Monsanto India LTD Result Update - Firstcall

CMP: 2585.
25 MAR 28th, 2019

MONSANTO INDIA LTD
Overweight ISIN:
Result Update (PARENT BASIS): Q3 FY19
INE274B01011
Index Details
SYNOPSIS
Monsanto India Limited is an agricultural company

Sector Agrochemicals
engaged in the business of production and sale of
BSE Code 524084
agricultural inputs, including chemicals,
Face Value 10.00
52wk. High / Low (Rs.) 3358.00/2424.00 pesticides/herbicides and hybrid seeds.
Volume (2wk. Avg.) 484 Revenue for the quarter stood at Rs. 1526.10 mn as
Market Cap (Rs. in mn.) 44621.42
against Rs. 1837.40 mn, when compared with the
Annual Estimated Results(A*: Actual / E*: Estimated) prior year period.
Years (Rs. in mn) FY18A FY19E FY20E During Q3 FY19, EBIDTA is Rs. 448.00 mn as
Net Sales 6721.20 6804.85 7145.09 against Rs. 728.70 mn in the corresponding period
EBITDA 1862.80 1907.05 2008.23
of the previous year.
Net Profit 1645.60 1661.47 1771.48
EPS 95.34 96.26 102.64 During Q3 FY19, Profit before tax stood at Rs.
P/E 27.12 26.86 25.19 416.80 mn from Rs. 696.10 mn in Q3 FY18.
Shareholding Pattern (%) During Q3 FY19, net profit stood at Rs. 389.50 mn
as against Rs. 633.40 mn in the corresponding
As on Dec 2018 As on Sep 2018
quarter ending of previous year.
Promoter 81.84 81.84
EPS of the company stood at Rs. 22.57 a share
Public 18.16 18.16 during the quarter of current year period.
Others -- --
Revenue of the company rose by 5.11% at Rs.
1 Year Comparative Graph 5416.10 mn in 9M FY19 as against Rs. 5152.70 mn
in 9M FY18.
During 9M FY19, PAT rose by 15.82% at Rs.

1290.60 mn as compared to Rs. 1114.30 mn in 9M
FY18.
Net Sales and PAT of the company are expected to

grow at a CAGR of 7% and 15% over 2017 to
2020E respectively.
MONSANTO INDIA LTD S&P BSE SENSEX
PEER GROUPS CMP MARKET CAP EPS(TTM) P/E (X)(TTM) P/BV(X) DIVIDEND
Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)

Monsanto India Ltd 2585.25 44621.42 105.56 24.49 6.97 300.00
UPL Ltd 909.10 462203.00 38.81 23.38 5.03 400.00
Sharda Cropchem Ltd 364.50 32885.40 20.39 17.88 2.90 40.00
Insecticides (India) Ltd 650.00 13434.10 49.13 13.23 2.45 20.00
Document code: FOTL_280320194_3 Copyright © 2016 Firstobject Technologies Ltd. All rights reserved
QUARTERLY HIGHLIGHTS (PARENT BASIS)
Results updates- Q3 FY19,
(Rs. in millions) Dec-18 Dec-17 % Change
Revenue 1526.10 1837.40 (16.94%)
Net Profit 389.50 633.40 (38.51%)
EPS 22.57 36.70 (38.51%)
EBIDTA 448.00 728.70 (38.52%)
The company’s net profit stood Rs. 389.50 million as against Rs. 633.40 million in the corresponding quarter ending of
previous year. Revenue for the quarter stood at Rs. 1526.10 million as against Rs. 1837.40 million in the corresponding
quarter ending of previous year. Reported earnings per share of the company stood at Rs. 22.57 a share during the quarter.
Profit before interest, depreciation and tax is Rs. 448.00 million as against Rs. 728.70 million in the corresponding period
of the previous year.
Break up of Expenditure
Value in Rs. Million

