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Bayer CropScience stock slumps 1.5% on lackluster Q2FY22 earnings

Crop Protection business was impacted by higher material & logistics costs and product mix, partially offset by product price increases.

November 02, 2021 9:17 IST | India Infoline News Service
Bayer CropScience
Bayer CropScience Limited has announced its unaudited results for the quarter (Q2) and half year ended (H1) September 30, 2021.

For Q2 ended September 30, 2021, Bayer CropScience Limited (BCSL) registered Revenue from Operations of Rs1365.1cr as compared to Rs1381.6cr in the corresponding period of FY 2020- 21.

Profit Before Exceptional Items and Tax stood at Rs219.5cr, compared to Rs296cr in the corresponding period of the previous financial year.

For the H1 ended September 30, 2021, BCSL reported Revenue from Operations of Rs2781cr compared to Rs2609.4cr for the corresponding period in FY 2020-21.

Profit Before Exceptional Items and Tax for the H1 ended September 30, 2021 stood at Rs539.5cr, compared to Rs609.8cr for the corresponding period in FY 2020-21.

Speaking about the financial results, D. Narain, CEO & Managing Director of Bayer CropScience Limited, said, “Our half-yearly revenue growth of 7% was primarily driven by Crop Protection products including the herbicide Roundup and new product launches while our second quarter revenue declined by 1% compared to last year.

Overall profitability was impacted by a challenging season for our Corn Seeds portfolio and pressure on margins in our Crop Protection business. The Kharif Corn season witnessed a drop in acreages owing to lower relative profitability of Corn for the grower versus other crops, as well as some weather-related events leading to higher seeds returns in the second quarter.

Crop Protection business was impacted by higher material & logistics costs and product mix, partially offset by product price increases. Given unseasonal rains and subsequent slowing of liquidation in late September, we consciously reduced our channel placements.”

D. Narain added, “We will continue to focus our investments on capacity building programs for smallholder farmers in India, especially through the continuing expansion of the Better Life Farming program and new business models such as eCommerce and Food Chain Partnerships. With drones now being available for agriculture, we look forward to accelerating innovations that foster precision farming, resource efficiencies and sustainability.”

This year marks also 125 years of Bayer’s presence in India. The Company has made significant contributions towards advancing agriculture and healthcare in the country while promoting inclusive and sustainable growth through innovation.

To commemorate Bayer’s presence in India for 125 years, the Board of Directors of Bayer CropScience Limited (BSE: 506285) declared a special dividend for the financial year ending March 31, 2022 amounting to Rs125/- per equity share for 44,942,092 Equity Shares of Rs10/- each. The record date for the purpose of determining the entitlement for payment of special dividend is fixed as November 13, 2021.

At around 9:16 AM, Bayer CropScience was trading at Rs4,945 per piece lower by 1.50% on Sensex.

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