Bayer Cropscience Q3 Results Review - Decent Performance In Challenging Scenario: Prabhudas Lilladher

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .Prabhudas Lilladher Report.We broadly keep our estimates unchanged for FY23/24/25E. Bayer CropScience Ltd. reported decent set of numbers in Q3 FY23, with revenue up 5% YoY equally split between crop protection and seeds segment. Growth was largely driven by better performance from Maize hybrid seeds and herbicides (Glyphosate) supported by double digit liquidation growth in CP portfolio. We believe strong growth in maize hybrid seeds was primarily on the back of better crop acreages in rabi season (up 16% YoY as on third February-23) supported by remunerative maize prices (up 19% YoY to Rs 2,240/quintal as on January-23). Better product mix has in-turn resulted into 330 basis points sequential improvement in gross margins, despite an inflationary raw material cost scenario (Ebitda margins up 150 bps YoY to 8.2%). In Q3 FY22 Bayer CropScience reported exceptional gains of Rs 1 billion towards sale of environmental science business as against gains of Rs 585 million (towards sale of part of company’s seeds distribution business to Crystal crop protection).Click on the attachment to read the full report:.Sumitomo Chemical Q3 Review - Prolonged Monsoon, High Trade Inventory Impact Primary Sales: ICICI Securities.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Bayer Cropscience Q3 Results Review - Decent Performance In Challenging Scenario: Prabhudas Lilladher

Growth was largely driven by better performance from Maize hybrid seeds and herbicides (Glyphosate)

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