BAYER CROPSCIENCE 2020-21 Annual Report Analysis

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BAYER CROPSCIENCE 2020-21 Annual Report Analysis
Tue, 10 Aug

BAYER CROPSCIENCE has announced its results for the year ended March 2021. Let us have a look at the detailed performance review of the company during FY20-21.

BAYER CROPSCIENCE Income Statement Analysis

  • Operating income during the year rose 18.1% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 36.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 19.1% in FY21 as against 16.5% in FY20.
  • Depreciation charges increased by 12.6% and finance costs decreased by 8.7% YoY, respectively.
  • Other income declined by 1.2% YoY.
  • Net profit for the year grew by 3.9% YoY.
  • Net profit margins during the year declined from 12.9% in FY20 to 11.4% in FY21.

BAYER CROPSCIENCE Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 36,094 42,613 18.1%
Other income Rs m 667 659 -1.2%
Total Revenues Rs m 36,761 43,272 17.7%
Gross profit Rs m 5,955 8,147 36.8%
Depreciation Rs m 653 735 12.6%
Interest Rs m 138 126 -8.7%
Profit before tax Rs m 5,831 7,945 36.3%
Tax Rs m 1,086 3,014 177.5%
Profit after tax Rs m 4,745 4,931 3.9%
Gross profit margin % 16.5 19.1
Effective tax rate % 18.6 37.9
Net profit margin % 12.9 11.4
* 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 FY21 stood at Rs 23 billion as compared to Rs 18 billion in FY20, thereby witnessing an increase of 27.9%.
  • Current assets rose 16% and stood at Rs 42 billion, while fixed assets rose 3% and stood at Rs 24 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 66 billion as against Rs 59 billion during FY20, thereby witnessing a growth of 11%.

BAYER CROPSCIENCE Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 25,725 25,503 -0.9
 
Current Liabilities Rs m 17,651 22,582 27.9
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 59,278 65,916 11.2
 
Current assets Rs m 36,401 42,315 16.2
Fixed Assets Rs m 22,877 23,601 3.2
Total Assets Rs m 59,278 65,916 11.2
* 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 FY21 stood at Rs 7 billion, an improvement of 3.1% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs 67 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -6 billion on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 1 billion from the Rs 5 billion net cash flows seen during FY20.

BAYER CROPSCIENCE Cash Flow Statement 2020-21

Particulars No. of months 12 12 % Change
Year Ending Mar-20 Mar-21
Cash Flow from Operating Activities Rs m 6,659 6,867 3.1%
Cash Flow from Investing Activities Rs m -289 67 -
Cash Flow from Financing Activities Rs m -1,483 -5,558 -
Net Cash Flow Rs m 4,887 1,376 -71.8%
* 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 109.7, an improvement from the EPS of Rs 105.6 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 5,900.2, stands at 53.8 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 8.6 times, while the price to sales ratio stands at 5.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 46.8 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-20* 12 Mar-21*
Sales per share (Unadj.) Rs 803.2 948.2
TTM Earnings per share Rs 105.6 109.7
Diluted earnings per share Rs 105.6 109.7
Price to Cash Flow x 49.1 46.8
TTM P/E ratio x 53.8 53.8
Price / Book Value ratio x 6.6 8.6
Market Cap Rs m 265,167 265,167
Dividends per share (Unadj.) Rs 25.0 115.0
* 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 FY21, from 2.1x during FY20. 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 64.1x during FY21, from 43.3x during FY20. 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 19.3% during FY21, from 18.4% during FY21. 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 31.6% during FY21, from 23.2% during FY20. 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 7.7% during FY21, from 8.2% during FY20. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-20* 12 Mar-21*
Current ratio x 2.1 1.9
Debtors’ Days Days 73 65
Interest coverage x 43.3 64.1
Debt to equity ratio x 0.0 0.0
Return on assets % 8.2 7.7
Return on equity % 18.4 19.3
Return on capital employed % 23.2 31.6
* 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 down from Rs 6,041.8 to Rs 5,900.2, registering a loss of Rs 141.6 or around 2.3%.

Overall, the S&P BSE SENSEX is up 43.5% over the year.

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

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Related Views on News

BAYER CROPSCIENCE Announces Quarterly Results (4QFY21); Net Profit Up 96.5% (Quarterly Result Update)

Jul 8, 2021 | Updated on Jul 8, 2021

For the quarter ended March 2021, BAYER CROPSCIENCE has posted a net profit of Rs 619 m (up 96.5% YoY). Sales on the other hand came in at Rs 7 bn (up 60.0% YoY). Read on for a complete analysis of BAYER CROPSCIENCE's quarterly results.

BAYER CROPSCIENCE Announces Quarterly Results (1QFY21); Net Profit Up 324.5% (Quarterly Result Update)

Aug 18, 2020 | Updated on Aug 18, 2020

For the quarter ended June 2020, BAYER CROPSCIENCE has posted a net profit of Rs 3 bn (up 324.5% YoY). Sales on the other hand came in at Rs 12 bn (up 85.0% YoY). Read on for a complete analysis of BAYER CROPSCIENCE's quarterly results.

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