Bayer CropScience falls 8% on disappointing Q2 results

The stock dipped 8% to Rs 3,865 on the BSE after the agrochemicals company reported 25% drop in its net profit at Rs 1,427 million in September quarter, due to lower operational income.

Shares of agrochemicals firm Bayer CropScience dipped 8% to Rs 3,865 on the BSE after it reported 25% drop in its net profit at Rs 1,427 million in September quarter, due to lower income. The company had profit of Rs 1,906 million in the corresponding quarter of previous fiscal.

In Q2 of FY2018-19, the company registered revenue from operations of Rs 11,041 million as compared to Rs 12,320 million in the corresponding period of FY2017-18.

“Sales were affected due to an erratic season marked by uneven rainfall and hailstorms that damaged standing crops in several parts of the country,” said Richard van der Merwe, vice chairman & managing director, Bayer CropScience.

Based on opportunities in the fruits & vegetables segment and in rice, the company said it expect a good performance in the third quarter and for the rest of the year.