BAYERCROP · Chemicals
Bayer Cropscience Ltd. reported revenue of ₹1,057 cr for October to December 2024, +10.7% on the year and −39.2% on the quarter.
Operating profit (EBITDA) was ₹20.0 cr, a margin of 1.9%, −1,151 bps on the year and −869 bps on the quarter. It is the narrowest margin of the last 7 quarters (range 1.9% to 24.4%). Operating costs grew +25.4%, faster than revenue at +10.7%, so operating profit grew less than sales.
Net profit was ₹34.0 cr, −63.4% on the year and −75.0% on the quarter, with earnings per share of ₹7.61. Profit before other income, one-offs and tax fell 98.2%, so 35 points of the headline growth came from outside the core business. The tax rate was −2% against an average of 21% over the previous 6 quarters, which lifted 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 ₹115.86 over the last four quarters, the stock at ₹3,639.90 trades at 31.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Other income was 94% of profit before tax, against 12% a year earlier.
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 1.9%, −1,151 bps on the year (−869 bps on the quarter).
Source: Quarterly statements
A tax credit added to profit this quarter. Deferred tax recognised, or a reversal?
Profit before tax ₹34.0 cr; tax −₹0.7 cr, a credit.
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.
| 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 ₹1,057 cr (+10.7% on the year) and net profit of ₹34.0 cr (−63.4% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved −98.2% on the year, against −63.4% for reported profit.
3 checks raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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