Bayer CropScience on July 23 reported a 60 per cent decline in net profit at Rs 59.3 crore for the first quarter ended June 30 on poor income. Net profit stood at Rs 147.2 crore in the same quarter last year, the company said in a regulatory filing.
Total income declined to Rs 670.8 crore during the period under review from Rs 842.9 crore in the year-ago quarter.
Total expenses stood at Rs 553.4 crore, lower than Rs 613 crore in the year-ago period.
"Late onset of monsoon and delayed kharif sowing season resulted in deferment of product placement in the market, which impacted our Q1 results," Bayer CropScience Vice Chairman, MD and CEO D Narain said.
While the rain deficit has reduced in July and would support improved sales growth in July-September, significant rain delays continue in some areas of western and southern India, which could impact the company's performance, he said.
During the first quarter of 2019-20, the company's shareholders approved the merger of Monsanto India with Bayer CropScience. The final approval of the National Company Law Tribunal (NCLT) is awaited to make the merger effective.
"We are excited to see significant progress on the closure of the anticipated merger with Monsanto India Limited, which will broaden our portfolio of offerings to farmers," Narain added.
In June 2018, German chemical and pharma major Bayer AG had announced completion of the USD 63 billion mega-deal to acquire US-based biotech major Monsanto to create the world's biggest agro-chemical and seed company.
Bayer Group is present in India since 1896 and has two divisions -- crop science and pharmaceutical. The group has one listed entity in India -- Bayer CropScience Ltd.
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