Break up of
Expenditure
%
Q3 FY19 Q3 FY18
Change
Cost of Material
Consumed & other 441.20 440.60 0%
inputs
Employee Benefit
137.70 139.00 -1%
Expenses
Depreciation &
Amortization 28.30 27.60 3%
Expenses
Other Expenditure 415.40 365.30 14%
COMPANY PROFILE
Monsanto India Limited is an agricultural company engaged in the business of production and sale of agricultural inputs,
including chemicals, pesticides/herbicides and hybrid seeds. The Company's product portfolio includes agricultural and
vegetable seeds, plant biotechnology traits and crop protection chemicals. Its offers approximately 30 variants of hybrid
maize seeds under Dekalb brand. Roundup is a flagship product brand of the Company's agricultural productivity business
that manufactures broad spectrum, glyphosate-based, post-emergent systemic herbicide for weed management. Its
products include DEKALB 9150, DEKALB 8161, DEKALB 9165, DEKALB 8164 and DEKALB 9155. It has
manufacturing facilities in Silvassa, which is an herbicide plant; Shamirpet, which is a maize conditioning plant, and
Eluru, which is a seed processing plant. The Company has maize breeding stations at Udaipur and Bangalore, and a
satellite breeding station at Jalandhar.
FINANCIAL HIGHLIGHT (PARENT BASIS) (A*- Actual, E* -Estimations & Rs. In Millions)
Balance Sheet as of March 31, 2017 -2020E

FY17A FY18A FY19E FY20E
ASSETS
1) Non-Current Assets
a) Property, Plant and Equipment 967.00 1154.70 1270.17 1371.78
b) Capital Work in Progress 93.00 8.10 6.64 5.65
c) Other Intangible Assets 5.10 4.70 4.47 4.29
d) Financial Assets
i) Other Financial Assets 10.40 10.70 11.24 11.91
e) Deferred Tax Assets (Net) 2.40 56.20 67.44 79.58
f) Non-Current Tax Assets (Net) 536.00 1094.80 1368.50 1614.83
g) Other Non Current Assets (net) 57.10 121.60 143.49 165.01
Sub - Total Non- Current Assets 1671.00 2450.80 2871.94 3253.05
2) Current Assets
a) Biological Assets 30.10 49.90 62.38 74.85
b) Inventories 1220.40 1908.20 2385.25 2814.60
c) Financial Assets
i) Investments 3479.30 3110.50 2954.98 2836.78
ii) Trade Receivables 153.50 309.10 386.38 455.92
iii) Cash and Cash Equivalents 89.30 139.40 174.25 205.62
iv) Bank Balances other than Cash 12.90 13.40 14.07 14.63
v) Other Financial Assets 0.30 0.20 0.17 0.14
d) Other Current Assets 287.80 375.50 473.13 581.95
Sub - Total Current Assets 5273.60 5906.20 6450.60 6984.48
3) Assets Classified as held for Sale 43.20 43.20 0.00 0.00
Total Assets (1+2+3) 6987.80 8400.20 9322.54 10237.53
EQUITY AND LIABILITIES
1) EQUITY
a) Equity Share Capital 172.60 172.60 172.60 172.60
b) Other Equity 5165.30 6231.30 6854.43 7608.42
Total Equity 5337.90 6403.90 7027.03 7781.02
2) Non Current Liabilities
a) Financial Liabilities
i) Borrowings 0.00 0.00 0.00 0.00
b) Provisions 86.30 66.40 76.36 83.99
Sub - Total Non Current Liabilities 86.30 66.40 76.36 83.99
3) Current Liabilities
a) Financial Liabilities
i) Borrowings 0.00 0.00 0.00 0.00
ii) Trade Payables 934.30 1338.30 1613.99 1754.15
iii) Other Financial Liabilities 183.30 194.10 203.81 211.96
b) Provisions 148.50 86.10 77.49 72.84
c) Other Current Liabilities 297.50 311.40 323.86 333.57
Sub - Total Current Liabilities 1563.60 1929.90 2219.14 2372.52
Total Equity and Liabilities (1+2+3) 6987.80 8400.20 9322.53 10237.53
Annual Profit & Loss Statement for the period of 2017 to 2020E
Value(Rs.in.mn) FY17A FY18A FY19E FY20E

