BSE: 506285 | NSE: BAYERCROP | Pesticides & Agrochemicals | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that Bayer CropScience Ltd is a good quality company.
The key valuation ratios of Bayer CropScience Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Bayer CropScience Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 30.6% | 25.4% | 23.4% | 21.7% | 24.4% | 24.8% | 31.5% | 33.9% | 38.7% | 34.6% | - |
| Value Creation Index ⓘ | 1.3 | 0.9 | 0.7 | 0.6 | 0.8 | 0.8 | 1.8 | 1.5 | 1.9 | 2.1 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 3,723 | 2,769 | 2,803 | 2,710 | 3,167 | 3,609 | 4,261 | 4,734 | 5,140 | 5,103 | 5,115 |
| Sales YoY Gr. | - | -25.6% | 1.2% | -3.3% | 16.9% | 14% | 18.1% | 11.1% | 8.6% | -0.7% | - |
| Adj EPS ⓘ | 105.2 | 89.8 | 83.2 | 88.5 | 99.7 | 124.9 | 106.8 | 133.1 | 150.8 | 162.9 | 129 |
| YoY Gr. | - | -14.6% | -7.4% | 6.4% | 12.6% | 25.3% | -14.5% | 24.7% | 13.3% | 8% | - |
| BVPS (₹) ⓘ | 555.4 | 519.6 | 581 | 518.5 | 649.8 | 572.9 | 568 | 562.2 | 604 | 634.6 | 685.8 |
| Adj Net Profit ⓘ | 385 | 317 | 294 | 304 | 342 | 561 | 480 | 598 | 678 | 732 | 580 |
| Cash Flow from Ops. ⓘ | 200 | 207 | 157 | 121 | 433 | 666 | 687 | 216 | 609 | 952 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 3.6% | 10% | 6.2% | -0.7% | ||||
| Adj EPS ⓘ | 5% | 10.3% | 15.1% | 8% | ||||
| BVPSⓘ | 1.5% | -0.5% | 3.8% | 5.1% | ||||
| Share Price | 7.4% | 10.6% | 6.4% | 6.7% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 20.4 | 16.4 | 15.1 | 15.8 | 17 | 23.3 | 18.7 | 23.6 | 25.9 | 26.3 | 19.5 |
| Op. Profit Mgn % ⓘ | 13.9 | 15.8 | 14.9 | 15.3 | 15.4 | 20.2 | 19 | 17.1 | 17.9 | 18.7 | 14.1 |
| Net Profit Mgn % ⓘ | 10.3 | 11.5 | 10.5 | 11.2 | 10.8 | 15.6 | 11.3 | 12.6 | 13.2 | 14.3 | 11.3 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Working Cap Days ⓘ | 238 | 326 | 357 | 439 | 411 | 389 | 345 | 349 | 358 | 354 | 170 |
| Cash Conv. Cycle ⓘ | 65 | 101 | 110 | 131 | 101 | 81 | 74 | 77 | 87 | 88 | 98 |
Net Profit is growing at healthy rate in last 3 years 15.11%
Return on Equity has declined versus last 3 years average to 19.50%
Sales growth has been subdued in last 3 years 6.19%
Sales growth is not so good in last 4 quarters at -6.56%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 129 | 12.3 |
| TTM Sales (₹ Cr.) | 5,115 | 783 |
| BVPS (₹.) ⓘ | 685.8 | 0 |
| Reserves (₹ Cr.) ⓘ | 3,195 | 294 |
| P/BV ⓘ | 8.55 | 0.00 |
| PE ⓘ | 45.47 | 475.66 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 4868.70 / 7189.90 |
| All Time Low / High (₹) | 34.13 / 7189.90 |
| Market Cap (₹ Cr.) | 26,356 |
| Equity (₹ Cr.) | 44.9 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 42.5 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,723 | 2,769 | 2,803 | 2,710 | 3,167 | 3,609 | 4,261 | 4,734 | 5,140 | 5,103 |
| Operating Expenses ⓘ | 3,211 | 2,335 | 2,391 | 2,301 | 2,687 | 2,884 | 3,452 | 3,929 | 4,225 | 4,152 |
| Manufacturing Costs | 136 | 288 | 189 | 114 | 200 | 204 | 268 | 277 | 282 | 286 |
| Material Costs | 2,388 | 1,432 | 1,573 | 1,544 | 1,577 | 1,822 | 2,321 | 2,536 | 2,693 | 2,780 |
| Employee Cost | 227 | 221 | 246 | 264 | 364 | 362 | 362 | 463 | 534 | 435 |
| Other Costs ⓘ | 460 | 394 | 383 | 379 | 545 | 497 | 501 | 653 | 716 | 651 |
| Operating Profit ⓘ | 512 | 434 | 412 | 409 | 481 | 726 | 810 | 806 | 915 | 951 |
| Operating Profit Margin (%) | 13.8% | 15.7% | 14.7% | 15.1% | 15.2% | 20.1% | 19.0% | 17.0% | 17.8% | 18.6% |
