|
Net sales
(including other operating income) of Bayer CropScience has increased 7.44% to
Rs 1,737.60 crore.
Operating
profit margin has declined from 18.85% to 10.58%, leading to 39.72% decline in
operating profit to Rs 183.80 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
59.29% to 64.21%. Purchase of finished
goods cost rose from 2.11% to 3.05%.
Employee cost increased from 6.40% to 6.95%. Other expenses rose from 12.85% to
14.76%.
Other
income up 47.20% to Rs 23.7 crore. PBIDT
fell 35.36% to Rs 207.5 crore. Provision
for interest fell 8.11% to Rs 3.4 crore.
Loan funds declined from Rs 63.80 crore as of 30 September 2023 to Rs
33.40 crore as of 30 September 2024.
Inventories declined from Rs 1,576.60 crore as of 30 September 2023 to
Rs 1,340.00 crore as of 30 September 2024.
Sundry debtors were lower at Rs 1,960.90 crore as of 30 September 2024
compared to Rs 1,987.50 crore as of 30 September 2023. Cash and bank balance rose to Rs 917.30 crore
as of 30 September 2024 from Rs 511.40 crore as of 30 September 2023. Investments rose to Rs 62.60 crore as of 30
September 2024 from Rs 42.80 crore as of 30 September 2023 .
PBDT fell
35.68% to Rs 204.1 crore. Provision for
depreciation rose 20.69% to Rs 14 crore.
Fixed assets declined from Rs 432.10 crore as of 30 September 2023 to Rs
385.60 crore as of 30 September 2024.
Intangible assets increased from Rs 117.40 crore to Rs 132.10
crore.
Profit
before tax down 37.81% to Rs 190.10 crore.
Provision for tax was expense of Rs 53.8 crore, compared to Rs 82.8
crore. Effective tax rate was 28.30%
compared to 27.09%.
Profit
after tax fell 38.85% to Rs 136.30 crore.
Equity
capital stood at Rs 44.90 crore as of 30 September 2024 to Rs 44.90 crore as of
30 September 2023. Per share face Value
remained same at Rs 10.00.
Promoters’
stake was 71.43% as of 30 September 2024 ,compared to 71.43% as of 30 September
2023.
Commenting on the quarterly results,
Simon Wiebusch, Vice Chairman & Managing Director and CEO, BCSL said, “In Q2 BCSL achieved a 7% increase
in Revenue from Operations primarily driven by higher volumes which were
partially offset by price pressure rooted in lower producer prices in China.
Moreover, our margins were negatively impacted by higher production costs in
corn seeds due to adverse weather conditions as well as a higher cost of goods sold
in our chemical business. Despite these headwinds, we are looking forward to a
stronger rabi and spring season, delivering sustainable, long-term value for
our stakeholders.”
Speaking about the quarterly results,
Simon Britsch, Chief Financial Officer, BCSL said, “We maintain our strong focus on cash
flow generation and prudent operational expense management. However, we
witnessed one-time effects from higher receivables and employee severance
provisions. As we look forward, we are confident in our ability to continue
with further growth investments and distributing a significant share of our
profit to our owners.”
For year-to-date (YTD) results
analysis
Net sales
(including other operating income) of Bayer CropScience has increased 0.36% to
Rs 3,368.80 crore.
Operating
profit margin has declined from 21.73% to 14.78%, leading to 31.76% decline in
operating profit to Rs 497.80 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from 55.95%
to 59.68%. Purchase of finished goods
cost rose from 2.78% to 3.18%. Employee
cost increased from 5.93% to 6.71%.
Other expenses rose from 13.04% to 14.92%.
Other
income up 39.13% to Rs 51.2 crore. PBIDT
fell 28.36% to Rs 549 crore. Provision
for interest fell 34.48% to Rs 7.6 crore.
Loan funds declined from Rs 63.80 crore as of 30 September 2023 to Rs
33.40 crore as of 30 September 2024.
Inventories declined from Rs 1,576.60 crore as of 30 September 2023 to
Rs 1,340.00 crore as of 30 September 2024.