Description 12m 12m 12m 12m
Net Sales 6458.00 6721.20 6804.85 7145.09
Other Income 128.70 172.20 274.08 323.42
Total Income 6586.70 6893.40 7078.93 7468.51
Expenditure -4842.40 -5030.60 -5171.88 -5460.28
Operating Profit 1744.30 1862.80 1907.05 2008.23
Interest -11.00 -13.50 -12.23 -12.72
Gross profit 1733.30 1849.30 1894.82 1995.51
Depreciation -90.60 -129.90 -118.36 -130.20
Exceptional Items -12.90 -13.00 0.00 0.00
Profit Before Tax 1629.80 1706.40 1776.46 1865.31
Tax -115.40 -60.80 -114.99 -93.82
Net Profit 1514.40 1645.60 1661.47 1771.48
Equity capital 172.60 172.60 172.60 172.60
Reserves 5165.30 6231.30 6854.43 7608.42
Face value 10.00 10.00 10.00 10.00
EPS 87.74 95.34 96.26 102.64
Quarterly Profit & Loss Statement for the period of 30th June, 2018 to 31st Mar, 2019E
Value(Rs.in.mn) 30-Jun-18 30-Sep-18 31-Dec-18 31-Mar-19E

Description 3m 3m 3m 3m
Net sales 2606.40 1283.60 1526.10 1388.75
Other income 37.70 51.30 84.90 100.18
Total Income 2644.10 1334.90 1611.00 1488.93
Expenditure -1892.40 -1057.00 -1163.00 -1059.48
Operating profit 751.70 277.90 448.00 429.45
Interest -2.90 -3.30 -2.90 -3.13
Gross profit 748.80 274.60 445.10 426.32
Depreciation -30.00 -29.50 -28.30 -30.56
Profit Before Tax 718.80 245.10 416.80 395.76
Tax -58.60 -4.20 -27.30 -24.89
Net Profit 660.20 240.90 389.50 370.87
Equity capital 172.60 172.60 172.60 172.60
Face value 10.00 10.00 10.00 10.00
EPS 38.25 13.96 22.57 21.49
Ratio Analysis
Particulars FY17A FY18A FY19E FY20E
EPS (Rs.) 87.74 95.34 96.26 102.64

