Bayer CropScience Q4 Net Profit Drops 39.43% On Lower Income

Bayer CropScience Q4 Net Profit Drops 39.43% On Lower Income

The company had posted a net profit of Rs 158.5 crore a year earlier, a statement said.

PTIUpdated: Friday, May 24, 2024, 03:39 PM IST
article-image

Bayer CropScience Ltd, the Indian unit of German crop science group Bayer AG, has reported a 39.43 per cent slump in net profit to Rs 96 crore for the fourth quarter of the 2023-24 fiscal, hurt by lower income.

Income Declines By 18%

The company had posted a net profit of Rs 158.5 crore a year earlier, a statement said.

Its total income for the fourth quarter declined about 18 per cent to Rs 821.1 crore from Rs 1,003.2 crore in the year-ago period.

For the full year ended March 2024, the net profit dropped 2.33 per cent to Rs 740.5 crore, while total income dipped marginally to Rs 5,184.2 crore from Rs 5,203.6 crore a year ago.

"Despite weather challenges and lower reservoir levels affecting crop protection volumes, our performance remained resilient," said its managing director and chief executive officer Simon Wiebusch. | Representational Image

Low Revenue Due to Herbicide

"Despite weather challenges and lower reservoir levels affecting crop protection volumes, our performance remained resilient," said its managing director and chief executive officer Simon Wiebusch.

While revenue took a hit due to lower prices of its roundup herbicide and inventory management initiatives, the company's corn seeds business continued to grow, Wiebusch added.

Prudent spending helped the company keep operational expenses flat during the quarter, the company said.

Its Chief Financial Officer Simon Britsch said the firm's strategic focus on managing inventory and cost controls helped bolster its bottom line for the year.

RECENT STORIES

Hero FinCorp Raises ₹260 Crore In Pre-IPO Round, Cuts Fresh Issue Size To ₹1,840 Crore

Hero FinCorp Raises ₹260 Crore In Pre-IPO Round, Cuts Fresh Issue Size To ₹1,840 Crore

Iran-Israel Conflict Escalates, Global Markets In Turmoil & Indian Wallets Under Pressure; Here’s...

Iran-Israel Conflict Escalates, Global Markets In Turmoil & Indian Wallets Under Pressure; Here’s...

Stock Market On Edge Amid Global Uncertainty, Investors Watch Iran-Israel Tensions, Oil & Fed Rate...

Stock Market On Edge Amid Global Uncertainty, Investors Watch Iran-Israel Tensions, Oil & Fed Rate...

HDFC Gives Good News To Crores Of Home Loan Customers, Interest Rate Cut Will Benefit The Common Man

HDFC Gives Good News To Crores Of Home Loan Customers, Interest Rate Cut Will Benefit The Common Man

Iran-Israel Conflict Escalates, How Worsening Tensions Could Affect India's Imports & Exports

Iran-Israel Conflict Escalates, How Worsening Tensions Could Affect India's Imports & Exports