July 23, 2010

Monsanto India's Q1 net profit up 13%

Monsanto India Limited (MIL) has announced its unaudited financial results for the first quarter ended June 30, 2010, and its Profit After Tax (PAT) stands at INR58.66 crores (US$12.4 million), an increase of 13% over the corresponding period last year.

Overall sales at INR201.80 crores (US$42.8 million) compared to INR244.66 crores (US$51.9 million) are down 18% over the corresponding period last year, while sales from ongoing businesses of hybrid corn seeds and Roundup herbicide are up 5% to INR202 crores (US$42.9 million) over the corresponding period last year.

Sharing perspective on the results, Amitabh Jaipuria, Managing Director, MIL said, "As we enter the second quarter, our focus remains steady on product and process innovations, and driving cost efficiencies, while continuing to aggressively invest in breeding research of new maize seeds and market extension services. Farmers have and continue to prefer our Dekalb® hybrid corn seeds and Roundup® herbicide due to the superior performance and value they derive from our products. We will continue to focus on our five key growth drivers - our farmer-centric approach, innovative and diverse product portfolio, robust channel relationships, 360° marketing campaigns, and successful partnerships - all of which can contribute to better yield, improved farmer lives and sustainable agriculture."

MIL, a subsidiary of the Monsanto Company, USA commenced operations in India in 1949. It is listed on the National Stock Exchange of India and Bombay Stock Exchange with approximately 72% of its stock directly or indirectly held by Monsanto Company, USA, and the rest widely by public. The company has corn research breeding facilities located at Ghaziabad and Bangalore; a state-of-the-art Quality Assurance (QA) Lab at Hyderabad; three corn processing facilities at Bellary in Karnataka, Elluru and Shamirpet in Andhra Pradesh; and a herbicide unit at Silvassa.