BAYERCROP · Chemicals
Bayer Cropscience Ltd. reported revenue of ₹1,738 cr for July to September 2024, +7.5% on the year and +6.6% on the quarter.
Operating profit (EBITDA) was ₹184 cr, a margin of 10.6%, −828 bps on the year and −867 bps on the quarter. It is the narrowest margin of the last 6 quarters (range 10.6% to 24.4%). Operating costs grew +18.4%, faster than revenue at +7.5%, so operating profit grew less than sales.
Net profit was ₹136 cr, −39.0% on the year and −46.5% on the quarter, with earnings per share of ₹30.33. Profit before other income, one-offs and tax fell 42.8%, so 4 points of the headline growth came from outside the core business. The tax rate was 28% against an average of 20% over the previous 5 quarters, which weighed on profit this quarter.
Speciality chemicals are read on volumes and pricing, with Chinese supply a recurring swing factor; inventory destocking can hit a quarter without a change in demand. The quarterly statements do not carry volumes against prices, capacity utilisation and new molecules; those come with the filing read.
On earnings per share of ₹128.97 over the last four quarters, the stock at ₹3,639.90 trades at 28.2 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 10.6%, −828 bps on the year (−867 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,617 cr | ₹955 cr | ₹792 cr | ₹1,631 cr | ₹1,738 cr | ₹1,057 cr | ₹1,046 cr | ₹1,915 cr | ₹1,553 cr | ₹1,106 cr | ₹1,101 cr | ₹1,835 cr |
| YoY | — | — | — | −6% | +7% | +11% | +32% | +17% | −11% | +5% | +5% | −4% |
| EBITDA margin | 18.9% | 13.4% | 12.2% | 19.3% | 10.6% | 1.9% | 16.3% | 18.2% | 13.2% | 10.6% | 18.4% | 20.1% |
| Other income, % of PBT | 5% | 12% | 28% | 9% | 13% | 94% | 22% | 6% | 7% | 14% | 23% | 22% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 27% | 25% | 9% | 20% | 28% | −2% | 15% | 17% | 24% | 15% | 21% | 20% |
| Net profit | ₹223 cr | ₹93.0 cr | ₹96.0 cr | ₹254 cr | ₹136 cr | ₹34.0 cr | ₹143 cr | ₹279 cr | ₹153 cr | ₹96.0 cr | ₹162 cr | ₹322 cr |
| YoY | — | — | — | −23% | −39% | −63% | +49% | +10% | +13% | +182% | +13% | +15% |
| Core profit YoY | — | — | — | −25% | −43% | −98% | +72% | +9% | +12% | +4,750% | +21% | −1% |
| EPS | ₹49.60 | ₹20.72 | ₹21.36 | ₹56.56 | ₹30.33 | ₹7.61 | ₹31.89 | ₹62.01 | ₹33.98 | ₹21.29 | ₹36.07 | ₹71.56 |
| Flags | · | · | 1 | 1 | 1 | 3 | ✓ | ✓ | ✓ | ✓ | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Bayer Cropscience Ltd. reported revenue of ₹1,738 cr (+7.5% on the year) and net profit of ₹136 cr (−39.0% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved −42.8% on the year, against −39.0% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.