| Other Income ⓘ | 91 | 82 | 72 | 39 | 53 | 67 | 66 | 60 | 73 | 84 |
| Interest ⓘ | 5 | 10 | 7 | 11 | 10 | 14 | 13 | 13 | 22 | 20 |
| Depreciation ⓘ | 25 | 25 | 29 | 33 | 44 | 65 | 74 | 65 | 80 | 74 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | -130 | 5 | 59 | 104 | 0 |
| Profit Before Tax ⓘ | 574 | 482 | 448 | 404 | 480 | 583 | 795 | 847 | 990 | 941 |
| Tax ⓘ | 191 | 167 | 157 | 104 | 143 | 109 | 301 | 202 | 232 | 201 |
| Profit After Tax | 383 | 315 | 291 | 300 | 337 | 475 | 493 | 645 | 758 | 741 |
| PAT Margin (%) | 10.3% | 11.4% | 10.4% | 11.1% | 10.6% | 13.1% | 11.6% | 13.6% | 14.8% | 14.5% |
| Adjusted EPS (₹) | 104.6 | 89.0 | 82.2 | 87.5 | 98.3 | 105.7 | 109.8 | 143.7 | 168.9 | 164.9 |
| Dividend Payout Ratio (%) | 20% | 19% | 21% | 21% | 18% | 24% | 105% | 104% | 77% | 85% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 2,033 | 1,839 | 2,057 | 1,778 | 2,229 | 2,573 | 2,550 | 2,524 | 2,712 | 2,849 |
| Share Capital ⓘ | 37 | 35 | 35 | 34 | 34 | 45 | 45 | 45 | 45 | 45 |
| Reserves ⓘ | 1,996 | 1,804 | 2,021 | 1,744 | 2,195 | 2,528 | 2,505 | 2,479 | 2,667 | 2,805 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 0 | 0 | 0 |
| Long Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short Term Debt | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 0 | 0 | 0 |
| Trade Payables | 268 | 204 | 287 | 284 | 644 | 475 | 830 | 820 | 873 | 605 |
| Others Liabilities ⓘ | 1,744 | 1,693 | 2,081 | 2,168 | 2,664 | 2,879 | 3,226 | 3,618 | 3,914 | 4,162 |
| Total Liabilities ⓘ | 4,044 | 3,737 | 4,425 | 4,230 | 5,537 | 5,928 | 6,607 | 6,962 | 7,500 | 7,616 |
Fixed Assets | ||||||||||
| Gross Block | 434 | 314 | 361 | 384 | 548 | 635 | 649 | 713 | 764 | 761 |
| Accumulated Depreciation | 112 | 24 | 50 | 80 | 139 | 197 | 254 | 272 | 328 | 360 |
| Net Fixed Assetsⓘ | 322 | 290 | 311 | 304 | 409 | 438 | 395 | 441 | 437 | 401 |
| CWIP ⓘ | 1 | 17 | 24 | 36 | 47 | 56 | 76 | 98 | 109 | 119 |
| Investmentsⓘ | 29 | 36 | 50 | 0 | 0 | 41 | 52 | 39 | 41 | 54 |
| Inventories | 565 | 665 | 768 | 740 | 1,157 | 964 | 1,325 | 1,512 | 1,807 | 1,545 |
| Trade Receivables | 571 | 405 | 557 | 659 | 699 | 718 | 755 | 1,005 | 976 | 960 |
| Cash Equivalents | 1,130 | 763 | 839 | 418 | 582 | 1,071 | 1,210 | 787 | 868 | 1,164 |
| Others Assetsⓘ | 1,427 | 1,560 | 1,877 | 2,073 | 2,643 | 2,641 | 2,794 | 3,079 | 3,262 | 3,374 |
| Total Assets ⓘ | 4,044 | 3,737 | 4,425 | 4,230 | 5,537 | 5,928 | 6,607 | 6,962 | 7,500 | 7,616 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 200 | 207 | 157 | 121 | 433 | 666 | 687 | 216 | 609 | 952 |
| PBT ⓘ | 574 | 482 | 448 | 404 | 480 | 583 | 795 | 847 | 990 | 941 |
| Adjustment ⓘ | -16 | -22 | 5 | 38 | 67 | 191 | 62 | 39 | 0 | 108 |
| Changes in Working Capital ⓘ | -167 | -87 | -148 | -225 | 90 | 28 | -7 | -406 | -141 | 34 |
| Tax Paid ⓘ | -191 | -165 | -148 | -95 | -205 | -136 | -163 | -264 | -240 | -132 |
| Cash Flow From Investing Activity ⓘ | 485 | 16 | -8 | 38 | -415 | -29 | 7 | 64 | 83 | 0 |
| Capex | 97 | -37 | -49 | -42 | -55 | -28 | -31 | -47 | -73 | -39 |
| Net Investments | -25 | -11 | -13 | 50 | -396 | -40 | -1 | 23 | 122 | 2 |
| Others ⓘ | 414 | 64 | 54 | 30 | 36 | 39 | 39 | 88 | 34 | 38 |
| Cash Flow From Financing Activityⓘ | -42 | -590 | -73 | -581 | -158 | -148 | -556 | -703 | -613 | -656 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Paid ⓘ | -1 | -5 | -1 | -4 | -5 | -2 | -3 | -4 | -11 | -8 |
