Kotak cuts Bayer Cropscience outlook on falling glyphosate rates, high inventory

Bayer Cropscience

17/03/2023 08:16

** Brokerage Kotak Institutional Equities cuts Bayer
Cropscience's  BAYE.NS  profit after tax (PAT) outlook for 2023
by 12% to 6.3 mln rupees ($76,396.05)
    ** Analysts say co's Q4 earnings at risk of fall on higher
base, high-channel inventory
    ** Falling glyphosate prices "likely to weigh on near-term
earnings" - note
    ** El Nino effect forecast "adds to further uncertainty for
upcoming year", despite boost in demand on remunerative crop
prices - Kotak
    ** Co has few significant launches ahead, note adds
    ** However, Kotak upgrades BAYE from "sell" to "reduce" on
recent price corrections
    ** Stock has fallen nearly 19% so far this year 
    

($1 = 82.4650 Indian rupees)

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))