India's Bayer CropScience posts fall in Q3 profit on soft demand

Bayer Cropscience

01/02/2024 13:05

BENGALURU, Feb 1 (Reuters) - Bayer CropScience  BAYE.NS , the Indian unit of German drug and
pesticide maker Bayer AG  BAYGn.DE , reported a 31% fall in quarterly profit on Thursday, hurt by sluggish
demand for its crop-protection products. 
    The company's profit fell to 931 million rupees ($11.2 million) during the three months ended Dec. 31
from 1.35 billion rupees a year earlier. 
    Revenue from operations fell 8% to 9.55 billion rupees.  
    For further results highlights, click  urn:newsml:reuters.com:*:nFWN3EM0UG
    
    KEY CONTEXT
    The results come at a time when agro-chemical companies are grappling with reduced demand for
crop-protection products and declining prices of glyphosate, a critical herbicide, amid intense competition
from Chinese generic varieties.
    India also experienced the worst monsoon since 2018, resulting in tepid demand for agro-chemical
products. 
    
  PEER COMPARISON
                             Estimates       Analysts' sentiment                    
                             (next 12                                               
                             months)                                                
                      RIC    PE     EV/EBI  Revenue     profit    Mean     # of     Stock to       Div
                                    TDA     growth      growth    rating*  analyst  price          yield
                                                                           s        target**       (%)
 Bayer Cropscience                                                                             
 PI Industries Ltd                                                                             
 Rallis India Ltd                                                                              
 UPL Ltd                                                                                       
 * The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is
trading above the PT
    
 STOCK PERFORMANCE 
   

     -- All data from LSEG  
    
($1 = 82.9450 Indian rupees)

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 (Reporting by Nishit Navin and Kashish Tandon in Bengaluru; Editing by Sohini Goswami)
 ((Nishit.Navin@thomsonreuters.com;))