New Delhi: Agro-chemical firm Bayer CropScience has recently posted 25.13 per cent drop in its net profit at Rs 142.7 crore in the second quarter of the current fiscal on poor sales. Its net profit stood at Rs 190.6 crore in the same quarter previous year, according to a regulatory filing.
Net income declined to Rs 1,104.1 crore during the July-September quarter of the current fiscal from Rs 1,232 crore in the year-ago.
Expenses remained lower at Rs 897.5 crore as against Rs 954.6 crore in the said period.
Commenting on the performance, Bayer CropScience chairman and managing director Richard van der Merwe said: “Sales were affected due to an erratic season marked by uneven rainfall and hailstorms that damaged standing crops in several parts of the country.”
Based on opportunities in the fruits and vegetable segment and in rice, the company expects a good performance in the third quarter and for the rest of the year, he added.
The Board has approved in a meeting held Wednesday Duraiswami Narain’s appointment as additional director of the company with effect from October 23, 2018, it said in a separate regulatory filing.
In June, German chemical and pharma major Bayer AG announced the completion of the USD 63 billion mega-deal to acquire US-based biotech major Monsanto to create the world’s biggest agrochemical and seed company.
Bayer group is present in India since 1896 and it has two divisions cropscience and pharmaceutical. The group has one listed entity in India Bayer CropScience Ltd.