monsoon in the southern states of India, which resulted in low water levels in reservoirs. This led to poor investment in crops like rice and vegetables in southern India, which contribute to nearly 65 per cent of our Q4 sales,” said Bayer CropScience Vice-Chairman and Managing Director Richard van der Merwe.
“However, provided a good monsoon, we see high growth prospects for the company in FY 2017-18. We also plan to launch, new crop protection products in the second half of 2017, subject to regulatory approvals,” he said. The company’s board have recommended a dividend of Rs 17 per equity share of Rs 10 each for the financial year ended March 31, 2017, subject to shareholders’ approval.
“FY17 has been a mixed year for us in terms of business performance. Our domestic sales grew 8 percent over last year, due to good growth in our herbicides and fungicides portfolio. But, our exports turnover was adversely affected due to reduced global demand,” van der Merwe said.
He said good commodity prices of vegetables provided a strong impetus to farmers to invest further on crop protection products. “This led to an exceptional growth in our portfolio of vegetables. Our new product launches in 2016 – Luna Experience for grapes and Movento Energy for vegetables, was well received by our growers,” he added.