Bayer CropScience today posted 71 per cent dip in its net profit to Rs 10.7 crore in the third quarter of the current fiscal on poor sales.
Net profit stood at Rs 36.8 crore in the same period last year, the company said in a regulatory filing.
The net income fell sharply to Rs 482.6 crore in the October-December period of the 2017-18 fiscal from Rs 716 crore in the year-ago period.
Expenses, however, remained lower at Rs 470.7 crore as against Rs 658.4 crore in the said period.
The company said the sales figures for the corresponding quarter of the 2016-17 fiscal included excise duty, which is now included in goods and services tax (GST).
Bayer CropScience Limited Vice Chairman and Managing Director Richard van der Merwe said: "Erratic rainfall in October disrupted normal agricultural operations and affected our sales."
Low commodity prices led to farmers reducing their use of agro-chemicals. "We are hopeful that a good monsoon in 2018 will help to improve the market situation," he said.
With the pipeline of innovative products and solutions, the company will continue to collaborate with farmers to shape the future of Indian agriculture, he added.
Shares of the company fell 9.26 per cent to settle at Rs 4,148.65 apiece on BSE today.
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