New Delhi, Nov 13 (PTI) Bayer CropScience Ltd, the Indian unit of German crop science group Bayer AG, on Wednesday posted a 38.85 per cent slump in net profit to Rs 136.3 crore in the September 2024 quarter, hurt by higher expenses.
The company reported a net profit of Rs 222.9 crore a year earlier, according to a regulatory filing.
Its total income rose to Rs 1,761.3 crore in the second quarter of this fiscal from Rs 1,633.3 crore in the year-ago period.
However, expenses remained higher by 18.34 per cent to Rs 1,571.2 crore against Rs 1,327.6 crore in the said period a year ago.
Its Managing Director and CEO Simon Wiebusch said the Q2 increase in the revenue from the operations was primarily driven by higher volumes which were partially offset by price pressure rooted in lower producer prices in China.
"Our margins were negatively impacted by higher production costs in corn seeds due to adverse weather conditions as well as a higher cost of goods sold in our chemical business," he said.
Despite these headwinds, the company is looking forward to a stronger rabi and spring season, delivering sustainable, long-term value for our stakeholders, he added.
Its CFO Simon Britsch said the company maintains a strong focus on cash flow generation and prudent operational expense management.
"However, we witnessed one-time effects from higher receivables and employee severance provisions. As we look forward, we are confident in our ability to continue with further growth investments and distributing a significant share of our profit to our owners," he added.
The board approved an interim dividend of Rs 90 per share amounting to Rs 404.5 crore for the current fiscal.