Bayer CropScience Ltd

About

Bayer CropScience is engaged in Agri Care business which primarily includes manufacture, sale and distribution of insecticides, fungicides, herbicide and various other agrochemical products and corn seeds.[1]

Key Points

Business Areas

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  • Market Cap 24,065 Cr.
  • Current Price 5,355
  • High / Low 6,130 / 4,922
  • Stock P/E 49.1
  • Book Value 567
  • Dividend Yield 2.15 %
  • ROCE 31.0 %
  • ROE 19.0 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 48.90%

Cons

  • Stock is trading at 9.44 times its book value
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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
1,234 775 252 950 1,346 854 459 1,228 1,382 918 734 1,416
993 692 345 749 1,040 694 400 902 1,084 812 651 1,094
Operating Profit 241 83 -93 202 306 160 58 325 298 106 83 322
OPM % 20% 11% -37% 21% 23% 19% 13% 26% 22% 12% 11% 23%
Other Income 15 16 10 -7 -68 22 -11 14 15 18 22 15
Interest 4 4 0 3 5 4 3 3 2 4 4 2
Depreciation 11 11 12 14 17 15 19 24 14 14 22 15
Profit before tax 241 84 -95 178 216 164 26 313 296 106 80 320
Tax % 31% 25% 40% 24% 21% 16% -23% 19% 24% 143% 22% 21%
Net Profit 167 63 -57 135 170 138 32 252 225 -45 62 254
EPS in Rs 48.58 18.38 -16.63 39.41 49.46 30.68 7.01 56.01 49.98 -10.04 13.77 56.45

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
1,591 2,097 2,233 2,682 3,188 3,660 2,769 2,803 2,710 3,167 3,609 4,261 4,449
1,470 1,874 1,980 2,321 2,768 3,144 2,334 2,389 2,300 2,684 2,883 3,450 3,641
Operating Profit 121 223 254 362 419 516 435 414 410 483 726 812 809
OPM % 8% 11% 11% 13% 13% 14% 16% 15% 15% 15% 20% 19% 18%
Other Income 115 17 -14 1,242 91 88 82 70 39 51 -64 69 70
Interest 13 8 2 4 5 5 10 7 11 10 14 13 12
Depreciation 26 33 34 37 65 25 25 29 33 44 65 74 64
Profit before tax 196 199 204 1,563 441 574 482 448 404 480 583 794 802
Tax % 35% 34% 32% 26% 34% 33% 35% 35% 26% 30% 19% 38%
Net Profit 127 132 139 1,162 290 383 315 291 300 337 474 493 495
EPS in Rs 32.22 33.32 35.19 294.11 79.06 104.59 89.13 82.31 87.41 98.18 105.58 109.72 110.16
Dividend Payout % 12% 12% 12% 2% 7% 20% 19% 21% 21% 18% 24% 105%
Compounded Sales Growth
10 Years:7%
5 Years:9%
3 Years:16%
TTM:14%
Compounded Profit Growth
10 Years:14%
5 Years:9%
3 Years:17%
TTM:-27%
Stock Price CAGR
10 Years:21%
5 Years:4%
3 Years:7%
1 Year:-11%
Return on Equity
10 Years:19%
5 Years:18%
3 Years:20%
Last Year:19%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
40 40 40 40 37 37 35 35 34 34 45 45
Reserves 520 634 753 1,892 1,706 1,996 1,804 2,021 1,744 2,194 2,528 2,505
Borrowings 114 108 0 0 0 0 0 0 0 0 2 0
396 778 1,048 484 645 740 597 769 756 1,320 1,262 1,689
Total Liabilities 1,070 1,560 1,841 2,415 2,387 2,773 2,437 2,825 2,535 3,549 3,836 4,239
292 348 248 219 228 322 290 342 334 440 468 425
CWIP 29 6 9 127 217 1 17 24 36 47 56 76
Investments 63 4 4 4 4 29 68 50 0 0 41 52
686 1,202 1,580 2,066 1,939 2,422 2,062 2,410 2,164 3,062 3,270 3,686
Total Assets 1,070 1,560 1,841 2,415 2,387 2,773 2,437 2,825 2,535 3,549 3,836 4,239

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
82 122 107 138 282 200 206 157 121 433 666 687
-79 195 88 427 -290 485 16 -8 38 -113 -29 7
46 -32 -128 -21 -480 -42 -590 -73 -581 -158 -148 -556
Net Cash Flow 50 285 67 544 -488 644 -367 76 -421 162 489 138

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 45 49 42 44 47 57 53 72 89 81 73 65
Inventory Days 123 119 128 106 98 85 169 178 175 294 206 226
Days Payable 93 80 67 42 51 40 52 67 67 164 101 142
Cash Conversion Cycle 75 88 103 108 94 102 171 184 197 211 177 149
Working Capital Days 62 46 9 79 88 53 92 104 134 116 77 61
ROCE % 38% 29% 34% 29% 24% 31% 25% 23% 22% 25% 30% 31%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
68.69 68.69 68.69 68.69 68.69 71.43 71.43 71.43 71.43 71.43 71.43 71.43
3.89 3.65 3.62 3.49 3.32 2.68 2.17 2.34 2.79 2.60 2.87 2.97
15.29 15.61 15.88 16.20 16.28 12.99 13.86 13.56 12.63 12.47 12.49 11.34
12.12 12.05 11.80 11.62 11.71 12.90 12.53 12.67 13.15 13.50 13.21 14.26

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