MONSANTO INDIA 2018-19 Annual Report Analysis

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MONSANTO INDIA 2018-19 Annual Report Analysis
Mon, 17 Jun

MONSANTO INDIA 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.

MONSANTO INDIA Income Statement Analysis

  • Operating income during the year rose 1.0% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 5.6% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 23.8% in FY19 as against 25.5% in FY18.
  • Depreciation charges decreased by 9.2% and finance costs decreased by 16.3% YoY, respectively.
  • Other income grew by 27.6% YoY.
  • Net profit for the year declined by 7.8% YoY.
  • Net profit margins during the year declined from 24.2% in FY18 to 21.9% in FY19.

MONSANTO INDIA Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 6,630 6,696 1.0%
Other income Rs m 172 220 27.6%
Total Revenues Rs m 6,802 6,916 1.7%
Gross profit Rs m 1,691 1,596 -5.6%
Depreciation Rs m 130 118 -9.2%
Interest Rs m 14 11 -16.3%
Profit before tax Rs m 1,719 1,687 -1.9%
Tax Rs m 61 170 179.9%
Profit after tax Rs m 1,646 1,517 -7.8%
Gross profit margin % 25.5 23.8
Effective tax rate % 3.5 10.1
Net profit margin % 24.2 21.9
* 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 FY19 stood at Rs 3 billion as compared to Rs 2 billion in FY18, thereby witnessing an increase of 45.6%.
  • Current assets rose 16% and stood at Rs 7 billion, while fixed assets rose 5% and stood at Rs 1 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 10 billion as against Rs 8 billion during FY18, thereby witnessing a growth of 19%.

MONSANTO INDIA Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 6,404 7,069 10.4
 
Current Liabilities Rs m 1,930 2,811 45.6
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 8,400 9,986 18.9
 
Current assets Rs m 5,903 6,847 16.0
Fixed Assets Rs m 1,168 1,220 4.5
Total Assets Rs m 8,400 9,986 18.9
* 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 FY19 stood at Rs 141 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs 709 million, an improvement of 206.0% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -831 million on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs 19 million from the Rs 50 million net cash flows seen during FY18.

MONSANTO INDIA 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 455 141 -68.9%
Cash Flow from Investing Activities Rs m 232 709 206.0%
Cash Flow from Financing Activities Rs m -636 -831 -
Net Cash Flow Rs m 50 19 -62.5%
* 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 87.9, an decline from the EPS of Rs 95.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 2,300.0, stands at 26.2 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 7.5 times.
  • The company's price to cash flow (P/CF) ratio stood at 24.3 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 384.1 387.9
TTM Earnings per share Rs 95.3 87.9
Diluted earnings per share Rs 95.3 87.9
Price to Cash Flow x 22.4 24.3
TTM P/E ratio x 26.2 26.2
Price / Book Value ratio x 7.1 7.1
Market Cap Rs m 39,698 39,698
Dividends per share (Unadj.) Rs 30.0 50.0
* 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 deteriorated and stood at 2.4x 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 150.3x during FY19, from 128.4x 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 21.5% during FY19, from 25.7% 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 24.0% during FY19, from 26.9% 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 15.3% during FY19, from 19.8% 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 2.4
Debtors’ Days Days 17 57
Interest coverage x 128.4 150.3
Debt to equity ratio x 0.0 0.0
Return on assets % 19.8 15.3
Return on equity % 25.7 21.5
Return on capital employed % 26.9 24.0
* 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 2,865.0 to Rs 2,300.0, registering a loss of Rs 565.0 or around 19.7%.

Overall, the S&P BSE SENSEX is up 10.2% over the year.

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

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