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Bayer Cropscience, results, Q2, corn, climate,

Bayer Cropscience Q2 net down 31% at ₹154 crore

PTI Mumbai | Updated on November 02, 2021

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

Bayer Cropscience on Monday reported a 31.38 per cent decline in net profit at ₹154.1 crore for the quarter ended September.

The company’s net profit during the corresponding period of 2020-21 stood at ₹224.6 crore, Bayer Cropscience said in a statement.

Revenue from operations declined by 1.19 per cent to ₹1,365.1 crore, compared to ₹1,381.6 crore in the same quarter of the previous fiscal.

“Our second quarter revenue declined by 1 per cent 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,” Bayer CropScience CEO and Managing Director D Narain said.

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

Also read: Bayer to divest cotton, mustard seed business in India to Crystal Crop Protection

“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 programme and new business models such as e-commerce and Food Chain Partnerships.

“With drones now being available for agriculture, we look forward to accelerate innovations that foster precision farming, resource efficiencies and sustainability,” Narain added.

Published on November 02, 2021

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