Bayer Cropscience declined 3.42% to Rs 4,848.90 after the company's standalone net profit dropped 31.4% to Rs 154.10 crore on a 1.2% decline in net sales to Rs 1,365.10 crore in Q2 September 2021 over Q2 September 2020.
The board on Monday, 1 November 2021 declared a special dividend of Rs 125 per equity share for the FY2021-22. The special dividend will be paid to the eligible members of the company whose names appear in the Register of Members as on the record date i.e. Saturday, 13 November 2021 electronically through bank transfer on Tuesday, 30 November 2021.
Speaking on the Q2 financial results, D. Narain, the chief executive officer (CEO) and managing director (MD) of Bayer CropScience, said, "Our half-yearly revenue growth of 7% was primarily driven by Crop Protection products including the herbicide Roundup and new product launches while our second quarter revenue declined by 1% compared to last year."
"Overall profitability was impacted by a challenging season for our Corn Seeds portfolio and pressure on margins in our Crop Protection business. The Kharif Corn season witnessed a drop in acreages owing to lower relative profitability of Corn for the grower versus other crops, as well as some weather-related events leading to higher seeds returns in the second quarter. Crop Protection business was impacted by higher material & logistics costs and product mix, partially offset by product price increases. Given unseasonal rains and subsequent slowing of liquidation in late September, we consciously reduced our channel placements."
"We will continue to focus our investments on capacity building programs for small holder farmers in India, especially through the continuing expansion of the Better Life Farming program and new business models such as eCommerce and Food Chain Partnerships. With drones now being available for agriculture, we look forward to accelerating innovations that foster precision farming, resource efficiencies and sustainability," Mr Narain signed off.
Bayer CropScience is a global enterprise with core competencies in the life science fields of healthcare and nutrition.
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