BAYERCROP · Chemicals
Bayer Cropscience Ltd. reported revenue of ₹792 cr for January to March 2024, — on the year and −17.1% on the quarter.
Operating profit (EBITDA) was ₹97.0 cr, a margin of 12.2%, — on the year and −116 bps on the quarter.
Net profit was ₹96.0 cr, — on the year and +3.2% on the quarter, with earnings per share of ₹21.36.
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 ₹164.77 over the last four quarters, the stock at ₹3,639.90 trades at 22.1 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.
A lower tax rate lifted profit. Is the lower rate going to last?
Effective tax rate 9.0% against 23.7% over the previous quarters, worth about ₹15.4 cr of profit.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, 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).
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 ₹792 cr (— on the year) and net profit of ₹96.0 cr (— on the year) for January to March 2024.
1 check raised a question: A lower tax rate lifted profit. Is the lower rate going to last?
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.