Sundry debtors were lower at Rs 1,960.90 crore as of 30 September 2024
compared to Rs 1,987.50 crore as of 30 September 2023. Cash and bank balance rose to Rs 917.30 crore
as of 30 September 2024 from Rs 511.40 crore as of 30 September 2023. Investments rose to Rs 62.60 crore as of 30
September 2024 from Rs 42.80 crore as of 30 September 2023 .
PBDT fell
28.26% to Rs 541.4 crore. Provision for
depreciation down 17.25% to Rs 35.5 crore.
Fixed assets declined from Rs 432.10 crore as of 30 September 2023 to Rs
385.60 crore as of 30 September 2024.
Intangible assets increased from Rs 117.40 crore to Rs 132.10
crore.
Profit
before tax down 28.93% to Rs 505.90 crore.
Provision for tax was expense of Rs 115.4 crore, compared to Rs 160.4 crore. Effective tax rate was 22.81% compared to
22.53%.
Profit
after tax fell 29.18% to Rs 390.50 crore.
Equity
capital stood at Rs 44.90 crore as of 30 September 2024 to Rs 44.90 crore as of
30 September 2023. Per share face Value
remained same at Rs 10.00.
Promoters’
stake was 71.43% as of 30 September 2024 ,compared to 71.43% as of 30 September
2023.
The Board
of Directors at its meeting held on November 13, 2024, declared an interim
dividend of ? 90/- per equity share for the financial year ending March 31,
2025, amounting to Rs 404.5 crore.
The stock
trades at Rs 4789
|
Bayer
CropScience: Results
|
|
|
2412 (03)
|
2312 (03)
|
Var. (%)
|
2412 (09)
|
2312 (09)
|
Var. (%)
|
2403 (12)
|
2303 (12)
|
Var (%)
|
|
Net Sales
|
1,056.90
|
954.9
|
11
|
4,425.70
|
4,311.70
|
3
|
5103.20
|
5139.70
|
-1
|
|
OPM (%)
|
1.9
|
13.4
|
|
11.7
|
19.9
|
|
18.7
|
18.0
|
|
|
OP
|
19.7
|
127.9
|
-85
|
517.5
|
857.4
|
-40
|
954.00
|
924.20
|
3
|
|
Other Income
|
32.7
|
14.6
|
124
|
83.9
|
51.4
|
63
|
81.00
|
63.90
|
27
|
|
PBDIT
|
52.40
|
142.50
|
-63
|
601.40
|
908.80
|
-34
|
1035.00
|
988.10
|
5
|
|
Interest
|
3.7
|
3.1
|
19
|
11.3
|
14.7
|
-23
|
19.60
|
22.30
|
-12
|
|
PBDT
|
48.70
|
139.40
|
-65
|
590.10
|
894.10
|
-34
|
1015.40
|
965.80
|
5
|
|
Depreciation
|
15.1
|
15.2
|
-1
|
50.6
|
58.1
|
-13
|
74.00
|
79.50
|
-7
|
|
PBT before EO
|
33.60
|
124.20
|
-73
|
539.50
|
836.00
|
-35
|
941.40
|
886.30
|
6
|
|
EO income
|
0.00
|
0.00
|
0
|
0.00
|
0.00
|
0
|
0.00
|
103.80
|
0
|
|
PBT after EO
|
33.60
|
124.20
|
-73
|
539.50
|
836.00
|
-35
|
941.40
|
990.10
|
-5
|
|
Tax
|
-0.6
|
31.1
|
-102
|
114.8
|
191.5
|
-40
|
200.90
|
231.90
|
-13
|
|
PAT
|
34.20
|
93.10
|
-63
|
424.70
|
644.50
|
-34
|
740.50
|
758.20
|
-2
|
|
PPI
|
0.00
|
0.00
|
0
|
0.00
|
0.00
|
0
|
0.0
|
0.0
|
0
|
|
PAT after PPI
|
34.20
|
93.10
|
-63
|
424.70
|
644.50
|
-34
|
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
|
|