The shares of this agrochemical company fell by 5.5% to an intraday low of ₹5,730.05 per share after the company reported muted results.
At 11:43 a.m., Bayer CropScience Ltd shares were trading at ₹ 5,806 per share, down 4.26 percent or ₹258.35 per share from the previous close on the National Stock Exchange. The company has a market capitalization of ₹26,050 crore.
On a consolidated basis, Bayer CropScience Ltd reported a decline of net profit of 30 percent year on year from ₹134 crores in Q3FY23 to ₹93 crores in Q3FY24, Similarly, during the same time frame, revenue has decreased by 8 percent from ₹1,038 crores to ₹955 crores.
In comparison to the previous quarter, operational revenue has fallen by 41 percent from ₹1,617 crores in Q2FY24 to ₹955 crores in Q3FY24, Further net profit has declined by 58 percent from ₹223 crores to ₹93 crores. The company reported in its exchange filing.
Bayer CropScience is engaged in the Agri Care business which primarily includes the manufacture, sale, and distribution of insecticides, fungicides, herbicides, and various other agrochemical products and corn seeds.
The Company’s Crop Protection portfolio comprises a wide range of innovative chemical and biological pest management solutions. It focuses on Insecticides, Fungicides, Herbicides, and Seed Growth. Launched a new insecticide vayego in FY22.
The company accounts for 82% of revenue from the agrochemical business segment followed by 11% from domestic corn seeds.
Based on geographical revenue breakup, the company received 95% of revenues from India, followed by Germany 2% and other countries.
The company has 3 manufacturing locations in Gujarat, Dadra & Nagar Haveli, and Andhra Pradesh. Bayer CropScience Ltd shares have gained 26% in the last six months and 31% in a year.
Bayer CropScience Ltd is the first agrochemical company, to obtain approval to conduct drone-based spraying trails
Written by Omkar Chitnis
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