MUMBAI, March 30: Bayer India has registered a 7.43 per cent increase in net profit to Rs 9.83 crore for the year ended December 31, 1997 as against Rs 9.15 crore in the previous year. The board has recommended a dividend of 25 per cent for the year.Sales and related income rose by 5.78 per cent to Rs 483.37 crore from Rs 456.95 crore in the previous year. Profits before tax increased 3.20 per cent to Rs 15.24 crore. Provision for taxation was Rs 5.40 crore.
Total expenditure other than interest and depreciation was Rs 436.69 crore as against Rs 409.47 crore in the previous year. Interest and depreciation for the period stood at Rs 27.04 crore and Rs 10.74 crore respectively.
A major contribution to the turnover came from the agrochemicals business which registered an impressive growth, despite adverse agroclimatic conditions. During the year, new products like Kelthane, an acaricide used for control of mites, Goal, a herbicide, and a fungicide used to control powdery mildew, Karathane werelaunched.
Sales of rubber chemicals in terms of volume grew marginally with export volumes more than doubling. Valuewise sales were, however, lower and had been impacted by a reduction in import tariffs and a downward trend in international prices which was compounded by a slump in the local user industry.
In the field of consumer care products, sales grew both in volume and value. Key brands Baygon Power, a broad spectrum insecticide aerosol, recorded satisfactory growth. A range of new products like Baygon Knockout, a specialised flying insect killer aerosol, and Baygon coil were test- marketed during the year.
Solfac, a residual spray for control of vector mosquitoes continued to be a major contributor in the public health segment.
The company added that the lack of critical mass and restrictive pricing policies of the government had resulted in an insignificant contribution from the healthcare business.
Bayer India is, however, optimistic about its performance in the current year despite theuncertain business environment.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
