GHCL Ltd

About

GHCL is engaged in primarily two segments consisting of Inorganic Chemicals (mainly manufacture and sale of Soda Ash) and Home Textile division (comprising of yarn manufacturing, weaving, processing and cutting and sewing of home textiles products).

  • Market Cap 4,370 Cr.
  • Current Price 458
  • High / Low 483 / 142
  • Stock P/E 11.1
  • Book Value 262
  • Dividend Yield 1.20 %
  • ROCE 15.5 %
  • ROE 13.5 %
  • Face Value 10.0

Pros

  • Company has reduced debt.

Cons

  • The company has delivered a poor sales growth of 2.20% over past five years.
  • Promoter holding is low: 19.18%

Peer comparison

Sector: Chemicals Industry: Chemicals

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
835 870 911 876 822 835 733 436 770 803 814 850
660 664 673 657 623 657 572 356 617 605 626 666
Operating Profit 175 206 238 218 199 178 161 80 153 199 188 184
OPM % 21% 24% 26% 25% 24% 21% 22% 18% 20% 25% 23% 22%
Other Income 4 5 3 4 4 -1 -9 4 9 6 7 5
Interest 34 27 31 30 29 26 33 28 23 20 19 17
Depreciation 29 29 30 31 32 32 35 33 33 34 33 34
Profit before tax 115 154 181 161 142 119 83 23 106 150 143 138
Tax % 32% 34% 34% 36% 14% 15% 4% 26% 26% 26% 27% 27%
Net Profit 78 102 119 103 122 101 80 17 78 111 104 101
EPS in Rs 8.00 10.45 12.09 10.55 12.43 10.29 8.41 1.79 8.24 11.64 10.97 10.68

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
1,203 1,485 1,884 2,110 2,208 2,356 2,532 2,754 2,882 3,371 3,256 2,823 3,237
912 1,145 1,510 1,693 1,780 1,834 1,904 2,067 2,268 2,601 2,518 2,195 2,514
Operating Profit 291 340 375 417 429 522 628 687 614 770 738 628 723
OPM % 24% 23% 20% 20% 19% 22% 25% 25% 21% 23% 23% 22% 22%
Other Income 12 11 11 -34 -25 -15 -6 34 35 14 15 18 27
Interest 106 112 187 161 172 165 163 134 124 126 118 90 79
Depreciation 76 84 81 82 82 84 82 86 110 116 131 133 134
Profit before tax 121 155 119 140 150 258 378 502 415 541 504 422 538
Tax % -16% 25% 1% 18% 23% 29% 32% 23% 12% 33% 19% 27%
Net Profit 141 116 117 115 116 183 257 387 365 361 406 310 394
EPS in Rs 14.09 11.63 11.75 11.49 11.63 18.30 25.66 38.71 37.42 36.83 42.78 32.62 41.53
Dividend Payout % 14% 17% 17% 17% 17% 12% 14% 13% 13% 14% 7% 17%
Compounded Sales Growth
10 Years:7%
5 Years:2%
3 Years:-1%
TTM:15%
Compounded Profit Growth
10 Years:2%
5 Years:4%
3 Years:-5%
TTM:18%
Stock Price CAGR
10 Years:29%
5 Years:9%
3 Years:29%
1 Year:219%
Return on Equity
10 Years:20%
5 Years:21%
3 Years:17%
Last Year:13%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
100 100 100 100 100 100 100 99 97 98 95 95
Reserves 1,085 919 862 967 760 670 933 1,252 1,525 1,854 2,091 2,407
Borrowings 1,320 1,397 1,266 1,175 1,309 1,324 1,325 1,431 1,314 1,292 1,254 782
391 515 549 656 709 698 550 686 689 760 761 707
Total Liabilities 2,896 2,931 2,776 2,899 2,878 2,791 2,908 3,468 3,625 4,004 4,201 3,991
2,024 1,950 1,872 1,871 1,868 1,932 2,048 2,399 2,492 2,581 2,655 2,675
CWIP 6 5 15 32 12 7 37 26 74 117 122 81
Investments 59 25 29 6 8 2 6 9 10 47 34 40
807 951 860 991 990 850 817 1,034 1,049 1,258 1,390 1,196
Total Assets 2,896 2,931 2,776 2,899 2,878 2,791 2,908 3,468 3,625 4,004 4,201 3,991

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
192 266 387 462 158 290 494 445 564 561 628 620
-149 -14 -37 -175 -83 -127 -249 -374 -279 -306 -215 -109
-65 -246 -351 -288 -65 -170 -236 -103 -281 -259 -328 -568
Net Cash Flow -22 6 -1 -1 10 -7 9 -32 4 -5 85 -57

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 46 46 37 42 49 41 36 43 36 41 40 32
Inventory Days 268 238 141 166 162 160 154 166 172 168 186 214
Days Payable 142 143 100 163 167 150 108 109 112 103 104 108
Cash Conversion Cycle 172 142 78 45 44 51 82 101 96 107 122 138
Working Capital Days 159 139 83 80 64 45 53 69 62 75 74 79
ROCE % 9% 18% 13% 15% 16% 21% 25% 25% 19% 22% 19% 15%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
18.87 18.87 18.87 18.93 18.52 19.18 19.26 19.26 19.26 19.24 19.18 19.07
16.26 16.12 16.11 15.91 15.87 14.71 14.45 14.32 14.69 15.96 17.23 16.61
15.34 16.10 16.51 16.98 17.31 20.52 20.76 21.19 21.48 21.04 20.91 19.49
49.53 48.91 48.52 48.17 48.30 45.59 45.53 45.23 44.57 43.76 42.68 44.83

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