GMM Pfaudler Ltd

About [ edit ]

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

Key Points [ edit ]
  • Market Cap 6,488 Cr.
  • Current Price 4,438
  • High / Low 6,914 / 3,306
  • Stock P/E 88.1
  • Book Value 211
  • Dividend Yield 0.11 %
  • ROCE 33.1 %
  • ROE 25.7 %
  • Face Value 2.00

Pros

  • Company has delivered good profit growth of 30.68% CAGR over last 5 years

Cons

  • Stock is trading at 21.08 times its book value
  • Promoter holding has decreased over last 3 years: -20.05%
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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
88 93 99 106 121 130 136 137 113 131 154 166
73 78 83 88 104 106 109 108 93 107 117 125
Operating Profit 14 15 16 17 17 24 27 29 20 24 37 40
OPM % 16% 16% 16% 16% 14% 18% 20% 21% 18% 19% 24% 24%
Other Income 2 1 2 2 2 1 1 3 1 2 2 3
Interest 0 0 0 0 0 1 1 1 1 1 2 2
Depreciation 2 3 3 3 2 4 5 5 6 6 6 10
Profit before tax 14 14 15 16 16 20 21 25 15 20 31 31
Tax % 40% 34% 35% 32% 33% 28% 16% 23% 33% 17% 20% 28%
Net Profit 8 9 10 11 11 15 18 19 10 16 25 22
EPS in Rs 5.77 6.22 6.70 7.50 7.37 10.03 12.33 13.30 6.86 11.19 17.14 15.19

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
147 154 144 202 168 201 224 230 266 312 419 516 564
130 137 126 186 153 174 193 198 226 266 353 416 443
Operating Profit 17 18 18 16 14 27 31 32 41 46 66 100 121
OPM % 11% 11% 12% 8% 9% 13% 14% 14% 15% 15% 16% 19% 22%
Other Income 4 3 3 3 5 3 3 3 5 7 7 5 8
Interest 1 1 1 1 1 1 1 1 1 1 1 3 6
Depreciation 3 3 3 5 6 7 8 7 7 8 10 20 27
Profit before tax 16 16 16 13 13 22 26 28 38 44 61 82 97
Tax % 35% 32% 32% 30% 27% 34% 34% 34% 31% 35% 34% 24%
Net Profit 10 11 11 9 10 14 17 18 26 28 41 62 74
EPS in Rs 7.00 7.57 7.54 6.25 6.62 9.78 11.77 12.56 17.83 19.42 27.80 42.50 50.38
Dividend Payout % 40% 37% 37% 45% 42% 31% 25% 24% 22% 21% 16% 12%
Compounded Sales Growth
10 Years:13%
5 Years:18%
3 Years:25%
TTM:8%
Compounded Profit Growth
10 Years:19%
5 Years:31%
3 Years:41%
TTM:17%
Stock Price CAGR
10 Years:46%
5 Years:72%
3 Years:72%
1 Year:23%
Return on Equity
10 Years:16%
5 Years:19%
3 Years:21%
Last Year:26%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
3 3 3 3 3 3 3 3 3 3 3 3 3
Reserves 83 89 95 100 105 114 125 138 162 183 215 268 305
Borrowings 0 0 4 0 0 0 0 0 0 0 0 34 61
51 41 55 59 54 69 62 55 84 101 127 125 145
Total Liabilities 137 133 158 162 162 186 190 196 249 286 345 431 514
30 28 29 37 41 37 33 40 48 57 63 127 122
CWIP 0 1 6 4 1 2 5 4 2 7 5 2 18
Investments 11 12 28 30 33 34 34 36 68 73 69 58 22
96 92 95 91 87 114 119 116 131 151 208 245 353
Total Assets 137 133 158 162 162 186 190 196 249 286 345 431 514

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
23 7 24 28 12 17 27 14 22 39 36 50
-5 -1 -25 -11 -11 -1 -15 -18 -21 -23 -9 -45
-17 -5 -1 -10 -5 -6 -6 -6 -6 -8 -10 -5
Net Cash Flow 1 0 -2 6 -4 10 7 -10 -6 8 17 0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 19% 19% 18% 14% 12% 20% 21% 21% 22% 25% 30% 33%
Debtor Days 62 67 60 49 55 58 35 50 72 49 43 42
Inventory Turnover 1.87 1.99 1.63 2.33 2.06 1.96 1.98 2.20 2.38 2.18 2.47 2.41

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 54.95 54.95 54.95
0.38 0.33 0.33 0.33 0.37 0.32 0.34 0.27 0.87 6.61 6.63 6.97
1.07 1.11 1.10 1.06 1.42 1.77 1.87 2.12 2.10 7.70 8.09 8.46
23.55 23.56 23.57 23.61 23.21 22.91 22.79 22.61 22.03 30.75 30.33 29.62

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