India's Bayer Cropscience posts Q1 profit rise on corn business strength
07/08/2023 12:50
BENGALURU, Aug 7 (Reuters) - Bayer Cropscience BAYE.NS , the Indian unit of German drug and pesticide
maker Bayer AG BAYGn.DE , on Monday reported an 8.6% rise in quarterly profit, boosted by strong sales in its corn
seeds business.
Profit rose to 3.29 billion rupees ($39.77 million) for the quarter ended June 30, from 3.03 billion rupees a
year earlier.
Revenue from operations grew 4.3% to 17.40 billion rupees.
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KEY CONTEXT
Easing retail inflation during the quarter helped corn-seeds producing businesses like Bayer Cropsciences to
log profits despite a slowdown in its crop protection business.
Agro-chemical makers have been wrestling with slower revenue growth due to lower prices of glyphosate, an
active ingredient in many herbicides.
Last month, rival UPL UPLL.NS reported a lower-than-expected quarterly profit, hurt by soft demand.
PEER COMPARISON
Valuation (next 12 Estimates Analysts
months) (next 12 '
months) sentimen
t
RIC PE EV/EBI Price/ Revenue Profit Mean # of Stock to Div
TDA Sales growth growth rating* analyst price yield
s target** (%)
Bayer Cropscience BAYE. 27.23 18.82 NULL 8.31 11.07 Hold 7 0.89 2.52
Ltd NS
PI Industries Ltd PIIL. 35.47 25.60 NULL 22.44 19.89 Buy 23 0.94 0.27
NS
Rallis India Ltd RALL. 22.11 11.03 NULL 8.63 63.87 Sell 15 1.06 1.17
NS
UPL Ltd UPLL. 10.69 5.91 NULL 2.93 8.12 Buy 23 0.76 1.67
NS
* 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
APRIL-JUNE STOCK PERFORMANCE
-- All data from Refinitiv
-- $1 = 82.7170 Indian rupees
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Bayer Cropscience April to June Stock Performance https://tmsnrt.rs/3s31C2A
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(Reporting by Biplob Kumar Das in Bengaluru)
((Biplobkumar.das@thomsonreuters.com; 9101861583;))