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MONSANTO INDIA 2017-18 Annual Report Analysis

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MONSANTO INDIA 2017-18 Annual Report Analysis
Mon, 24 Sep

MONSANTO INDIA 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.

MONSANTO INDIA Income Statement Analysis

  • Operating income during the year rose 7.2% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 4.6% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 25.5% in FY18 as against 26.1% in FY17.
  • Depreciation charges and finance costs increased by 43.4% YoY and 22.7% YoY, respectively.
  • Other income grew by 33.8% YoY.
  • Net profit for the year grew by 8.7% YoY.
  • Net profit margins during the year grew from 24.0% in FY17 to 24.2% in FY18.

MONSANTO INDIA Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 6,185 6,630 7.2%
Other income Rs m 129 172 33.8%
Total Revenues Rs m 6,314 6,802 7.7%
Gross profit Rs m 1,616 1,691 4.6%
Depreciation Rs m 91 130 43.4%
Interest Rs m 11 14 22.7%
Profit before tax Rs m 1,643 1,719 4.7%
Tax Rs m 115 61 -47.3%
Profit after tax Rs m 1,514 1,646 8.7%
Gross profit margin % 26.1 25.5
Effective tax rate % 7.0 3.5
Net profit margin % 24.0 24.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



MONSANTO INDIA Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 2 billion as compared to Rs 2 billion in FY17, thereby witnessing an increase of 23.4%.
  • Current assets rose 12% and stood at Rs 6 billion, while fixed assets rose 10% and stood at Rs 1 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 8 billion as against Rs 7 billion during FY17, thereby witnessing a growth of 20%.

MONSANTO INDIA Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 5,338 6,404 20.0
 
Current Liabilities Rs m 1,564 1,930 23.4
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 6,988 8,400 20.2
 
Current assets Rs m 5,274 5,906 12.0
Fixed Assets Rs m 1,065 1,168 9.6
Total Assets Rs m 6,988 8,400 20.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



MONSANTO INDIA Cash Flow Statement Analysis

  • MONSANTO INDIA's cash flow from operating activities (CFO) during FY18 stood at Rs 448 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs 232 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -636 million on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 44 million from the Rs 36 million net cash flows seen during FY17.

MONSANTO INDIA 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 2,414 448 -81.4%
Cash Flow from Investing Activities Rs m -2,056 232 -
Cash Flow from Financing Activities Rs m -322 -636 -
Net Cash Flow Rs m 36 44 21.8%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for MONSANTO INDIA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 95.3, an improvement from the EPS of Rs 87.7 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 2,873.8, stands at 28.2 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 7.1 times, while the price to sales ratio stands at 6.9 times.
  • The company's price to cash flow (P/CF) ratio stood at 27.9 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 358.4 384.1
TTM Earnings per share Rs 87.7 95.3
Diluted earnings per share Rs 87.7 95.3
Price to Cash Flow x 30.9 27.9
TTM P/E ratio x 28.2 28.2
Price / Book Value ratio x 6.9 7.1
Market Cap Rs m 49,601 49,601
Dividends per share (Unadj.) Rs 30.0 30.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for MONSANTO INDIA

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 3.1x during FY18, from 3.4x 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 128.4x during FY18, from 150.3x 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 declined and down at 25.7% during FY18, from 28.4% 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 declined and down at 26.9% during FY18, from 30.7% 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 declined and down at 19.8% during FY18, from 21.8% 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 3.4 3.1
Debtors’ Days Days 9 17
Interest coverage x 150.3 128.4
Debt to equity ratio x 0.0 0.0
Return on assets % 21.8 19.8
Return on equity % 28.4 25.7
Return on capital employed % 30.7 26.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how MONSANTO INDIA has performed over the last 5 years, please visit here.

MONSANTO INDIA Share Price Performance

Over the last one year, MONSANTO INDIA share price has moved up from Rs 2,475.0 to Rs 2,873.8, registering a gain of Rs 398.8 or around 16.1%.

Overall, the S&P BSE SENSEX is up 12.3% over the year.

(To know more, check out historical annual results for MONSANTO INDIA and quarterly results for MONSANTO INDIA)

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For the quarter ended December 2018, MONSANTO INDIA has posted a net profit of Rs 390 m (down 38.5% YoY). Sales on the other hand came in at Rs 2 bn (down 16.9% YoY). Read on for a complete analysis of MONSANTO INDIA's quarterly results.

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