Views:9 Author:Site Editor Publish Time: 2017-06-09 Origin:Site
Bayer CropScience Limited announced its audited results for the financial year (FY) ending March 31, 2017. The Company registered Revenue from Operations of Rs. 29,484 million for FY 2016-17, marking an increase of 2% from Rs. 28,894 million in the previous year. The Company reported Profit for the year of Rs. 2,910 million. The financial statements are prepared in accordance with Indian Accounting Standards (Ind AS).
“2016-17 has been a mixed year for Bayer CropScience Limited in terms of business performance. Our domestic sales grew 8% 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. 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,” said Richard van der Merwe, Vice Chairman & Managing Director, Bayer CropScience Limited.
For the quarter ended March 31, 2017, the Company registered Revenue from Operations of Rs. 2,380 million as compared to Rs. 4,677 million in the corresponding quarter of 2015-16. Loss for the quarter stood at Rs. 361 million for the quarter ended March 31, 2017 as compared to Profit for the quarter of Rs. 194 million posted in the corresponding quarter of 2015-16.
Commenting on the fourth quarter results and the outlook for FY 2017-18, Mr. van der Merwe said, “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% of our Q4 sales. However, provided a good monsoon, we see high growth prospects for Bayer CropScience Limited in FY 2017-18. We also plan to launch, new crop protection products in the second half of 2017, subject to regulatory approvals.”
The Board of Directors have recommended a dividend payment of Rs. 17/- per equity share of Rs.10/- each for the financial year ended March 31, 2017, subject to shareholders’ approval at the upcoming Annual General Meeting.