GMM Pfaudler Ltd

GMM Pfaudler Ltd

₹ 1,445 1.40%
24 Apr 11:27 a.m.
About

GMM Pfaudler manufactures corrosion resistant glass-lined equipments [1]. It is a leading supplier of process equipments to the pharmaceutical and chemical industries [2]. Over the years GMMP has diversified its product portfolio to include Mixing Systems, Filtration & Drying Equipment, Engineered Systems and Heavy Engineering Equipments.

Key Points

Over 50% market share in India [1]
GMM Pfaudler (GMM) is the market leader in glass lined equipments with over 50% market share in India. It faces intense competition in small vessel segment from other domestic players. However, the group has a near monopoly in large vessel (with capacities over 16,000 litre) segment.[2].

  • Market Cap 6,495 Cr.
  • Current Price 1,445
  • High / Low 1,898 / 1,201
  • Stock P/E 83.6
  • Book Value 164
  • Dividend Yield 0.14 %
  • ROCE 17.1 %
  • ROE 14.7 %
  • Face Value 2.00

Pros

  • Company's median sales growth is 19.7% of last 10 years

Cons

  • Stock is trading at 8.83 times its book value
  • Promoter holding is low: 25.2%
  • Promoter holding has decreased over last 3 years: -29.8%

* 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.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

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
166 190 171 206 209 229 249 256 277 293 280 266 260
125 138 128 155 171 189 208 214 233 248 240 228 228
Operating Profit 40 52 44 51 38 39 41 42 44 45 40 39 32
OPM % 24% 28% 26% 25% 18% 17% 16% 17% 16% 15% 14% 14% 12%
3 1 1 1 1 1 1 1 3 19 0 0 1
Interest 2 2 3 5 3 4 5 6 9 8 8 8 10
Depreciation 10 7 8 9 9 9 9 9 9 10 10 10 9
Profit before tax 31 44 34 39 27 28 28 29 28 46 23 20 14
Tax % 28% 28% 23% 25% 27% 27% 26% 26% 21% 25% 26% 23% 24%
22 31 26 29 20 20 21 21 22 34 17 16 11
EPS in Rs 5.06 7.17 5.89 6.66 4.45 4.64 4.75 4.75 4.99 7.63 3.75 3.51 2.40
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

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
202 168 201 224 230 266 312 419 516 641 815 1,075 1,099
186 153 174 193 198 226 266 353 416 487 643 904 944
Operating Profit 16 14 27 31 32 41 46 66 100 154 172 171 155
OPM % 8% 9% 13% 14% 14% 15% 15% 16% 19% 24% 21% 16% 14%
3 5 3 3 3 5 7 7 5 8 4 23 21
Interest 1 1 1 1 1 1 1 1 3 7 15 27 34
Depreciation 5 6 7 8 7 7 8 10 20 29 34 36 38
Profit before tax 13 13 22 26 28 38 44 61 82 126 127 131 103
Tax % 30% 27% 34% 34% 34% 31% 35% 34% 24% 24% 25% 25%
9 10 14 17 18 26 28 41 62 95 95 99 78
EPS in Rs 2.08 2.20 3.26 3.92 4.18 5.94 6.46 9.26 14.15 21.66 21.63 22.01 17.29
Dividend Payout % 45% 42% 31% 25% 24% 22% 21% 16% 12% 8% 9% 9%
Compounded Sales Growth
10 Years: 20%
5 Years: 28%
3 Years: 28%
TTM: 9%
Compounded Profit Growth
10 Years: 26%
5 Years: 25%
3 Years: 10%
TTM: -9%
Stock Price CAGR
10 Years: 43%
5 Years: 29%
3 Years: 1%
1 Year: -2%
Return on Equity
10 Years: 20%
5 Years: 22%
3 Years: 21%
Last Year: 15%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

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 3 3 3 3 3 3 3 3 3 3 3 9 9
Reserves 100 105 114 125 138 162 183 215 268 354 442 699 728
-0 -0 -0 -0 -0 -0 -0 -0 34 123 140 337 360
59 54 69 62 55 84 101 127 125 188 285 278 198
Total Liabilities 162 162 186 190 196 249 286 345 431 668 870 1,323 1,296
37 41 37 33 40 48 57 63 127 177 227 232 219
CWIP 4 1 2 5 4 2 7 5 2 3 10 7 8
Investments 30 33 34 34 36 68 73 69 58 172 171 519 519
91 87 114 119 116 131 151 208 245 316 461 565 550
Total Assets 162 162 186 190 196 249 286 345 431 668 870 1,323 1,296

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
28 12 17 27 14 22 39 36 50 125 82 58
-11 -11 -1 -15 -18 -21 -23 -9 -45 -199 -89 -195
-10 -5 -6 -6 -6 -6 -8 -10 -5 74 -7 159
Net Cash Flow 6 -4 10 7 -10 -6 8 17 0 -0 -14 22

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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 49 55 58 35 50 72 49 43 42 64 54 67
Inventory Days 154 192 244 211 178 187 219 185 174 150 233 138
Days Payable 64 84 106 105 88 147 136 96 91 124 161 106
Cash Conversion Cycle 139 163 196 140 141 112 132 132 125 90 127 98
Working Capital Days 51 60 54 39 53 62 49 45 64 52 71 82
ROCE % 14% 12% 20% 21% 21% 22% 25% 30% 33% 34% 27% 17%

Shareholding Pattern

Numbers in percentages

Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Apr 2024
54.95% 54.95% 54.95% 54.95% 56.06% 38.74% 38.74% 38.74% 25.18% 25.18% 25.18% 25.18%
10.03% 10.85% 12.15% 11.84% 11.71% 19.02% 19.96% 18.84% 26.49% 22.58% 22.15% 22.09%
5.93% 5.99% 5.82% 6.10% 5.61% 10.65% 10.58% 10.75% 12.58% 13.10% 13.07% 13.18%
29.09% 28.22% 27.09% 27.11% 26.63% 31.60% 30.72% 31.67% 35.75% 39.12% 39.60% 39.55%
No. of Shareholders 91,99089,75686,48988,7741,00,4051,16,5251,10,4811,12,8951,17,4521,29,8181,30,3101,30,251

* 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.

Click on the line-items to see the names of individual entities.

Documents

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