Mumbai - Bayer CropScience Limited (BSE: 506285) announced today its unaudited results for the quarter and half-year ended September 30, 2017.
For the quarter ended September 30, 2017, the Company registered Revenue from Operations of Rs.12,320 million for FY 2017-18, marking an increase of 6 percent from Rs.11,600 million for the corresponding quarter in FY 2016-17. The Company reported Profit for the period of Rs.1,906 million.
Commenting on the second quarter results and future outlook, Richard van der Merwe, Vice Chairman & Managing Director, Bayer CropScience Limited, said, 'We achieved a 6 percent growth in Q2, FY 2017-18 compared to Q2, FY 2016-17. Looking ahead, we expect the difficult market conditions to persist. Therefore our outlook for Q3 remains modest.'
For the half-year ended September 30, 2017, the Company registered Revenue from Operations of Rs.19,691 million, compared to Rs.20,155 million for the corresponding quarter in H1 FY 2016-17. The half-yearly performance was affected due to a poor first quarter and the impact of GST introduction. The Company reported Profit for the period of Rs.3,023 million in H1 FY 2017-18.
Elaborating on the highlights for H1 FY 2017-18, Mr. van der Merwe said, 'Bayer CropScience Limited 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. We 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 in particular, 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.'
Bayer: Science For A Better Life
Bayer is a global enterprise with core competencies in the Life Science fields of health care and agriculture. Its products and services are designed to benefit people and improve their quality of life. At the same time, the Group aims to create value through innovation, growth and high earning power. Bayer is committed to the principles of sustainable development and to its social and ethical responsibilities as a corporate citizen. In fiscal 2016, the Group employed around 99,600 people and had sales of EUR 34.9 billion. Capital expenditures amounted to EUR 2.2 billion, R&D expenses to EUR 4.4 billion.
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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.