|
Standalone
net sales (including other operating income) of Bayer CropScience has declined
19.44% to Rs 791.50 crore. Operating
profit margin has declined from 20.95% to 12.20%, leading to 53.06% decline in
operating profit to Rs 96.60 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
52.50% to 54.02%. Purchase of finished
goods cost fell from 7.03% to 3.20%.
Employee cost increased from 10.66% to 13.14%. Other expenses rose from 13.19% to
19.67%.
Other
income up 43% to Rs 29.6 crore. PBIDT
fell 44.28% to Rs 126.2 crore. Provision
for interest fell 32.88% to Rs 4.9 crore.
Loan funds declined from Rs 73.50 crore as of 31 March 2023 to Rs 47.10
crore as of 31 March 2024. Inventories
declined from Rs 1,807.20 crore as of 31 March 2023 to Rs 1,545.20 crore as of
31 March 2024. Sundry debtors were lower
at Rs 960.10 crore as of 31 March 2024 compared to Rs 975.60 crore as of 31
March 2023. Cash and bank balance rose
to Rs 1,164.00 crore as of 31 March 2024 from Rs 868.00 crore as of 31 March
2023. Investments rose to Rs 53.90 crore
as of 31 March 2024 from Rs 41.10 crore as of 31 March 2023 .
PBDT fell
44.66% to Rs 121.3 crore. Provision for
depreciation down 41.33% to Rs 15.9 crore.
Fixed assets declined from Rs 456.90 crore as of 31 March 2023 to Rs
407.70 crore as of 31 March 2024.
Intangible assets increased from Rs 114.70 crore to Rs 125.40
crore.
Profit
before tax down 45.13% to Rs 105.40 crore.
Provision for tax was expense of Rs 9.4 crore, compared to Rs 36.7
crore. Effective tax rate was 8.92%
compared to 18.80%.
Profit
after tax fell 39.43% to Rs 96.00 crore.
Equity
capital stood at Rs 44.90 crore as of 31 March 2024 to Rs 44.90 crore as of 31
March 2023. Per share face Value
remained same at Rs 10.00.
Promoters’
stake was 71.43% as of 31 March 2024 compared to 71.43% as of 31 March 2023.
Commenting on the quarterly results,
Simon Wiebusch, Vice Chairman/Managing Director and CEO, Bayer CropScience
Limited said,
"Despite weather challenges and lower reservoir levels affecting crop
protection volumes, our performance remained resilient. While revenue from
operations witnessed a decline owing to Roundup price developments and
proactive channel management, our corn seeds business continued its growth
trend. Prudent spending kept operational expenses flat. We remain positive on
the overall agricultural landscape in India and reconfirm our commitment to
sustainable growth which entails dealing with the cyclical nature of our business
proactively."
Speaking on the FY results, Simon
Britsch, Chief Financial Officer, Bayer CropScience Limited said, "Our full-year performance
reflects our fortitude amidst market shifts and extreme weather events. Despite
challenges such as higher material cost, our strategic focus on channel
inventory has ensured sustained market outperformance. Our proactive cost
management also helped bolster our bottom line. With operational expenses
lowered and a strong bottom line to show for it, we stand poised for continued
growth and success."
Full year results analysis
Net sales
(including other operating income) of Bayer CropScience has declined 0.71% to
Rs 5,103.20 crore. Operating profit
margin has jumped from 17.98% to 18.69%, leading to 3.22% rise in operating
profit to Rs 954.00 crore. Raw material
cost as a % of total sales (net of stock adjustments) increased from 49.42% to
53.84%. Purchase of finished goods cost
fell from 5.39% to 2.76%. Employee cost
decreased from 10.39% to 8.62%. Other expenses
fell from 16.82% to 15.89%.
Other
income up 26.76% to Rs 81 crore. PBIDT
rose 4.75% to Rs 1035 crore. Provision
for interest fell 12.11% to Rs 19.6 crore.
