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Bayer CropScience

capital market | Mumbai | February 21, 2014 22:57 IST

Extraordinary expenses drag down profit

The top-line for Q3 FY12 declined by 6% to Rs 499.17 crore. OPM was almost stable at 11.7%. As a result operating profit decreased by 7% to Rs 58.44 crore. . PBT before EO was down by 2% to Rs 56.1 crore.

Performance for the quarter ended December 2011

The top-line declined by 6% to Rs 499.17 crore. OPM was almost stable at 11.7%. As a result operating profit decreased by 7% to Rs 58.44 crore.

Other income was up 4% to Rs 6.12 crore. Interest is down by 93% to Rs 0.18 crore. Depreciation fell by 6% to Rs 8.28 crore. PBT before EO was down by 2% to Rs 56.1 crore.

There was an EO expenses of Rs 16.29 crore. This is the expenses towards Demolition and Remediation activities, as company place great importance on protecting the environment and conserving natural resources. The tax outgo has decreased by 36% to Rs 13.11 crore. The net profit has come down by 25% to Rs 26.7 crore.

Performance nine months ended December 2011

The top-line rose 6% to Rs 2020.49 crore. Consistent with past practice, Sales for the nine months ended December 2011 are net of estimated returns of Rs 36.12 crore (April - December 2010 Rs 33.51 crore), in respect of seasonal sales, which, in Management's opinion, may need to be reviewed dependent on future circumstances. Sales returns are accounted at actual at the financial year end.

The operating margins saw a rise of 55 bps to 13.2% due to fall in purchase of traded goods by 80 bps to 47.2% of adjusted net sales. As a result operating profit increased by 11% to Rs 267.51 crore.

Other income was increased by 69% to Rs 27.25 crore. Interest is down by 83% to Rs 1.03 crore. Depreciation was up by 5% to Rs 24.54 crore. PBT before EO was up by 18% to Rs 269.19 crore.

There was an EO expenses of Rs 31.28 crore. This is the expenses towards Demolition and Remediation activities. The tax outgo was stable at Rs 77.28 crore. The net profit was up by 8% to Rs 160.63 crore.

Other Developments

The Company has entered into a non-binding and exclusive arrangement with Agile Real Estate Pvt Ltd vide Memorandum of Understanding dated 31st March, 2011 for the proposed sale of Land & Buildings situated at Village Balkum, Thane at a consideration to be finalised at a future date. The net book value of the Land & Buildings as on 31st December, 2011 is Rs91.54 crore and Rs 12.35 crore respectively. The company has received an earnest amount of Rs 260 crore on 31st March, 2011 and an advance payment of Rs 260 crore on 30th December, 2011 for this exclusive arrangement. The conveyance, transfer, sale and possession of the aforesaid Thane Land and Buildings will be completed at a future date subject to relevant approvals, permissions from the government and other statutory bodies, as may be deemed necessary and on receipt of sale consideration on or before 30th September, 2012.

Valuation

The scrip is currently trading at Rs 796 on the BSE.

The promoter holding in the company is at 71.11%.

Bayer CropScience: Results

 

Particulars1112(03)1012(03)Var (%)1112(09)1112(09)Var (%)1103 (12)1003 (12)Var (%)
Net Sales499.17531.35-62020.491902.7662139.271724.1024
OPM (%)11.711.813.212.710.512.6
Operating Profits58.4462.60-7267.51241.4711224.84217.763
Other Income6.125.86427.2516.126918.5025.25-27
PBDIT64.5668.46-6294.76257.5914243.34243.010
Interest0.182.54-931.035.89-837.9111.45-31
PBDT64.3865.92-2293.73251.7017235.43231.562
Depreciation8.288.79-624.5423.39532.6926.4424
PBT before EO56.1057.13-2269.19228.3118202.74205.12-1
EO 16.291.1399931.282.469993.788.68-56
PBT after EO39.8156.00-29237.91225.855198.96196.441
Tax Expense13.1120.43-3677.2877.18067.4269.19-3
Net profit26.7035.57-25160.63148.678131.54127.253
EPS* (Rs.)####33.933.6
Annualised on current equity of Rs 39.5 crore. Face Value: Rs 10 each
# EPS cannot be annualized due to seasonality in business
Var. (%) exceeding 999 has been truncated to 999
LP: Loss to Profit PL: Profit to Loss
EO: Extraordinary items
EPS is calculated after excluding EO and relevant tax
Figures in Rs crore
Source: Capitaline Corporate Database

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