NEW DELHI: Bayer CropScience Ltd today reported 32 per cent increase in its net profit at Rs 147.2 crore for the first quarter of this fiscal.
Its profit stood at Rs 111.7 crore in the year-ago period, the company said in a regulatory filing.
The revenue from operations increased to Rs 831.8 crore during April-June quarter as compared to Rs 737.1 crore in the corresponding period of the previous year.
Profit for the period stood at Rs 1,472 million compared to Rs 1,117 million in the corresponding period of the previous financial year.
The company's vice chairman and managing director Richard van der Merwe said: "Good commodity prices in the first quarter of the financial year created a positive market sentiment. This led to farmers increasing their spend on crop protection products."
"We remain confident that FY 2018-19 will be a year of positive growth for our company. In the months ahead, we will launch several new products which will benefit farmers in both Kharif 2018 and 2019," he added.
Last month, German chemical and pharma major Bayer AG announced completion of the USD 63 billion mega-deal to acquire US-based biotech major Monsanto to create the world's biggest agro-chemical and seed company.
Bayer group is present in India since 1896 and it has two divisions — crop science and pharmaceutical. The group has one listed entity in India — Bayer CropScience Ltd.
Bayer India had an annual revenue of 600 million euros (about Rs 4,700 crore) in 2017.