GMM Pfaudler Ltd

GMM Pfaudler is engaged in the manufacture of corrosion resistant glasslined equipment used primarily in the chemical, pharmaceutical and allied industries. The Company also manufactures flouro-polymer products and other chemical process equipment such as agitated nutsche filters, filter driers, wiped film evaporators and mixing systems.(Source : 201903 Annual Report Page No: 89)

Pros:
Company is virtually debt free.
Company is expected to give good quarter
Company has good consistent profit growth of 23.26% over 5 years
Company has been maintaining a healthy dividend payout of 19.72%
Debtor days have improved from 54.50 to 42.60 days.
Cons:
Stock is trading at 9.64 times its book value

Peer Comparison Sector: Capital Goods-Non Electrical Equipment // Industry: Engineering

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
67 79 69 76 79 88 93 99 106 121 130 136
56 69 61 65 67 73 78 83 88 104 106 109
Operating Profit 11 11 8 12 12 14 15 16 17 17 24 27
OPM % 16% 14% 11% 15% 16% 16% 16% 16% 16% 14% 18% 20%
Other Income 1 1 3 1 1 2 1 2 2 2 1 1
Interest 0 0 0 0 0 0 0 0 0 0 1 1
Depreciation 2 2 2 2 2 2 3 3 3 2 4 5
Profit before tax 10 9 8 11 11 14 14 15 16 16 20 21
Tax % 36% 22% 33% 34% 32% 40% 34% 35% 32% 33% 28% 16%
Net Profit 6 7 6 7 7 8 9 10 11 11 15 18
EPS in Rs 4.24 5.06 3.80 4.81 5.04 5.77 6.22 6.71 7.50 7.37 10.30 12.33
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
142 147 154 144 202 168 201 224 230 266 312 419 493
121 130 137 126 186 153 174 193 198 226 266 353 408
Operating Profit 21 17 18 18 16 14 27 31 32 41 46 66 85
OPM % 15% 11% 11% 12% 8% 9% 13% 14% 14% 15% 15% 16% 17%
Other Income 5 4 3 3 3 5 3 3 3 5 7 7 6
Interest 2 1 1 1 1 1 1 1 1 1 1 1 2
Depreciation 3 3 3 3 5 6 7 8 7 7 8 10 14
Profit before tax 22 16 16 16 13 13 22 26 28 38 44 61 74
Tax % 30% 35% 32% 32% 30% 27% 34% 34% 34% 31% 35% 34%
Net Profit 16 10 11 11 9 10 14 17 18 26 28 41 54
EPS in Rs 10.18 6.53 7.10 7.07 5.78 6.27 9.26 11.19 11.95 17.84 19.41 27.80 37.50
Dividend Payout % 26% 40% 37% 37% 45% 42% 31% 25% 24% 22% 21% 16%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:11.06%
5 Years:15.87%
3 Years:22.17%
TTM:37.03%
Compounded Profit Growth
10 Years:14.52%
5 Years:23.26%
3 Years:29.47%
TTM:56.88%
Stock Price CAGR
10 Years:32.48%
5 Years:45.59%
3 Years:44.12%
1 Year:32.06%
Return on Equity
10 Years:13.79%
5 Years:15.81%
3 Years:16.94%
Last Year:19.59%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Sep 2019
3 3 3 3 3 3 3 3 3 3 3 3 3
Reserves 77 83 89 95 100 105 114 125 138 162 183 215 243
Borrowings 11 0 0 4 0 0 0 0 0 0 0 0 25
47 52 42 55 60 55 71 63 56 85 102 129 131
Total Liabilities 138 138 134 158 162 163 187 191 197 250 287 346 401
29 30 28 29 37 41 37 33 40 48 57 63 122
CWIP 0 0 1 6 4 1 2 5 4 2 7 5 7
Investments 9 11 12 28 30 33 34 34 36 68 73 69 64
99 97 94 95 92 88 115 120 118 132 152 210 207
Total Assets 138 138 134 158 162 163 187 191 197 250 287 346 401

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
12 23 7 24 28 12 17 27 14 22 39 36
-4 -5 -1 -25 -11 -11 -1 -15 -18 -21 -23 -9
-8 -17 -5 -1 -10 -5 -6 -6 -6 -6 -8 -10
Net Cash Flow -0 1 0 -2 6 -4 10 7 -10 -6 8 17

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 24% 19% 19% 18% 14% 12% 20% 21% 21% 22% 25% 30%
Debtor Days 72 62 67 60 49 55 58 35 50 72 49 43
Inventory Turnover 3.46 3.18 3.56 2.79 3.53 3.41 3.81 3.89 4.33 4.89 4.52 4.61