Loan funds declined from Rs 73.50 crore as of 31 March 2023 to Rs 47.10
crore as of 31 March 2024. Inventories
declined from Rs 1,807.20 crore as of 31 March 2023 to Rs 1,545.20 crore as of
31 March 2024. Sundry debtors were lower
at Rs 960.10 crore as of 31 March 2024 compared to Rs 975.60 crore as of 31
March 2023. Cash and bank balance rose
to Rs 1,164.00 crore as of 31 March 2024 from Rs 868.00 crore as of 31 March
2023. Investments rose to Rs 53.90 crore
as of 31 March 2024 from Rs 41.10 crore as of 31 March 2023 .
PBDT rose
5.14% to Rs 1015.4 crore. Provision for
depreciation down 6.92% to Rs 74 crore.
Fixed assets declined from Rs 456.90 crore as of 31 March 2023 to Rs
407.70 crore as of 31 March 2024.
Intangible assets increased from Rs 114.70 crore to Rs 125.40
crore.
Profit
before tax grew 6.22% to Rs 941.40 crore.
Provision for tax was expense of Rs 200.9 crore, compared to Rs 231.9
crore. Effective tax rate was 21.34%
compared to 23.42%.
Profit
after tax fell 2.33% to Rs 740.50 crore.
Equity
capital stood at Rs 44.90 crore as of 31 March 2024 to Rs 44.90 crore as of 31
March 2023. Per share face Value
remained same at Rs 10.00.
Promoters’
stake was 71.43% as of 31 March 2024 ,compared to 71.43% as of 31 March 2023
.
Cash flow
from operating activities increased to Rs 951.60 crore for year ended March
2024 from Rs 609.30 crore for year ended March 2023. Cash flow used in acquiring fixed assets
during the year ended March 2024 stood at Rs 45.70 crore, compared to Rs 77.30
crore during the year ended March 2023.
The stock
trades at Rs 5578
|
Bayer
CropScience: Results
|
|
|
2403 (03)
|
2303 (03)
|
Var. (%)
|
2403 (12)
|
2303 (12)
|
Var (%)
|
|
Net Sales
|
791.50
|
982.50
|
-19
|
5103.20
|
5139.70
|
-1
|
|
OPM (%)
|
12.2
|
20.9
|
|
18.7
|
18.0
|
|
|
OP
|
96.60
|
205.80
|
-53
|
954.00
|
924.20
|
3
|
|
Other Income
|
29.60
|
20.70
|
43
|
81.00
|
63.90
|
27
|
|
PBDIT
|
126.20
|
226.50
|
-44
|
1035.00
|
988.10
|
5
|
|
Interest
|
4.90
|
7.30
|
-33
|
19.60
|
22.30
|
-12
|
|
PBDT
|
121.30
|
219.20
|
-45
|
1015.40
|
965.80
|
5
|
|
Depreciation
|
15.90
|
27.10
|
-41
|
74.00
|
79.50
|
-7
|
|
PBT before EO
|
105.40
|
192.10
|
-45
|
941.40
|
886.30
|
6
|
|
EO income
|
0.00
|
3.10
|
0
|
0.00
|
103.80
|
0
|
|
PBT after EO
|
105.40
|
195.20
|
-46
|
941.40
|
990.10
|
-5
|
|
Tax
|
9.40
|
36.70
|
-74
|
200.90
|
231.90
|
-13
|
|
PAT
|
96.00
|
158.50
|
-39
|
740.50
|
758.20
|
-2
|
|
PPI
|
0.00
|
0.00
|
0
|
0.0
|
0.0
|
0
|
|
PAT after PPI
|
96.00
|
158.50
|
-39
|
740.50
|
758.20
|
-2
|
|
EPS (Rs)*
|
#
|
#
|
|
164.8
|
151.0
|
|
|
* Annualized on equity of Rs 44.94 crore. Face Value: Rs 10
|
|
# EPS cannot be annualized due to seasonality in business
|
|
EO: Extraordinary items, LP: Loss to Profit. PL: Profit to loss
|
|
EPS is calculated after excluding EO and relevant tax
|
|
Figures in Rs crore
|
|
Source: Capitaline Database
|
.
|