Ganesh Housing Corporation Ltd

Ganesh Housing Corporation Ltd

₹ 816 -2.85%
04 Mar 4:01 p.m.
About

Ganesh Housing Corporation Limited (earlier known as Ganesh Housing Finance Corporation Limited) is a part of the Ganesh Group founded in 1991. GHCL has built a strong presence in and around Ahmedabad. GHCL has developed and sold over 22 million sq. ft. of real estate space, with another 2.5 million sq. ft. currently under development. [1]

Key Points

Business Highlights
The company has one of the largest developable land banks in Ahmedabad of 500 acres. This landbank offers a development potential of 36-40 mn sq. ft. [1]
GHCL specializes in the residential sector, with a focus on the mid and higher-income segment of the market. It has entered the commercial, retail, and township formats of the industry. [2]

  • Market Cap 6,804 Cr.
  • Current Price 816
  • High / Low 917 / 261
  • Stock P/E 17.6
  • Book Value 160
  • Dividend Yield 0.30 %
  • ROCE 23.0 %
  • ROE 10.5 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company is expected to give good quarter

Cons

  • Stock is trading at 5.09 times its book value
  • Company has a low return on equity of 3.03% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Construction Industry: Construction

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
58 98 79 73 76 155 43 328 67 179 270 163 181
83 73 58 44 44 103 18 249 20 78 54 42 45
Operating Profit -24 25 21 29 32 52 25 79 47 101 216 121 137
OPM % -42% 26% 26% 40% 42% 34% 59% 24% 70% 56% 80% 74% 75%
10 0 0 1 -0 0 0 0 1 4 1 1 2
Interest 19 16 13 10 7 7 4 2 5 2 1 1 1
Depreciation 0 0 0 0 1 1 1 1 1 1 1 2 2
Profit before tax -35 9 8 20 25 45 20 76 42 102 215 120 136
Tax % -1% 106% 29% 23% -0% 44% 35% 75% 27% 62% 25% 28% 26%
-35 -1 5 15 25 25 13 19 30 39 161 86 101
EPS in Rs -7.13 -0.11 1.04 2.95 4.79 3.02 1.57 2.32 2.53 5.58 19.35 10.31 12.06
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
199 119 282 250 321 401 499 258 267 168 383 616 795
99 31 151 119 117 195 304 188 320 216 248 364 219
Operating Profit 100 88 131 132 204 207 195 71 -53 -48 134 252 575
OPM % 50% 74% 46% 53% 64% 51% 39% 27% -20% -29% 35% 41% 72%
9 17 5 7 2 6 8 6 2 10 1 4 7
Interest 47 64 65 64 100 93 101 92 80 75 36 13 4
Depreciation 3 3 3 4 4 4 3 2 2 2 2 3 5
Profit before tax 59 38 69 72 102 116 100 -17 -132 -114 97 240 573
Tax % 23% 12% 27% 27% 31% 36% 49% 256% 10% 8% 27% 57%
45 34 50 53 70 75 51 27 -120 -105 71 102 387
EPS in Rs 9.26 7.01 10.19 11.27 12.56 14.16 10.32 5.39 -24.30 -21.38 8.47 12.00 47.30
Dividend Payout % 9% 13% 17% 15% 11% 14% 17% 9% -0% -0% -0% 20%
Compounded Sales Growth
10 Years: 18%
5 Years: 4%
3 Years: 32%
TTM: 34%
Compounded Profit Growth
10 Years: 13%
5 Years: 16%
3 Years: 42%
TTM: 392%
Stock Price CAGR
10 Years: 34%
5 Years: 66%
3 Years: 144%
1 Year: 150%
Return on Equity
10 Years: 3%
5 Years: -1%
3 Years: 3%
Last Year: 11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 33 33 33 33 33 49 49 49 49 49 83 83 83
Reserves 579 605 646 692 757 798 840 698 575 453 706 1,026 1,254
261 384 357 593 602 764 707 663 533 409 142 4 27
235 238 188 189 256 272 243 336 214 220 248 305 293
Total Liabilities 1,108 1,260 1,224 1,506 1,648 1,883 1,839 1,746 1,372 1,131 1,179 1,419 1,656
62 62 60 216 221 231 223 225 223 208 208 261 442
CWIP 1 6 -0 -0 2 -0 -0 0 2 -0 -0 21 61
Investments 0 0 0 0 0 0 0 -0 -0 -0 -0 -0 -0
1,045 1,192 1,164 1,291 1,425 1,652 1,616 1,521 1,146 923 972 1,136 1,154
Total Assets 1,108 1,260 1,224 1,506 1,648 1,883 1,839 1,746 1,372 1,131 1,179 1,419 1,656

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
15 1 149 -380 168 202 75 129 123 132 41 31
4 -20 -37 55 -86 -140 26 84 53 43 39 278
-112 38 -124 338 -60 -57 -105 -216 -202 -173 -85 1
Net Cash Flow -93 19 -12 14 22 5 -3 -3 -26 3 -5 310

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 386 717 288 387 241 278 355 150 115 0 111 53
Inventory Days 2,496 1,013 3,409 710 812
Days Payable 221 81 157 46 22
Cash Conversion Cycle 386 717 2,563 387 241 278 1,287 3,402 780 790 111 53
Working Capital Days 1,123 1,011 384 1,221 1,111 1,038 893 1,432 1,054 1,089 397 334
ROCE % 11% 9% 12% 10% 14% 13% 11% 5% -4% -4% 13% 23%

Shareholding Pattern

Numbers in percentages

2 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
54.36% 56.54% 56.54% 56.54% 73.06% 73.06% 73.06% 73.06% 73.06% 73.06% 73.06% 73.06%
1.04% 0.97% 0.97% 1.02% 0.67% 0.66% 0.79% 0.70% 0.72% 0.72% 0.92% 0.87%
0.01% 0.00% 0.00% 0.01% 0.00% 0.01% 0.00% 0.00% 0.00% 0.00% 0.05% 0.07%
44.59% 42.49% 42.49% 42.44% 26.27% 26.27% 26.14% 26.24% 26.22% 26.22% 25.96% 26.00%
No. of Shareholders 18,24016,98915,25214,47715,34913,99414,01613,44813,29812,76015,46415,342

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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