BAYER CROPSCIENCE 2018-19 Annual Report Analysis

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BAYER CROPSCIENCE 2018-19 Annual Report Analysis
Fri, 28 Jun

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 fell 0.9% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 8.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 13.9% in FY19 as against 15.1% in FY18.
  • Depreciation charges increased by 3.3% and finance costs decreased by 12.4% YoY, respectively.
  • Other income declined by 4.1% YoY.
  • Net profit for the year declined by 20.8% YoY.
  • Net profit margins during the year declined from 10.9% in FY18 to 8.7% in FY19.

BAYER CROPSCIENCE Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 27,099 26,857 -0.9%
Other income Rs m 388 372 -4.1%
Total Revenues Rs m 27,487 27,229 -0.9%
Gross profit Rs m 4,094 3,732 -8.8%
Depreciation Rs m 331 342 3.3%
Interest Rs m 113 99 -12.4%
Profit before tax Rs m 4,038 3,663 -9.3%
Tax Rs m 1,037 1,287 24.1%
Profit after tax Rs m 3,001 2,376 -20.8%
Gross profit margin % 15.1 13.9
Effective tax rate % 25.7 35.1
Net profit margin % 10.9 8.7
* 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 FY19 stood at Rs 9 billion as compared to Rs 7 billion in FY18, thereby witnessing an increase of 36.6%.
  • Current assets rose 1% and stood at Rs 21 billion, while fixed assets fell 1% and stood at Rs 4 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 29 billion as against Rs 25 billion during FY18, thereby witnessing a growth of 14%.

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 18,834 5.9
 
Current Liabilities Rs m 6,619 9,044 36.6
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 25,348 29,015 14.5
 
Current assets Rs m 20,761 20,908 0.7
Fixed Assets Rs m 3,705 3,654 -1.4
Total Assets Rs m 25,348 29,015 14.5
* 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 FY19 stood at Rs 4 billion, an improvement of 231.0% 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 -791 million, an improvement of 86% on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs -897 million 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 4,018 231.0%
Cash Flow from Investing Activities Rs m 383 -4,124 -
Cash Flow from Financing Activities Rs m -5,811 -791 -
Net Cash Flow Rs m -4,214 -897 -
* 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 69.2, an decline from the EPS of Rs 87.4 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 3,449.3, stands at 38.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 7.7 times, while the price to sales ratio stands at 5.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 43.6 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 789.4 782.3
TTM Earnings per share Rs 87.4 69.2
Diluted earnings per share Rs 87.4 69.2
Price to Cash Flow x 35.5 43.6
TTM P/E ratio x 38.9 38.9
Price / Book Value ratio x 8.4 7.7
Market Cap Rs m 118,414 118,414
Dividends per share (Unadj.) Rs 18.0 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 deteriorated and stood at 2.3x during FY19, from 3.1x 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 38.0x 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 12.6% 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 20.0% 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 8.5% during FY19, from 12.3% 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 3.1 2.3
Debtors’ Days Days 89 81
Interest coverage x 36.7 38.0
Debt to equity ratio x 0.0 0.0
Return on assets % 12.3 8.5
Return on equity % 16.9 12.6
Return on capital employed % 23.3 20.0
* 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 4,556.3 to Rs 3,449.3, registering a loss of Rs 1,107.0 or around 24.3%.

Overall, the S&P BSE SENSEX is up 11.8% over the year.

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

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