Bayer Cropscience (BYRCS) results were marred by late onset of monsoon and prolonged Kharif sowing leading to delay in product placement for the company. Results are significantly below our estimates and going forward the company may continue to report subdued performance if the rainfall does not pick up in South and West. Revenue/EBITDA declined 20% YoY to Rs6.6bn (PLe- Rs 8.7 bn)/ Rs1.2bn (Ple- Rs 2.0 bn) respectively while margins nosedived 900bps to 18.7%. For the long term, BYRCS continues to remain a compelling play given the group's global leadership in crop protection...