| Dividend Paid ⓘ | -35 | -62 | -60 | -60 | -126 | -102 | -516 | -673 | -561 | -607 |
| Others ⓘ | -6 | -523 | -12 | -517 | -27 | -44 | -37 | -26 | -41 | -42 |
| Net Cash Flow ⓘ | 644 | -367 | 76 | -421 | -140 | 489 | 138 | -424 | 79 | 296 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 20.29 | 16.27 | 14.94 | 15.65 | 16.83 | 19.77 | 19.25 | 25.43 | 28.96 | 26.63 |
| ROCE (%) | 30.63 | 25.39 | 23.35 | 21.65 | 24.41 | 24.8 | 31.5 | 33.88 | 38.67 | 34.56 |
| Asset Turnover Ratio | 1.04 | 0.74 | 0.72 | 0.64 | 0.72 | 0.72 | 0.77 | 0.8 | 0.82 | 0.81 |
| PAT to CFO Conversion(x) | 0.52 | 0.66 | 0.54 | 0.4 | 1.28 | 1.4 | 1.39 | 0.33 | 0.8 | 1.28 | Working Capital Days |
| Receivable Days | 46 | 62 | 60 | 81 | 71 | 63 | 56 | 59 | 61 | 58 |
| Inventory Days | 52 | 78 | 89 | 100 | 99 | 94 | 86 | 95 | 103 | 100 |
| Payable Days | 42 | 60 | 57 | 68 | 107 | 112 | 103 | 119 | 115 | 97 |
Bayer CropScience is the flagship company of the Bayer Group in India and is publicly listed on the Bombay Stock Exchange. It is engaged in manufacturing of crop protection products, non agricultural pest-control, seeds and plant biotechnology. The company enjoys a unique position in the market because of its capability to offer new innovative products, technologies, processes, services and business models. With its innovative products, it is contributing to finding solutions to some of the major challenges of its time. The company remains committed to improving lives by advancing nutrition and healthcare solutions for the country’s growing population.
Business area of the company
The company’s Crop Science division is the largest for Bayer in India with businesses in seeds & traits, crop protection, digital farming and environmental science (non-agricultural pest control). Its robust crop protection portfolio includes products to manage insects, pests, weeds and diseases. It also includes bilogical solutions, that use nature’s own defenses to protect crops. Its broad range of high-quality hybrid seeds includes cutting-edge traits for high-yielding crops with improved weed management and superior insect control. Its expertise and innovations in digital farming provide farmers with a deeper understanding of their fields so they can utilize their inputs and natural resources as efficiently as possible. The company also has products that focus on non-agricultural applications in the form of products and services for vector control and professional pest control.
The company’s Pharmaceuticals division in India operates as Bayer Zydus Pharma, a joint venture between Bayer and Zydus Cadila. The focus of this business is on prescription products, especially for cardiology and women’s health care and on specialty therapeutics in the areas of oncology, hematology and ophthalmology. The division also comprises the radiology business, which markets diagnostic imaging equipment together with the necessary contrast agents. Its Consumer Health division is focused on making self-care for a better life a reality for billions of people around the world through everyday healthcare. Its Animal Health business develops and markets products and solutions for the prevention and treatment of diseases in companion and farm animals.
Awards:
Milestones:
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