Bayer Cropscience Q2 Results Review


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Prabhudas Lilladher Report

Bayer Crop Science Ltd. reported better than expected results during Q2 FY23 led by strong performance from crop protection portfolio and product liquidation.

While remunerative corn prices in the domestic market has resulted into strong sales of corn hybrids during the kharif season.

Bayer Crop Science reported revenue growth of 6% YoY to Rs 14.5 billion (our estimate: Rs 14.8 billion). Ebitda grew by 7% YoY to Rs 2.3 billion and was higher than our as well as consensus estimate.

We believe, better performance in the crop protection business was aided by higher realisations in Glyphosate.

While decent revenue growth coupled with price hikes taken in the recent past helped to partially mitigate the cost inflation. Corn seeds business witnessed better liquidation in kharif 2022 led by remunerative crop prices.

While rice hybrids were impacted due to delay in monsoons and unfavorable weather conditions.

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