EBITDA Margin (%) 27.01% 27.72% 28.02% 28.11%
PBT Margin (%) 25.24% 25.39% 26.11% 26.11%
PAT Margin (%) 23.45% 24.48% 24.42% 24.79%
P/E Ratio (x) 29.46 27.12 26.86 25.19
ROE (%) 28.37% 25.70% 23.64% 22.77%
ROCE (%) 30.98% 27.06% 25.45% 24.14%
Debt Equity Ratio 0.00 0.00 0.00 0.00
EV/EBITDA (x) 23.53 22.20 21.75 20.70
Book Value (Rs.) 309.26 371.03 407.13 450.81
P/BV 8.36 6.97 6.35 5.73
Charts
OUTLOOK AND CONCLUSION
 At the current market price of Rs. 2585.25, the stock P/E ratio is at 26.86 x FY19E and 25.19 x FY20E respectively.
 Earning per share (EPS) of the company for the earnings for FY19E and FY20E is seen at Rs. 96.26 and Rs. 102.64
respectively.
 Net Sales and PAT of the company are expected to grow at a CAGR of 7% and 15% over 2017 to 2020E respectively.
 On the basis of EV/EBITDA, the stock trades at 21.75 x for FY19E and 20.70 x for FY20E.
 Price to Book Value of the stock is expected to be at 6.35 x and 5.73 x for FY19E and FY20E respectively.
 Hence, we say that, we are Overweight in this particular scrip for Medium to Long term investment.
INDUSTRY OVERVIEW
India has the 10th largest arable land resources in the world and the country possesses ~ 45 of the 60 soil types across the
globe. The country is the largest producer of spices, pulses, milk, tea, while it ranks second in the production of wheat,
rice, fruits and vegetables.
India’s agriculture sector is considered to be the backbone of the nation’s economy. Providing livelihood to over 58
percent of households in the rural areas, the agriculture sector, along with fisheries and forestry, is also one of the largest
contributors to the Gross Domestic Product (GDP).
As per the second estimates of CSO, the share of agriculture and allied sectors including agriculture, livestock, forestry
and fishery is estimated to be 20.4 percent of the Gross Value Added (GVA). While the GVA of agriculture and allied
sectors has grown by 2.75 percent between FY 12 – 18, in FY 18 it is estimated to have grown by 3 percent.
Agricultural growth in India is a key to the country’s economic progress and therefore farmers’ success becomes a major
factor to the country’s development. Hence, it is all the more important to provide the farmer the right policy framework
and access to technologies thereby enabling increased productivity and growth.
With the country’s population growing and the amount of arable land being limited, it is important that we provide our
farmers with all the tools to grow more and feed the nation. The Government’s clear intent to increase agricultural
productivity and help the farmer get reasonable prices for agricultural production are a welcome move. The focus on rural
welfare and the creation of rural infrastructure – both social and agricultural too is encouraging. Financial support to
enhance irrigation, especially micro-irrigation schemes and soil health for higher agriculture productivity, will go a long
way in giving farmers access to key facilities that will help them enhance productivity.
With India’s rising population and increasing demand, agriculture will need to witness a revolution and this will only be
possible with support from the government. By creating the necessary framework, the Government of India will not only
help our farmers improve their socio-economic conditions, they will also enable Indian agriculture prosper eventually
resulting in an inclusive development.
Production:
The Ministry of Agriculture (MoA) forecasts India’s food grain production to grow to a record level in the crop year
ending June 2018 aided by a normal monsoon and wider planting in the Rabi season. As per the second advance estimates
by the Dept. of Agriculture, food grain output is expected to increase by 0.9 percent to reach 277.49 M tonnes, exceeding
the previous record of 275.11 M tonnes achieved in 2016-17.
While increase in agricultural yields due to a near normal monsoon is a welcome relief for farmers and for the nation’s
food security, the need of the hour is to make the agriculture sector less vulnerable to vagaries of the weather. Declining
yields due to reduced or no rains reduce incomes which in turn has an impact on overall consumption thus slowing down
economic growth.
With growing consumer demand, limited natural resources and a changing climate, farmers need to increase food, fiber
and energy production while protecting the environment. Meeting the challenges facing the nation, agriculture and
farmers will take innovative products, practices, and partnerships.
Post – Harvest:
The government is focused on providing the country’s farmers with the right policies and infrastructure that improves the
lives of farmers.
Today, one of the bigger challenges facing India’s farmers is the lack of access to credit. This diminishes the capacity of
farmers to invest in quality agricultural inputs and often adds to the financial strain on farmers. Providing farmers
adequate support by way of quality credit will give them more financial resources and also increase their confidence to
take risks.
Exports:
India continues to feature in the list of 15 leading exporters of agriculture products globally. The total agriculture exports
from India grew at a Compounded Annual Growth Rate (CAGR) of 16.45 percent from 2010 to 2018 to reach USD 32.08
billion in FY16. In line with its draft agriculture policy, the Government of India continues to work towards achieving its
export target of USD 60 B by 2022.
During this period, exports of cereals accounted for 43.6 percent of the total exports, followed by livestock products (25
percent), other processed foods (15.94 per cent), fresh fruits and vegetables (8.20 per cent), processed fruits and
vegetables (6.27 per cent) and floriculture and seeds (0.99 per cent). Indian agricultural and processed foods are exported
to more than 100 countries/regions, chief among them are the Middle East, Southeast Asia, SAARC countries, the EU and
the US. In 2017, Indian exports reset quite a few benchmarks. In CY 2017, India exported 240.68 M kg tea – a 36 year
high while Indian exports of Basmati rice grew to USD 6.19 M in FY18 as compared to USD 3.25 M in the corresponding
period.
Foreign Investments:
