Bayer reported better than expected results with robust growth in both crop protection and seeds segment. Topline/EBITDA/APAT grew by 29%/61%/57% YoY. Gross margin contraction of 240 bps would have been largely due to higher sales growth of Roundup (Glyphosate) which is a low margin product for the company. Liquidation growth continues to be better than placement growth implying limited build-up of stocks at the dealer level. With robust paddy plantings and decent growth in Corn acreages, seeds segment is...