The company’s net loss stood at Rs 12.9 crore in the same quarter last year, as per a regulatory filing.
Total income declined to Rs 134.1 crore during January-March quarter of 2018-19 from Rs 306.5 crore in the year-ago period.
“Adverse weather and drought led to a weaker than expected rabi season. This affected our fourth quarter performance and we shifted our focus on receivables collection and channel inventory reduction,” the company’s vice chairman and managing director D Narain said.
While overall crop economics remains stressed in the near-term, the company is convinced about the long-term potential of the market, he said in a separate statement.
“We will continue to contribute towards sustainable agriculture and prosperity for Indian farmers through product innovation, digitalisation and partnerships,” Narain added.
In June 2018, German chemical and pharma major Bayer AG had announced completion of the USD 63 billion mega-deal to acquire US-based biotech major Monsanto to create the world’s biggest agro-chemical and seed company.
On future outlook, Narain said: “Based on the anticipated completion of the merger in India, we envisage new market opportunities and operational synergies from the integration with Monsanto.”
In short to medium term, the company’s robust lineup of new products in crop protection and hybrid seeds will help expand farmer reach to new crop segments, he said.
“We also plan new launches in environmental science to boost the Indian public health market. Besides new products, Bayer CropScience will accelerate business growth through new business models that will offer tailored agronomic solutions to farmers,” he added.
Bayer Group is present in India since 1896 and has two divisions — crop science and pharmaceutical. The group has one listed entity in India — Bayer CropScience Ltd. LUX RVK RVK
News credit : Indiatimes