Bayer CropScience Q2 profit up 19% at Rs190.6 crore
Mumbai: Bayer CropScience Ltd Tuesday said its profit jumped by 19.79% at Rs190.6 crore for the quarter ended September 2017 as compared to profit of Rs159.1 crore in the Q2 of FY17.
The company registered revenue from operations of Rs1,232 crore for Q2 FY18, marking an increase of 6% from Rs1,160 crore for the corresponding quarter in FY17, a company statement said in Mumbai. For the half-year ended 30 September 2017, the company posted lower revenue from operations of Rs1,969.1 crore as compared to Rs2,015.5 crore for the corresponding quarter in FY17, it said.
The half-yearly performance was affected due to a poor first quarter and the impact of introduction of goods and services tax (GST). The company reported a profit of Rs302.3 crore in first half of financial year 2017-18, said the release.
“We achieved a 6 per cent growth in Q2, FY18 compared to Q2, FY17. Sales figures for the corresponding quarter of last year included excise duty, which is now included in GST. Liquidation continued to be impacted because of erratic monsoons and uneven rainfall distribution. Looking ahead, we expect the difficult market conditions to persist. Therefore our outlook for Q3 remains modest,” Bayer CropScience managing director Richard van der Merwe said.
Elaborating on the highlights for first half of FY18, Merwe said, “Bayer CropScience continued to introduce innovation to the Indian market in the form of new product launches. In crop protection, we launched two new insecticides: Sivanto prime for okra and Movento for chillies.”
The company has also launched a new fungicide, Emesto Prime for potatoes. “In seeds, we launched three new rice hybrids: Arize AZ 8433 DT, Arize AZ 6453 and Arize AZ 6508. Arize 8433 DT is our hybrid rice seed with inbuilt protection against one of the worst pests in Indian rice fields, the brown plant hopper (BPH). In environmental science, we launched Maxforce Quantum, an insecticide for professional pest management of ants,” he said.