In the wake of weaker sales in Rabi season, Bayer CropScience’s profit has dipped in FY 2018-19. The company has announced its audited results for the financial year (FY) and quarter ending March 31, 2019. In FY 2018-19, the company registered revenue from operations of Rs. 26,85.7 crore, compared to Rs. 27,49 crore in the previous year. Profit for the year stood at Rs. 2,37.6 crore, compared to Rs. 3,00.1 crore in the previous year.
In Q4 of FY 2018-19, the company registered revenue from operations of Rs. 1,28.8 crore and loss for the quarter of Rs. 79.8 crore. Highlighting the quarterly results, D. Narain, Vice Chairman & Managing Director and CEO of Bayer CropScience said, “Adverse weather and drought led to a weaker than expected Rabi season. This affected our fourth quarter performance and we shifted our focus on receivables collection and channel inventory reduction. While overall crop economics remain stressed in the near-term, we are convinced about the long-term potential of the market. We will continue to contribute towards sustainable agriculture and prosperity for Indian farmers through product innovation, digitalisation and partnerships,” Narain added.
Sharing the future outlook for Bayer CropScience, Narain, said, “Based on the anticipated completion of the merger in India, we envisage new market opportunities and operational synergies from the integration with Monsanto. In the short to medium term, our robust line-up of new products in crop protection and hybrid seeds will help us expand our farmer reach to new crop segments.”
“We also plan new launches in Environmental Science to boost the Indian public health market. Besides new products, Bayer CropScience will accelerate business growth through new business models that will offer tailored agronomic solutions to farmers,” Narain added.
The Board of Directors have recommended a dividend payment of Rs. 18 per equity share of Rs.10 each for the financial year ended March 31, 2019, subject to the shareholders’ approval.
Bayer is a global enterprise with core competencies in the life science fields of healthcare and nutrition. Its products and services are designed to benefit people by supporting efforts to overcome the major challenges presented by a growing and aging global population. At the same time, the group aims to increase its earning power and create value through innovation and growth.