Bayer's India unit posts quarterly profit rise on crop protection boost
Bayer's India unit posts quarterly profit rise on crop protection boost May 26 (Reuters) - Bayer CropScience BAYE.NS posted a 13.1% rise in fourth-quarter profit on Tuesday, as steady momentum in its herbicides and pesticides portfolio helped outweigh softer demand for corn seeds.
The Indian unit of German drugs and pesticides maker Bayer AG BAYGn.DE posted a profit of 1.62 billion rupees ($16.93 million) for the quarter ended March 31, from 1.43 billion rupees a year ago.
Here are key details:
The agrochemical company's revenue rose 5.2% to 11.01 billion rupees, while expenses rose 2.8%.
The firm said revenue growth came in below its expectations due to a challenging external environment.
"While corn saw a softer season, our diversified portfolio sustained momentum," the company said.
Analysts at Elara Capital had warned ahead of the results that lower volumes, coupled with inflation in raw material costs due to the Middle East conflict, would exert some pressure.
($1 = 95.6800 Indian rupees)
(Reporting by Mridula Kumar in Bengaluru; Editing by Janane Venkatraman)
((mridula.kumar@thomsonreuters.com))
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