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COMPANY REPORT

Bayer CropScience’s revenue from operations for ’16-17 increases by 2%
Friday, 26 May, 2017, 08 : 00 AM [IST]
Our Bureau, Mumbai
Bayer CropScience Limited announced its audited results for the financial year (FY), ending March 31, 2017. It registered revenue from operations of Rs 29,484 million for FY 2016-17, marking an increase of two per cent from Rs 28,894 million in the previous year.

The company registered a profit of Rs 2,910 million for the year. The financial statements are prepared in accordance with Indian Accounting Standards (Ind AS).

“FY 2016-17 has been a mixed year for Bayer CropScience Limited in terms of business performance. Our domestic sales grew eight per cent over the last year, due to good growth in our herbicide and fungicide portfolio,” said Richard van der Merwe, vice-chairman and managing director, Bayer CropScience Limited.

“But, our export turnover was adversely affected due to the reduced global demand. Good commodity prices of vegetables provided a strong impetus to farmers to invest further on crop protection products,” he added.

“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 - were well received by our growers,” van der Merwe said.

For the quarter ended March 31, 2017, the company registered the revenue from operations of Rs 2,380 million as compared to Rs 4,677 million in the corresponding quarter of 2015-16.

The loss for the quarter stood at Rs 361 million for the quarter ended March 31, 2017, as compared to the profit 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, 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 per cent of our Q4 sales,” he added.

“However, provided a good monsoon, we see high growth prospects for Bayer CropScience Limited in FY 2017-18,” van der Merwe said.

“We also plan to launch new crop protection products in the second half of 2017, subject to regulatory approvals,” he added.

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 (AGM).
 
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