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Anand Rathi Report
In a seasonally lean period, Bayer CropScience Ltd. reported a weak set of figures, far lower than we and the consensus estimated, with Q4 revenue/ Ebitda/profit after tax falling 19/53/39% YoY.
Amid hurdles posed by the weather and unfavourable market dynamics, the 19% YoY revenue dip was due to-
lower crop-protection volumes,
developments in Roundup (glyphosate) and
proactive channel management in the crop-protection business.
The higher-margin corn hybrid business grew YoY in volumes and held a bright spot, leading to the gross margin expanding 140bps YoY. However, inferior operating leverage hurt the Ebitda margin, which came at 12.2%, down 875 bps YoY.
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