Bayer reported a sharp 50% yoy drop in revenues to Rs2.4bn and below our estimate of Rs4.7bn (after adjusting for Ind-AS) and is also below consensus estimates. Revenue was impacted due to weak season in South India which constitutes 65% of Q4 sales Gross margins improved 430bps yoy to 44.6% benefiting from lower RM cost. However, Company reported EBITDA loss of Rs581mn vs. a profit of Rs 205mn in Q4FY16 Loss at...