Bayer CropScience today posted a net loss of Rs 36.1 crore in the fourth quarter of the 2016-17 fiscal on sluggish sales in South India due to poor northeast monsoon.
The company had reported a net profit of Rs 19.4 crore in the same quarter last year.
"Our Q4 results were impacted due to a poor northeast monsoon in the southern states of India, which resulted in low water levels in reservoirs. This led to poor investment in crops like rice and vegetables in southern India, which contribute to nearly 65 per cent of our Q4 sales," the company's Vice Chairman and Managing Director Richard van der Merwe said in a separate statement.
However, the company sees a high growth prospects in 2017-18 fiscal on hopes of good monsoon. "We also plan to launch, new crop protection products in the second half of 2017, subject to regulatory approvals," he said.
As per the BSE filing, the company's revenue fell sharply to Rs 253.4 crore in the fourth quarter in 2016-17 fiscal from Rs 485.3 crore in the year-ago period.
However expenses remained lower at Rs 305.7 crore as against Rs 456.4 crore in the said period.
For the FY 2016-17, Bayer CropScience posted a 7.64 per cent fall in its net profit to Rs 291 crore as compared to Rs 315.1 crore in the previous year.
Total revenue though remained slightly higher at Rs 3,018.5 crore as against Rs 2,971.1 crore, but the expenses were up at Rs 2,570.6 crore as against Rs 2,489.5 crore in the said period.
Stating that 2016-17 was a "mixed year", Merwe said, "Our domestic sales grew 8 per cent over last year, due to good growth in our herbicides and fungicides portfolio. But, our exports turnover was adversely affected due to reduced global demand."
The board of directors has recommended a dividend of Rs 17 per equity share of Rs 10 each for the 2016-17 fiscal, subject to shareholders' approval at the upcoming Annual General Meeting.
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