Gillette India Ltd

About

Gillette India Limited is a public company incorporated under the provisions of the Companies Act 1956. The company is engaged in manufacturing and selling of packaged fast moving goods under its various brands in the grooming and oral care segment.

Gillette sells razors n blades, shaving gel, shaving cream and after shave through various modes like drug stores, department stores, grocery stores, mass merchandisers, membership club stores. [1]

Key Points

Portfolio of well known Brands
Gillette has a bouquete of well recognised brands under which it sells its various products. Fusion5, SkinGuard Sensitive, MACH3, Guard3, Styler & Presto. [1]

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  • Market Cap 17,626 Cr.
  • Current Price 5,429
  • High / Low 6,730 / 5,373
  • Stock P/E 59.3
  • Book Value 242
  • Dividend Yield 0.66 %
  • ROCE 51.0 %
  • ROE 36.4 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 32.71%
  • Company has been maintaining a healthy dividend payout of 83.67%

Cons

  • Stock is trading at 22.42 times its book value
  • The company has delivered a poor sales growth of 2.75% over past five years.
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Quarterly Results

Figures in Rs. Crores

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
476 466 464 462 459 407 351 516 520 537 436 573
378 319 434 364 359 326 270 384 385 396 384 448
Operating Profit 98 146 30 98 100 80 81 132 135 141 52 125
OPM % 21% 31% 6% 21% 22% 20% 23% 26% 26% 26% 12% 22%
Other Income 4 3 2 2 4 4 2 4 4 21 3 3
Interest 2 1 4 1 2 0 2 0 2 0 3 0
Depreciation 12 12 13 12 13 13 13 13 14 15 15 16
Profit before tax 89 136 16 87 90 71 67 122 123 146 38 112
Tax % 39% 36% -190% 29% 21% 26% 33% 22% 34% 28% 27% 27%
Net Profit 54 88 46 62 71 52 45 95 82 106 28 82
EPS in Rs 16.57 26.93 14.06 18.95 21.81 16.07 13.80 29.24 25.13 32.43 8.45 25.14

Profit & Loss

Figures in Rs. Crores

Jun 2010 Jun 2011 Jun 2012 Jun 2013 Jun 2014 Jun 2015 Jun 2016 Jun 2017 Jun 2018 Jun 2019 Jun 2020 Jun 2021 TTM
843 1,047 1,220 1,424 1,662 1,875 1,755 1,733 1,677 1,862 1,679 2,009 2,066
637 924 1,112 1,290 1,589 1,684 1,448 1,348 1,290 1,478 1,319 1,550 1,613
Operating Profit 205 123 108 134 73 191 306 385 387 384 360 460 453
OPM % 24% 12% 9% 9% 4% 10% 17% 22% 23% 21% 21% 23% 22%
Other Income 20 31 33 36 38 68 50 34 8 11 11 32 31
Interest 0 0 0 0 0 5 6 7 7 8 5 5 5
Depreciation 12 20 24 31 33 39 30 38 42 48 51 58 60
Profit before tax 213 134 117 138 78 215 320 374 345 339 314 429 419
Tax % 36% 36% 35% 37% 34% 26% 33% 32% 34% 25% 27% 28%
Net Profit 137 86 76 87 51 158 214 253 229 253 230 310 297
EPS in Rs 42.07 26.44 23.24 26.75 15.78 48.53 65.73 77.67 70.29 77.62 70.64 95.25 91.15
Dividend Payout % 36% 57% 65% 56% 95% 31% 60% 211% 33% 57% 69% 125%
Compounded Sales Growth
10 Years: 7%
5 Years: 3%
3 Years: 6%
TTM: 19%
Compounded Profit Growth
10 Years: 14%
5 Years: 8%
3 Years: 10%
TTM: 13%
Stock Price CAGR
10 Years: 11%
5 Years: 4%
3 Years: -6%
1 Year: -7%
Return on Equity
10 Years: 26%
5 Years: 34%
3 Years: 33%
Last Year: 36%

Balance Sheet

Figures in Rs. Crores

Jun 2010 Jun 2011 Jun 2012 Jun 2013 Jun 2014 Jun 2015 Jun 2016 Jun 2017 Jun 2018 Jun 2019 Jun 2020 Jun 2021
33 33 33 33 33 33 33 33 33 33 33 33
Reserves 538 568 587 617 611 710 904 468 662 746 879 756
Borrowings 0 0 0 0 0 0 0 0 0 0 0 0
262 233 424 390 411 468 488 498 515 432 441 606
Total Liabilities 833 833 1,043 1,039 1,054 1,210 1,424 998 1,209 1,210 1,352 1,395
121 125 151 170 173 156 178 214 264 300 296 310
CWIP 3 34 38 30 61 63 88 63 40 25 21 72
Investments 0 0 0 0 0 0 0 0 0 0 0 0
710 674 854 839 821 991 1,158 721 904 886 1,034 1,013
Total Assets 833 833 1,043 1,039 1,054 1,210 1,424 998 1,209 1,210 1,352 1,395

Cash Flows

Figures in Rs. Crores

Jun 2010 Jun 2011 Jun 2012 Jun 2013 Jun 2014 Jun 2015 Jun 2016 Jun 2017 Jun 2018 Jun 2019 Jun 2020 Jun 2021
161 -25 141 29 96 172 279 248 237 134 225 443
-0 -52 -42 78 -36 -103 155 14 -77 -65 -29 -79
-48 -57 -57 -57 -57 -58 -79 -684 -39 -165 -105 -430
Net Cash Flow 113 -133 42 51 3 12 356 -422 121 -95 91 -66

Ratios

Figures in Rs. Crores

Jun 2010 Jun 2011 Jun 2012 Jun 2013 Jun 2014 Jun 2015 Jun 2016 Jun 2017 Jun 2018 Jun 2019 Jun 2020 Jun 2021
Debtor Days 34 22 21 24 20 23 23 27 38 36 41 36
Inventory Days 161 164 140 131 104 87 104 103 105 104 136 152
Days Payable 202 115 189 122 116 116 137 150 173 126 138 169
Cash Conversion Cycle -7 70 -28 33 9 -6 -10 -19 -30 15 40 19
Working Capital Days 108 99 67 48 27 37 -10 -17 -18 15 35 14
ROCE % 40% 23% 19% 22% 12% 35% 39% 54% 60% 48% 38% 51%

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
75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00
4.41 4.27 4.21 4.11 4.03 3.95 3.62 1.97 1.97 2.04 2.08 2.10
6.81 7.11 7.34 7.52 7.55 7.50 7.81 4.64 4.65 10.69 10.68 10.54
13.79 13.62 13.45 13.38 13.42 13.55 13.57 18.39 18.38 12.27 12.25 12.36

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