BAYER CROPSCIENCE 2017-18 Annual Report Analysis

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BAYER CROPSCIENCE 2017-18 Annual Report Analysis
Thu, 16 Aug

BAYER CROPSCIENCE has announced its results for the year ended March 2018. Let us have a look at the detailed performance review of the company during FY17-18.

BAYER CROPSCIENCE Income Statement Analysis

  • Operating income during the year fell 3.3% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 1.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 15.1% in FY18 as against 14.8% in FY17.
  • Depreciation charges and finance costs increased by 14.5% YoY and 63.8% YoY, respectively.
  • Other income declined by 44.7% YoY.
  • Net profit for the year grew by 3.1% YoY.
  • Net profit margins during the year grew from 10.1% in FY17 to 10.9% in FY18.

BAYER CROPSCIENCE Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 28,028 27,099 -3.3%
Other income Rs m 701 388 -44.7%
Total Revenues Rs m 28,729 27,487 -4.3%
Gross profit Rs m 4,136 4,094 -1.0%
Depreciation Rs m 289 331 14.5%
Interest Rs m 69 113 63.8%
Profit before tax Rs m 4,479 4,038 -9.8%
Tax Rs m 1,569 1,037 -33.9%
Profit after tax Rs m 2,910 3,001 3.1%
Gross profit margin % 14.8 15.1
Effective tax rate % 35.0 25.7
Net profit margin % 10.1 10.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



BAYER CROPSCIENCE Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 7 billion as compared to Rs 7 billion in FY17, thereby witnessing an decrease of -3.1%.
  • Current assets fell 13% and stood at Rs 21 billion, while fixed assets rose 1% and stood at Rs 4 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 25 billion as against Rs 28 billion during FY17, thereby witnessing a fall of 10%.

BAYER CROPSCIENCE Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 20,567 17,783 -13.5
 
Current Liabilities Rs m 6,831 6,619 -3.1
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 28,254 25,348 -10.3
 
Current assets Rs m 23,742 20,761 -12.6
Fixed Assets Rs m 3,661 3,705 1.2
Total Assets Rs m 28,254 25,348 -10.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



BAYER CROPSCIENCE Cash Flow Statement Analysis

  • BAYER CROPSCIENCE's cash flow from operating activities (CFO) during FY18 stood at Rs 1 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs 383 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -6 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -4 billion from the Rs 756 million net cash flows seen during FY17.

BAYER CROPSCIENCE Cash Flow Statement 2017-18

Particulars No. of months 12 12 % Change
Year Ending Mar-17 Mar-18
Cash Flow from Operating Activities Rs m 1,573 1,214 -22.8%
Cash Flow from Investing Activities Rs m -84 383 -
Cash Flow from Financing Activities Rs m -733 -5,811 -
Net Cash Flow Rs m 756 -4,214 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for BAYER CROPSCIENCE

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 87.4, an improvement from the EPS of Rs 82.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 4,133.0, stands at 42.3 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 8.4 times, while the price to sales ratio stands at 5.5 times.
  • The company's price to cash flow (P/CF) ratio stood at 42.6 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-17* 12 Mar-18*
Sales per share (Unadj.) Rs 792.9 789.4
TTM Earnings per share Rs 82.3 87.4
Diluted earnings per share Rs 84.8 87.4
Price to Cash Flow x 45.7 42.6
TTM P/E ratio x 43.5 42.3
Price / Book Value ratio x 7.1 8.4
Market Cap Rs m 146,102 141,886
Dividends per share (Unadj.) Rs 17.0 18.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for BAYER CROPSCIENCE

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 3.1x during FY18, from 3.5x during FY17. The current ratio measures the company's ability to pay short-term and long-term obligations.

    Interest Coverage Ratio: The company's interest coverage ratio deteriorated and stood at 36.7x during FY18, from 65.9x during FY17. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

  • Profitability Ratios
  • Return on Equity (ROE): The ROE for the company improved and stood at 16.9% during FY18, from 14.1% during FY18. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

    Return on Capital Employed (ROCE): The ROCE for the company improved and stood at 23.3% during FY18, from 22.1% during FY17. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

    Return on Assets (ROA): The ROA of the company improved and stood at 12.3% during FY18, from 10.5% during FY17. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-17* 12 Mar-18*
Current ratio x 3.5 3.1
Debtors’ Days Days 72 89
Interest coverage x 65.9 36.7
Debt to equity ratio x 0.0 0.0
Return on assets % 10.5 12.3
Return on equity % 14.1 16.9
Return on capital employed % 22.1 23.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how BAYER CROPSCIENCE has performed over the last 5 years, please visit here.

BAYER CROPSCIENCE Share Price Performance

Over the last one year, BAYER CROPSCIENCE share price has moved up from Rs 4,254.1 to Rs 4,133.0, registering a loss of Rs 121.1 or around 2.8%.

Overall, the S&P BSE SENSEX is up 20.2% over the year.

(To know more, check out historical annual results for BAYER CROPSCIENCE and quarterly results for BAYER CROPSCIENCE)

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