Bayer Net Up 158% To Rs 10.33 Crore

Bayer (India) posted a 158 per cent rise on an annualised basis in its net profit to touch Rs 10.33 crore for the year ended December 31, 1996. Sales rose 14.8 per cent on an annualised basis to touch Rs 456.95 crore. Gross profits went up by 21.7 per cent while operating profit recorded an increase of 16.35 per cent. EPS rose to Rs 56.47 from Rs 24.66 last year. Bayer has declared a 25 per cent dividend.

It has made a provision for tax on dividend of Rs 0.4 crore for the first time in view of the tax to be paid on the paid-out profits. It's operating margin also improved from 11.83 per cent to 11.99 per cent.

On an annualised basis, net profit went up from Rs 3 crore to Rs 10.33 crore for 1996. Operating profits rose from Rs 47.10 crore to Rs 54.81 crore. Total income recorded a 14.66 per cent climb from Rs 404.91 crore last year to Rs 464.28 crore. Total expenditure other than interest and depreciation moved up by 14.44 per cent from Rs 357.79 crore to Rs 409.47 crore.

The major contribution to the turnover comes from the agrochemicals division followed by the rubber and the healthcare business. New introductions in agrochemicals included bilfen, a synthetic pyrethroid and dithane M-45, a protectant fungicide. Export of metasystox, a synthetic insecticide, and methyl parathion, a broad spectrum contact insecticide, improved during the year.

Successful launch of baycip (ciprofloxacin) and other formulations like adalat oros, an anti-hypertensive drug, resochin DS, an anti-malarial drug, and Baycort, a dermatitis steroid gave the pharma business a boost.

In the consumer care business, Baygon oilspray recorded a volume growth after a few years of stagnation while Baygon Power continued to be the largest selling variant of aerosol insecticide. Autan, a mosquito repellent was also launched during the year.

On the animal health front, Solfac which is a broad spectrum pyrethroid, made a significant contribution to sales. Bayer will launch Asuntol and Kiltix for treating ticks and fleas, Droncit for tapeworm control and Baytril, an anti infective during '97.