Colgate-Palmolive (India) Ltd

Colgate-Palmolive (India) is engaged in manufacturing/trading of toothpaste, tooth powder, toothbrush, mouth wash and personal care products.

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Pros:

Company is virtually debt free.

Company has a good return on equity (ROE) track record: 3 Years ROE 53.94%

Company has been maintaining a healthy dividend payout of 63.62%

Cons:

Stock is trading at 22.06 times its book value

The company has delivered a poor growth of 5.77% over past five years.

Company might be capitalizing the interest cost

** Remarks:

Return on equity is exceptional

Peer Comparison Sector: FMCG // Industry: Personal Care - Multinational

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Detailed Comparison with:

	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019
	1,057	875	1,038	978	1,085	1,033	1,092	1,041	1,168	1,099	1,154	1,085
	782	661	795	756	784	750	784	760	838	785	843	785
Operating Profit	275	214	243	222	301	283	308	282	330	314	310	300
OPM %	26%	24%	23%	23%	28%	27%	28%	27%	28%	29%	27%	28%
Other Income	11	11	9	12	9	9	-3	43	9	8	8	15
Interest	0	0	0	0	0	0	0	0	0	0	2	2
Depreciation	33	34	34	37	39	40	40	39	40	41	39	50
Profit before tax	253	191	218	197	270	252	264	285	298	282	277	263
Tax %	28%	33%	35%	31%	34%	32%	28%	34%	34%	32%	29%	36%
Net Profit	181	128	143	136	178	171	189	190	196	192	198	169
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	TTM
	1,290	1,470	1,694	1,962	2,285	2,693	3,164	3,579	3,982	3,868	3,982	4,188	4,506
	1,090	1,241	1,433	1,537	1,770	2,115	2,505	2,915	3,159	2,929	3,038	3,075	3,252
Operating Profit	200	229	262	425	515	579	659	664	823	940	944	1,113	1,254
OPM %	16%	16%	15%	22%	23%	21%	21%	19%	21%	24%	24%	27%	28%
Other Income	17	85	108	98	41	51	48	115	33	7	41	27	40
Interest	1	1	1	2	2	2	0	0	0	0	0	0	5
Depreciation	15	20	23	38	34	39	44	51	75	111	133	157	170
Profit before tax	202	292	345	485	520	588	663	728	780	835	851	983	1,120
Tax %	21%	21%	16%	13%	23%	24%	25%	26%	28%	30%	32%	32%
Net Profit	160	232	290	423	403	446	497	540	559	581	577	673	755
EPS in Rs	5.20	6.65	9.41	13.88	12.97	14.39	16.00	17.55	18.27	19.33	21.23	24.76
Dividend Payout %	81%	76%	70%	64%	74%	76%	77%	68%	58%	47%	47%	97%

* Sales is net of excise duty and discounts

	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	136	14	14	14	14	14	14	14	14	27	27	27	27
Reserves	145	149	203	313	370	422	476	586	757	1,004	1,247	1,497	1,420
Borrowings	4	5	5	5	0	0	0	0	0	0	0	0	78
	435	550	569	571	668	711	835	918	963	1,008	1,037	1,039	1,102
Total Liabilities	720	716	790	901	1,052	1,147	1,325	1,518	1,733	2,039	2,311	2,564	2,626
	168	191	174	247	255	254	281	556	782	1,008	1,108	1,146	1,191
CWIP	24	8	5	6	8	69	102	142	141	78	167	159	199
Investments	133	73	38	21	39	47	47	37	37	31	31	31	31
	394	445	573	627	750	776	895	784	773	921	1,005	1,228	1,206
Total Assets	720	716	790	901	1,052	1,147	1,325	1,518	1,733	2,039	2,311	2,564	2,626

	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018
	154	281	319	397	358	403	615	457	638	689	688	694
	6	26	43	37	60	-10	-47	-180	-272	-237	-342	-207
	-136	-275	-255	-337	-323	-398	-428	-422	-385	-391	-341	-380
Net Cash Flow	24	33	107	96	95	-5	140	-145	-18	61	5	107

	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018
ROCE %	90%	130%	176%	175%	146%	144%	144%	122%	114%	96%	74%	71%
Debtor Days	3	2	2	2	12	12	9	6	6	10	12	18
Inventory Turnover	16.68	18.85	21.44	20.34	17.29	14.50	15.70	17.41	16.66	14.23	13.63	16.13