Data sourced from the Department of Industrial Policy and Promotion (DIPP) state that the Indian agricultural services
and agricultural machinery sectors have cumulatively attracted Foreign Direct Investment (FDI) equity inflow of about
USD 2.02 B and USD 466.31 M, respectively, during the period April 2000 to December 2017. In the same period, the
food processing sector attracted FDI of USD 8.37B.
Opportunities Specific to Maize:
Widespread cultivation:
In India, maize is the third most grown cereal crop. 15 million farmers are engaged in maize cultivation and it generates
employment for more than 650 million person days across the crop’s ecosystem.
Diverse applications:
Maize is used as food, poultry and livestock feed and also used commercially in the production of starch and ethanol. It is
a source for more than 3,500 products including specialized maize like QPM (Quality Protein Maize).
The feed industry is growing at a CAGR of 6 – 7 percent globally and in India at CAGR of 9 percent. Growing usage of
maize in feed and industrial purposes, particularly poultry feed and starch, has fueled the demand for maize.
With a growing population, India would require approximately 45 Million Metric Tonnes of maize by the year 2022.
Cultivation friendly:
Maize can be grown in different seasons and requires moderate climate. It consumes less water as compared to other crops
such as rice and wheat and it has a higher yield per hectare.
Outlook and opportunities:
Indian economy is projected to grow at 7.4 percent in 2018 and at 7.8 percent in 2019 mainly due to strong consumption
as well as the fading transitory effects of demonetization and implementation of GST.
In the medium term, growth is expected to gradually rise with continued implementation of structural reforms that raise
productivity and incentivize private investment. Favourable indicators such as moderate levels of inflation, anticipated
growth of the industrial sector, and the expectation of greater stability in GST could lead to accelerated pace of growth.
The expectations of the global community from India’s economy to deliver on its potential continued to remain high as
the country retained the tag of the “Fastest Growing Economy” in the world.
The government’s impetus on structural reforms like “Make in India”, investments in infrastructure & Smart Cities,
favourable demographics and lower inflation contributed to this growth. Another factor that is expected to boost growth is
the rise in Foreign Direct Investment (FDI) which is primarily due to ongoing improvements in the domestic business
conditions and regulatory amendments that encourage higher foreign investor participation.
In April 2018, the India Meteorological Department (IMD) predicted normal monsoons and a low probability of a drought
in 2018. This is the third consecutive year when the country’s national weather forecaster has predicted normal monsoons.
Normal rainfall boosts farm production, resulting in increase in rural demand and support to the overall economy.
In addition to the macro economic factors, the agriculture sector is bound to grow due to following reasons:
In March 2018, the Government of India extended the urea subsidy to farmers till 2020 with the primary aim of ensuring
supply of urea at statutory controlled prices. Urea subsidy for 2018-19 is estimated at Rs 45,000 crore (USD 6.95 billion).
As of March 2018, the Government is working on a plan to provide air cargo support to promote agriculture exports from
India.
The implementation of Pradhan Mantri Fasal Bima Yojana (PMFBY) will be made faster and the government is aiming to
increase the coverage under the scheme to 50 percent of gross cropped area in 2018-19.
The Government of India plans to provide Rs. 2,000 crore (USD 306.29 million) for computerization of Primary
Agricultural Credit Society (PACS) to ensure cooperatives are benefitted through digital technology.
Around 100 million Soil Health Cards (SHCs) have been distributed in the country during 2015-17 and a soil health
mobile app has been launched to help Indian farmers.
With an aim to boost innovation and entrepreneurship in agriculture, the Government of India is introducing a new AGRI-
UDAAN programme to mentor start-ups and enable them connect with potential investors.
The Government of India has launched the Pradhan Mantri Krishi Sinchai Yojana (PMKSY) with an investment of Rs.
50,000 crore (USD 7.7 billion) aimed at development of irrigation sources and providing a permanent solution from
drought.
The Government of India plans to triple the capacity of the food processing sector in India from the current 10 percent of
agricultural produce and has also committed Rs. 6,000 crore (USD 936.38 billion) as investments for mega food parks in
the country, as a part of the Scheme for AgroMarine Processing and Development of Agro-Processing Clusters
(SAMPADA).
The Government of India has allowed 100 percent FDI in marketing of food products and in food product e-commerce
under the automatic route.
A new platform for selling agricultural produce named e-RaKam has been launched by the Government of India and will
operate as a joint initiative of Metal Scrap Trade Corporation Limited and Central Railside Warehouse Company Limited
(CRWC).
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CMP: 2585.

25 MAR 28th, 2019

Monsanto India Limited is an agricultural company

During 9M FY19, PAT rose by 15.82% at Rs.

Net Sales and PAT of the company are expected to

Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)

Results updates- Q3 FY19,

(Rs. in millions) Dec-18 Dec-17 % Change

Revenue 1526.10 1837.40 (16.94%)

Net Profit 389.50 633.40 (38.51%)

EPS 22.57 36.70 (38.51%)

EBIDTA 448.00 728.70 (38.52%)

Value in Rs. Million

Other Expenditure 415.40 365.30 14%

Balance Sheet as of March 31, 2017 -2020E

Value(Rs.in.mn) FY17A FY18A FY19E FY20E

Value(Rs.in.mn) 30-Jun-18 30-Sep-18 31-Dec-18 31-Mar-19E

Particulars FY17A FY18A FY19E FY20E

EPS (Rs.) 87.74 95.34 96.26 102.64

Opportunities Specific to Maize:

Outlook and opportunities:

Important Disclosures on Subject Companies

Firstcall Research - Overall Statement

Firstcall Research Provides

For Further Details Contact:

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