BENGALURU, Aug 8 (Reuters) - Bayer CropScience (BAYE.NS) , opens new tab, the Indian unit of German drug and pesticide maker Bayer AG (BAYGn.DE) , opens new tab, reported a 22.6% fall in its first-quarter profit on Thursday due to sluggish demand for its crop-protection products.

The company's profit for the April-June quarter declined to 2.54 billion rupees ($30.3 million), while revenue dropped by 6.2% to 16.31 billion rupees from 17.4 billion rupees a year earlier.

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KEY CONTEXT

Agrochemical and fertilizer companies experienced a lackluster performance in the first quarter due to factors such as excessive inventory in the domestic market, leading to continuous pressure on volume and margins.

Peer UPL (UPLL.NS) , opens new tab posted a bigger-than-expected quarterly loss as it took a hit from rising input costs.

PEER COMPARISON

* Mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell ** Ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

APRIL-JUNE STOCK PERFORMANCE

-- All data from LSEG IBES

-- $1 = 83.9280 rupees

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https://www.reuters.com/markets/commodities/indias-bayer-cropscience-q1-profit-falls-sluggish-demand-2024-08-08/