Bayer CropScience Ltd Tuesday reported over a twofold jump in net profit to Rs 27.5 crore in the December 2018 quarter of this fiscal on higher sales. It had posted a net profit of Rs 10.7 crore in the year-ago period, according to the company's regulatory filing.
Net income rose to Rs 632 crore during the third quarter of 2018-19, compared with Rs 482.6 crore a year ago. Expenses remained higher at Rs 586.6 crore as against Rs 470.7 crore in the year-ago period.
Bayer CropScience Vice-Chairman and Managing Director D Narain, said: "Against a comparably soft quarter in the previous financial year, we achieved good growth in Q3 due to our strong performance in rice, fruits and vegetables." On the company's future outlook, he said: "We have a strong conviction on the long-term potential of the market with significant opportunities to add sustainable value to our customers (farmers) through product innovation. However, in the near term, overall crop economics in India continue to be stressed."
In June 2018, German chemical and pharma major Bayer AG had 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 has been present in India since 1896 and it has two divisions -- crop science and pharmaceutical. The group has one listed entity in India -- Bayer CropScience Ltd.
(With inputs from agencies.)