Bayer's India unit posts quarterly profit rise as expenses shrink
Bayer's India unit posts quarterly profit rise as expenses shrink Aug 5 (Reuters) - Bayer CropScience BAYE.NS posted a 15.4% rise in first-quarter profit on Wednesday on lower expenses, even as a weak start to the monsoon weighed on demand.
The company, the Indian unit of Germany-based drugs and pesticides maker Bayer AG BAYGn.DE, posted a profit of 3.22 billion rupees ($33.85 million) for the quarter ended June 30.
Expenses fell 4.8%, helped by an inventory-related gain of 743 million rupees.
A weak start to India's monsoon in June delayed planting and farmers' purchases during the early part of the kharif season, weighing on demand for crop-protection products and other farm inputs.
The agrochemical company's revenue fell 4.2% to 18.35 billion rupees.
On August 4, parent company Bayer posted a 1.9% gain in quarterly adjusted profit.
($1 = 95.1175 Indian rupees)
(Reporting by Mridula Kumar in Bengaluru; Editing by Ronojoy Mazumdar and Janane Venkatraman)
((mridula.kumar@thomsonreuters.com))
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