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Bayer CropScience reported 31.38% drop in net profit Q2 total to ₹154.1cr

Bayer CropScience reported 31.38% drop in net profit Q2 total to ₹154.1cr

Bayer CropScience reported a 31.38% drop in net profit for the quarter ended September, bringing the total to ₹154.1 crores. The company’s net profit for the 2020-21 fiscal year was ₹224.6 crores, according to a statement from Bayer CropScience.

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Revenue from operations fell 1.19% to ₹1,365.1 crores in the third quarter of the previous fiscal year, compared to ₹1,381.6 crores in the same quarter the prior year.

‘We saw a 1% drop in revenue in the second quarter compared to the same period last year.’ A tough season for our corn seeds portfolio and margin pressure in our Crop Protection business reduced overall profitability.

‘The Kharif corn season saw a decrease in acreages due to reduced relative profitability of corn for the producer compared to other crops, as well as some weather-related events resulting to greater seed returns in the second quarter,’ said Mr. Duraiswami Narain, CEO and Managing Director of Bayer CropScience.

He noted that rising material and shipping costs, as well as product mix, had an impact on the Crop Protection division, which was somewhat mitigated by product price increases.

‘We will continue to engage in capacity-building programs for smallholder farmers in India, particularly through the growth of the Better Life Farming program and new business models like e-commerce and Food Chain Partnerships,’ says the statement.

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‘We look forward to accelerating ideas that support precision farming, resource efficiency, and sustainability now that drones are available for agriculture,’ Narain added.