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Prabhudas Lilladher Report
Bayer CropScience Ltd. reported better than expected results during Q4 FY22. It reported revenue growth of 31% YoY to Rs 9.6 billion (FY22, up 11% YoY to Rs 47.3 billion), was better than our estimates of Rs 7.3 billion.
Ebitda surged by 143%YoY to Rs 2.0 billion and was higher than our as well as consensus estimate. Key highlights are:
clocked double digit revenue growth in crop protection business driven by better growth in herbicide category coupled with prudent channel management and demand generation;
lower corn acreages in Kharif coupled with untimely rains in Rabi season offset by recovery in Spring season for maize hybrids (revenue of Rs 1.83 billion in Q4 FY22);
gross margins up 590 bps YoY to 50.5% which we believe was primarily led by higher price realisations in crop protection segment and higher maize seed sales (higher margin business);
Bayer CropScience's healthy improvement in gross margins coupled with superior operating leverage resulted into an Ebitda margin expansion of 960 bps YoY to 20.8%.
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