BAYER CROPSCIENCE 2023-24 Annual Report Analysis

Thu, 18 Jul

BAYER CROPSCIENCE has announced its results for the year ended March 2024. Let us have a look at the detailed performance review of the company during FY23-24.

BAYER CROPSCIENCE Income Statement Analysis

• Operating income during the year fell 0.7% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 6.7% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 18.6% in FY24 as against 19.8% in FY23.
• Depreciation charges decreased by 6.9% and finance costs decreased by 12.1% YoY, respectively.
• Other income grew by 15.5% YoY.
• Net profit for the year declined by 2.3% YoY.
• Net profit margins during the year declined from 14.8% in FY23 to 14.5% in FY24.

BAYER CROPSCIENCE Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	51,397	51,032	-0.7%
Other income	Rs m	729	842	15.5%
Total Revenues	Rs m	52,126	51,874	-0.5%
Gross profit	Rs m	10,190	9,508	-6.7%
Depreciation	Rs m	795	740	-6.9%
Interest	Rs m	223	196	-12.1%
Profit before tax	Rs m	9,901	9,414	-4.9%
Tax	Rs m	2,319	2,009	-13.4%
Profit after tax	Rs m	7,582	7,405	-2.3%
Gross profit margin	%	19.8	18.6
Effective tax rate	%	23.4	21.3
Net profit margin	%	14.8	14.5

Don't Miss: Key Information for Long-term Investors

BAYER CROPSCIENCE Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 18 billion as compared to Rs 20 billion in FY23, thereby witnessing an decrease of -9.0%.
• Current assets rose 0% and stood at Rs 41 billion, while fixed assets rose 3% and stood at Rs 35 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 76 billion as against Rs 75 billion during FY23, thereby witnessing a growth of 2%.

BAYER CROPSCIENCE Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	27,121	28,494	5.1
Current Liabilities	Rs m	19,951	18,150	-9.0
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	74,996	76,163	1.6
Current assets	Rs m	41,140	41,231	0.2
Fixed Assets	Rs m	33,856	34,932	3.2
Total Assets	Rs m	74,996	76,163	1.6

BAYER CROPSCIENCE Cash Flow Statement Analysis

• BAYER CROPSCIENCE's cash flow from operating activities (CFO) during FY24 stood at Rs 10 billion, an improvement of 56.2% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs 4 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -7 billion on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 3 billion from the Rs 794 million net cash flows seen during FY23.

BAYER CROPSCIENCE Cash Flow Statement 2023-24

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-23	Mar-24
Cash Flow from Operating Activities	Rs m	6,093	9,516	56.2%
Cash Flow from Investing Activities	Rs m	833	4	-99.5%
Cash Flow from Financing Activities	Rs m	-6,132	-6,563	-
Net Cash Flow	Rs m	794	2,957	272.4%

Current Valuations for BAYER CROPSCIENCE

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 164.8, an decline from the EPS of Rs 168.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 6,639.7, stands at 40.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 10.5 times, while the price to sales ratio stands at 5.8 times.
• The company's price to cash flow (P/CF) ratio stood at 28.2 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Sales per share (Unadj.)	Rs	1,143.7	1,135.6
TTM Earnings per share	Rs	168.7	164.8
Diluted earnings per share	Rs	168.7	164.8
Price to Cash Flow	x	21.7	28.2
TTM P/E ratio	x	24.0	40.3
Price / Book Value ratio	x	7.9	8.1
Market Cap	Rs m	215,366	229,879
Dividends per share (Unadj.)	Rs	130.0	140.0

Ratio Analysis for BAYER CROPSCIENCE

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.3x during FY24, from 2.1x during FY23. 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 49.0x during FY24, from 45.4x during FY23. 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 26.0% during FY24, from 28.0% during FY24. 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 33.7% during FY24, from 37.3% during FY23. 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 10.0% during FY24, from 10.4% during FY23. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Current ratio	x	2.1	2.3
Debtors’ Days	Days	69	69
Interest coverage	x	45.4	49.0
Debt to equity ratio	x	0.0	0.0
Return on assets	%	10.4	10.0
Return on equity	%	28.0	26.0
Return on capital employed	%	37.3	33.7

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 4,679.6 to Rs 6,639.7, registering a gain of Rs 1,960.1 or around 41.9%.

Overall, the S&P BSE SENSEX is up 21.3% over the year.

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