BAYER CROPSCIENCE 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.
BAYER CROPSCIENCE Income Statement Analysis
- Operating income during the year fell 3.3% on a year-on-year (YoY) basis.
- The company's operating profit decreased by 1.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 15.1% in FY18 as against 14.8% in FY17.
- Depreciation charges and finance costs increased by 14.5% YoY and 63.8% YoY, respectively.
- Other income declined by 44.7% YoY.
- Net profit for the year grew by 3.1% YoY.
- Net profit margins during the year grew from 10.1% in FY17 to 10.9% in FY18.
BAYER CROPSCIENCE Income Statement 2017-18
| No. of Mths Year Ending | 12 Mar-17* | 12 Mar-18* | % Change | |
|---|---|---|---|---|
| Net Sales | Rs m | 28,028 | 27,099 | -3.3% |
| Other income | Rs m | 701 | 388 | -44.7% |
| Total Revenues | Rs m | 28,729 | 27,487 | -4.3% |
| Gross profit | Rs m | 4,136 | 4,094 | -1.0% |
| Depreciation | Rs m | 289 | 331 | 14.5% |
| Interest | Rs m | 69 | 113 | 63.8% |
| Profit before tax | Rs m | 4,479 | 4,038 | -9.8% |
| Tax | Rs m | 1,569 | 1,037 | -33.9% |
| Profit after tax | Rs m | 2,910 | 3,001 | 3.1% |
| Gross profit margin | % | 14.8 | 15.1 | |
| Effective tax rate | % | 35.0 | 25.7 | |
| Net profit margin | % | 10.1 | 10.9 | |
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster
BAYER CROPSCIENCE Balance Sheet Analysis
- The company's current liabilities during FY18 down at Rs 7 billion as compared to Rs 7 billion in FY17, thereby witnessing an decrease of -3.1%.
- Current assets fell 13% and stood at Rs 21 billion, while fixed assets rose 1% and stood at Rs 4 billion in FY18.
- Overall, the total assets and liabilities for FY18 stood at Rs 25 billion as against Rs 28 billion during FY17, thereby witnessing a fall of 10%.
BAYER CROPSCIENCE Balance Sheet as on March 2018
| No. of Mths Year Ending | 12 Mar-17* | 12 Mar-18* | % Change | |
|---|---|---|---|---|
| Networth | Rs m | 20,567 | 17,783 | -13.5 |
| Current Liabilities | Rs m | 6,831 | 6,619 | -3.1 |
| Long-term Debt | Rs m | 0 | 0 | 0.0 |
| Total Liabilities | Rs m | 28,254 | 25,348 | -10.3 |
| Current assets | Rs m | 23,742 | 20,761 | -12.6 |
| Fixed Assets | Rs m | 3,661 | 3,705 | 1.2 |
| Total Assets | Rs m | 28,254 | 25,348 | -10.3 |
* Results Consolidated
Interim results exclude extraordinary / exceptional items
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 FY18 stood at Rs 1 billion on a YoY basis.
- Cash flow from investing activities (CFI) during FY18 stood at Rs 383 million on a YoY basis.
- Cash flow from financial activities (CFF) during FY18 stood at Rs -6 billion on a YoY basis.
- Overall, net cash flows for the company during FY18 stood at Rs -4 billion from the Rs 756 million net cash flows seen during FY17.
BAYER CROPSCIENCE 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 | 1,573 | 1,214 | -22.8% |
| Cash Flow from Investing Activities | Rs m | -84 | 383 | - |
| Cash Flow from Financing Activities | Rs m | -733 | -5,811 | - |
| Net Cash Flow | Rs m | 756 | -4,214 | - |
* Results Consolidated
Interim results exclude extraordinary / exceptional items
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 87.4, an improvement from the EPS of Rs 82.3 recorded last year.
- The price to earnings (P/E) ratio, at the current price of Rs 4,133.0, stands at 42.3 times its trailing twelve months earnings.
- The price to book value (P/BV) ratio at current price levels stands at 8.4 times, while the price to sales ratio stands at 5.5 times.
- The company's price to cash flow (P/CF) ratio stood at 42.6 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 | 792.9 | 789.4 |
| TTM Earnings per share | Rs | 82.3 | 87.4 |
| Diluted earnings per share | Rs | 84.8 | 87.4 |
| Price to Cash Flow | x | 45.7 | 42.6 |
| TTM P/E ratio | x | 43.5 | 42.3 |
| Price / Book Value ratio | x | 7.1 | 8.4 |
| Market Cap | Rs m | 146,102 | 141,886 |
| Dividends per share (Unadj.) | Rs | 17.0 | 18.0 |
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster
Ratio Analysis for BAYER CROPSCIENCE
Solvency Ratios
Profitability Ratios
Current Ratio: The company's current ratio improved and stood at 3.1x during FY18, from 3.5x 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 36.7x during FY18, from 65.9x 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.
Return on Equity (ROE): The ROE for the company improved and stood at 16.9% during FY18, from 14.1% 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 improved and stood at 23.3% during FY18, from 22.1% 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 improved and stood at 12.3% during FY18, from 10.5% 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 | 3.5 | 3.1 |
| Debtors’ Days | Days | 72 | 89 |
| Interest coverage | x | 65.9 | 36.7 |
| Debt to equity ratio | x | 0.0 | 0.0 |
| Return on assets | % | 10.5 | 12.3 |
| Return on equity | % | 14.1 | 16.9 |
| Return on capital employed | % | 22.1 | 23.3 |
* Results Consolidated
Interim results exclude extraordinary / exceptional items
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 4,254.1 to Rs 4,133.0, registering a loss of Rs 121.1 or around 2.8%.
Overall, the S&P BSE SENSEX is up 20.2% over the year.
(To know more, check out historical annual results for BAYER CROPSCIENCE and quarterly results for BAYER CROPSCIENCE)
This article was originally published in English at www.equitymaster.com
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