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BAYER CROPSCIENCE 2018-19 Annual Report Analysis
Sun, 31 Mar

BAYER CROPSCIENCE has announced its results for the year ended March 2019. Let us have a look at the detailed performance review of the company during FY18-19.

BAYER CROPSCIENCE Income Statement Analysis

  • Operating income during the year rose 18.6% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 17.6% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 15.2% in FY19 as against 15.3% in FY18.
  • Depreciation charges increased by 32.3% and finance costs decreased by 8.0% YoY, respectively.
  • Other income grew by 36.2% YoY.
  • Net profit for the year grew by 12.3% YoY.
  • Net profit margins during the year declined from 11.2% in FY18 to 10.6% in FY19.

BAYER CROPSCIENCE Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 26,708 31,673 18.6%
Other income Rs m 392 534 36.2%
Total Revenues Rs m 27,100 32,207 18.8%
Gross profit Rs m 4,090 4,808 17.6%
Depreciation Rs m 331 438 32.3%
Interest Rs m 113 104 -8.0%
Profit before tax Rs m 4,038 4,800 18.9%
Tax Rs m 1,037 1,429 37.8%
Profit after tax Rs m 3,001 3,371 12.3%
Gross profit margin % 15.3 15.2
Effective tax rate % 25.7 29.8
Net profit margin % 11.2 10.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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BAYER CROPSCIENCE Balance Sheet Analysis

  • The company's current liabilities during FY19 stood at Rs 17 billion as compared to Rs 9 billion in FY18, thereby witnessing an increase of 77.3%.
  • Current assets rose 39% and stood at Rs 33 billion, while fixed assets rose 21% and stood at Rs 23 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 55 billion as against Rs 42 billion during FY18, thereby witnessing a growth of 31%.

BAYER CROPSCIENCE Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 17,783 22,288 25.3
 
Current Liabilities Rs m 9,498 16,838 77.3
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 42,300 55,374 30.9
 
Current assets Rs m 23,640 32,757 38.6
Fixed Assets Rs m 18,660 22,617 21.2
Total Assets Rs m 42,300 55,374 30.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



BAYER CROPSCIENCE Cash Flow Statement Analysis

  • BAYER CROPSCIENCE's cash flow from operating activities (CFO) during FY19 stood at Rs 4 billion, an improvement of 256.5% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -4 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -2 billion, an improvement of 73% on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs 2 billion from the Rs -4 billion net cash flows seen during FY18.

BAYER CROPSCIENCE Cash Flow Statement 2018-19

Particulars No. of months 12 12 % Change
Year Ending Mar-18 Mar-19
Cash Flow from Operating Activities Rs m 1,214 4,328 256.5%
Cash Flow from Investing Activities Rs m 383 -4,147 -
Cash Flow from Financing Activities Rs m -5,811 -1,583 -
Net Cash Flow Rs m -4,214 1,616 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for BAYER CROPSCIENCE

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 98.2, an improvement from the EPS of Rs 87.4 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 4,384.4, stands at 82.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 8.8 times, while the price to sales ratio stands at 4.8 times.
  • The company's price to cash flow (P/CF) ratio stood at 38.2 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-18* 12 Mar-19*
Sales per share (Unadj.) Rs 778.0 922.6
TTM Earnings per share Rs 87.4 98.2
Diluted earnings per share Rs 66.8 75.0
Price to Cash Flow x 56.7 38.2
TTM P/E ratio x 62.9 82.9
Price / Book Value ratio x 8.4 6.5
Market Cap Rs m 149,952 145,607
Dividends per share (Unadj.) Rs 18.0 18.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for BAYER CROPSCIENCE

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.9x during FY19, from 2.5x during FY18. 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 improved and stood at 47.2x during FY19, from 36.7x during FY18. 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 declined and down at 15.1% during FY19, from 16.9% during FY19. 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 declined and down at 22.0% during FY19, from 23.3% during FY18. 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 declined and down at 6.3% during FY19, from 7.4% during FY18. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-18* 12 Mar-19*
Current ratio x 2.5 1.9
Debtors’ Days Days 90 81
Interest coverage x 36.7 47.2
Debt to equity ratio x 0.0 0.0
Return on assets % 7.4 6.3
Return on equity % 16.9 15.1
Return on capital employed % 23.3 22.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, 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 4,203.0 to Rs 4,384.4, registering a gain of Rs 181.4 or around 4.3%.

Overall, the S&P BSE SENSEX is up 16.3% over the year.

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

Annual Report FAQs

What is the current share price of BAYER CROPSCIENCE?

BAYER CROPSCIENCE currently trades at Rs 5,006.0 per share. You can check out the latest share price performance of BAYER CROPSCIENCE here...

What was the revenue of BAYER CROPSCIENCE in FY19? How does it compare to earlier years?

The revenues of BAYER CROPSCIENCE stood at Rs 32,207 m in FY19, which was up 18.8% compared to Rs 27,100 m reported in FY18.

BAYER CROPSCIENCE's revenue has fallen from Rs 36,347 m in FY15 to Rs 32,207 m in FY19.

Over the past 5 years, the revenue of BAYER CROPSCIENCE has grown at a CAGR of -3.0%.

What was the net profit of BAYER CROPSCIENCE in FY19? How does it compare to earlier years?

The net profit of BAYER CROPSCIENCE stood at Rs 3,371 m in FY19, which was up 12.3% compared to Rs 3,001 m reported in FY18.

This compares to a net profit of Rs 2,910 m in FY17 and a net profit of Rs 3,151 m in FY16.

Over the past 5 years, BAYER CROPSCIENCE net profit has grown at a CAGR of -3.1%.

What does the cash flow statement of BAYER CROPSCIENCE reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of BAYER CROPSCIENCE reveals:

  • Cash flow from operations increased in FY19 and stood at Rs 4,328 m as compared to Rs 1,214 m in FY18.
  • Cash flow from investments decreased in FY19 and stood at Rs -4,147 m as compared to Rs 383 m in FY18.
  • Cash flow from financial activity increased in FY19 and stood at Rs -1,583 m as compared to Rs -5,811 m in FY18.

Here's the cash flow statement of BAYER CROPSCIENCE for the past 5 years.

(Rs m)FY15FY16FY17FY18FY19
From Operations2,0042,0651,5731,2144,328
From Investments4,852158-84383-4,147
From Financial Activity-415-5,896-733-5,811-1,583
Net Cashflow6,441-3,673756-4,2141,616

What does the Key Ratio analysis of BAYER CROPSCIENCE reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of BAYER CROPSCIENCE reveals:

  • Operating profit margins witnessed a fall and stood at 15.2% in FY19 as against 15.3% in FY18.
  • Net profit margins declined from 11.2% in FY18 to 10.6% in FY19.
  • Debt to Equity ratio for FY19 stood at 0.0 as compared to 0.0 in FY18.

Here's the ratio/financial analysis of BAYER CROPSCIENCE for the past 5 years.

 FY15FY16FY17FY18FY19
Operating Profit Margin (%)14.516.415.515.315.2
Net Profit Margin (%)10.811.911.011.210.6
Debt to Equity Ratio (x)0.00.00.00.00.0

Read: Latest Annual Report Analysis of BAYER CROPSCIENCE

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