Bayer CropScience Sees Profit Slump Amid Rising Expenses

Bayer CropScience Ltd, India's division of Bayer AG, reported a 38.85% drop in net profit for Q2 2024, despite increased income, due to higher expenses. The company attributes revenue rise to higher volumes, though margins dwindled due to elevated production costs and price pressures.

Bayer CropScience Ltd, the Indian arm of German corporation Bayer AG, announced a steep 38.85% decline in net profit for the September 2024 quarter, amounting to Rs 136.3 crore, burdened by increased expenses.

Despite the downturn in profit from last year's Rs 222.9 crore, the firm experienced a boost in total income, which climbed to Rs 1,761.3 crore in the second quarter of this fiscal year, compared to Rs 1,633.3 crore the previous year.

Cost surges, rising by 18.34% to Rs 1,571.2 crore, impacted margins, with adverse weather and rising production costs cited by Managing Director and CEO Simon Wiebusch as key factors.

(With inputs from agencies.)