Bayer CropScience on Monday posted an 8.55 per cent increase in net profit to Rs 328.5 crore for the June quarter on the back of higher income.
Its net profit was Rs 302.6 crore in the same quarter of the previous financial year, according to a regulatory filing.
Total income of the company in the first quarter of the current fiscal increased 4.33 per cent to Rs 1,739.6 crore as against Rs 1,667.4 crore in the year-ago period.
The expenses rose to Rs 1,354.2 crore during the quarter as against Rs 1,299.3 crore a year ago.
“In the first quarter of 2023-24, despite the impact of a delayed monsoon, we continued to see strong growth in sales and liquidation of our crop protection portfolio,” Bayer CropScience Executive Director Simon-Thorsten Wiebusch said.
As expected, the company witnessed roundup herbicide price normalisation, impacting overall sales growth, he said, adding that corn seeds continue to yield strong results with volume growth driven by portfolio and better acreage in kharif.
The company’s chief financial officer, Simon Britsch, said, “We have continued to proactively manage costs and invest in targeted growth opportunities, resulting in increased profit before tax by 6 per cent.” Shares of the company rose 0.48 per cent on Monday to settle at Rs 4,591.85 apiece on the BSE.
