Bayer CropScience Q2 profit down 25 pc to Rs 143 cr

Bayer CropScience Tuesday posted 25.13 per cent drop in net profit to Rs 142.7 crore for the quarter ended September 30, on sluggish sales.

The company had clocked a net profit of Rs 190.6 crore in the September quarter of 2017-18, it said in a BSE filing.

Net income in the reported quarter declined to Rs 1,113.9 crore from Rs 1,245.3 crore in the same period last year.

"Sales were affected due to an erratic season marked by uneven rainfall and hailstorms that damaged standing crops in several parts of the country," Bayer CropScience Vice Chairman & MD Richard van der Merwe said.

Based on opportunities in the fruits and vegetables segment and in rice, the company expects a good performance in the third quarter and for the rest of the year, he added.

The board has approved appointment of Duraiswami Narain as additional director of the company with effect from Tuesday, the filing added.

In June this year, Bayer completed the USD 63 billion mega deal to acquire US-based Monsanto to create the world's biggest agro-chemical and seed company. The acquisition has been completed globally but is still in process in India.

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.

Shares of the company fell 0.12 per cent to settle at Rs 4211.65 a piece on BSE.