Bayer Cropscience slips on weak Q1 results

Bayer Cropscience was down 3.46% to Rs 3158.20 at 11:40 IST on the BSE after net profit fell 48.5% to Rs 75.75 crore on 20.2% decrease in net sales to Rs 663.60 crore in Q1 June 2019 over Q1 June 2018.

The result was announced after trading hours yesterday, 23 July 2019.

Meanwhile, the S&P BSE Sensex was down by 263.61 points, or 0.69% to 37,719.13.

On the BSE, 688 shares were traded in the counter so far compared with average daily volumes of 253 shares in the past two weeks. The stock had hit a high of Rs 3214.55 so far during the day. It hit a 52-week high of Rs 4565 on 3 September 2018. The stocks has hit an intraday low of Rs 3150, which is also a 52-week low for the scrip.

"Late onset of monsoon and delayed Kharif sowing season resulted in deferment of product placement in the market, which impacted our Q1 results. While the rain deficit has reduced in July and would support improved sales growth in Q2, significant rain delays continue in some areas of Western and Southern India, which could impact our results," said, D. Narain, vice chairman & managing director and CEO of Bayer CropScience.

In Q1, the company's shareholders approved the merger of Monsanto India with Bayer CropScience. The final approval of the National Company Law Tribunal (NCLT) is awaited to make the merger effective.

Sharing an outlook for the year ahead, Simon-Thorsten Wiebusch, the company's chief operating officer, stated that the company's new product launches in crop protection - Velum prime (insecticide), Evergold Xtend (fungicide) and Council active (herbicide) have been accepted very well by farmers.

Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition.

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