Bayer CropScience Limited reports Q1 results for FY 2019-20
- Revenue from Operations of Rs. 6,636 million
- Profit Before Exceptional Items and Tax for the period of Rs. 1,174 million
Mumbai, July 23, 2019: Bayer CropScience Limited (BSE: 506285) announced today its unaudited results for the first quarter (Q1) of Financial Year (FY) 2019-20. For Q1 ended June 30, 2019, the Company registered Revenue from Operations of Rs. 6,636 million as compared to Rs. 8,318 million in the corresponding period of FY 2018-19. Profit Before Exceptional Items and Tax for the period stood at Rs. 1,174 million, compared to Rs. 2,299 million in the corresponding period of the previous financial year.
“Late onset of monsoon and delayed Kharif sowing season resulted in deferment of product placement in the market, which impacted our Q1 results. While the rain deficit has reduced in July and would support improved sales growth in Q2, significant rain delays continue in some areas of Western and Southern India, which could impact our results,” said, D. Narain, Vice Chairman & Managing Director and CEO of Bayer CropScience Limited.
In Q1, the Company’s shareholders approved the merger of Monsanto India Limited with Bayer CropScience Limited. The final approval of the National Company Law Tribunal (NCLT) is awaited to make the merger effective. “We are excited to see significant progress on the closure of the anticipated merger with Monsanto India Limited, which will broaden our portfolio of offerings to farmers”, added D. Narain.
Sharing an outlook for the year ahead, Simon-Thorsten Wiebusch, the Company’s Chief Operating Officer, stated, “Our new product launches in Crop Protection – Velum prime (insecticide), Evergold Xtend (fungicide) and Council active (herbicide) have been accepted very well by farmers.”
Bayer is a global enterprise with core competencies in the life science fields of health care 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. Bayer is committed to the principles of sustainable development, and the Bayer brand stands for trust, reliability and quality throughout the world. In fiscal 2018, the Group employed around 117,000 people and had sales of 39.6 billion euros. Capital expenditures amounted to 2.6 billion euros, R&D expenses to 5.2 billion euros. For more information, go to www.bayer.com
Communications, Bayer Group in India
This release may contain forward-looking statements based on current assumptions and forecasts made by Bayer management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer’s public reports, which are available on the Bayer website at www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.