Bayer CropScience shares sank six percent in trade on May 24 after the chemical manufacturing player's net profit declined 40 percent for the quarter ended March.
The firm reported a 39.4 percent fall in net profit at Rs 96 crore in Q4FY24 as compared to Rs 158.5 crore in Q4FY23.
The revenue sank 19.4 percent year-on-year to Rs 791.5 crore as against Rs 982.5 crore in the March quarter of 2023.
At 12.15 pm, Bayer CropScience shares were quoting at Rs 5,278.2 apiece on the NSE, lower by 5.6 percent as compared to the previous session's closing price.
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"Despite weather challenges and lower reservoir levels affecting crop protection volumes, our performance remained resilient. While revenue from operations witnessed a decline owing to Roundup price developments and proactive channel management, our corn seeds business continued its growth trend," said Simon Wiebusch, MD and CEO, Bayer CropScience.
He added that prudent spending kept operational expenses flat.
"We remain positive on the overall agricultural landscape in India and reconfirm our commitment to sustainable growth which entails dealing with the cyclical nature of our business proactively," said Wiebusch.
Over the past year, Bayer CropScience stock has risen around 30 percent. During the same time period, the benchmark equity index Nifty 50 clocked a gain of 25 percent.
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