GMM Pfaudler Ltd

₹ 1,540 -0.01%
06 Feb - close price
gmmpfaudler.com BSE: 505255 NSE : GMMPFAUDLR
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 of glass lined equipments in India with over 50% market share. It faces intense competition in the 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].

Website BSE NSE
  • Market Cap ₹ 6,925 Cr.
  • Current Price ₹ 1,540
  • High / Low ₹ 2,190 / 1,251
  • Stock P/E 44.5
  • Book Value ₹ 148
  • Dividend Yield 0.26 %
  • ROCE 14.3 %
  • ROE 16.1 %
  • Face Value ₹ 2.00
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Pros

  • Company is expected to give good quarter
  • Debtor days have improved from 70.0 to 51.2 days.
  • Company's median sales growth is 17.6% of last 10 years
  • Company's working capital requirements have reduced from 79.0 days to 52.7 days

Cons

  • Stock is trading at 10.4 times its book value
  • Promoter holding has decreased over last quarter: -17.3%
  • Company might be capitalizing the interest cost

* 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.

Peer comparison

Sector: Capital Goods-Non Electrical Equipment Industry: Engineering

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
156 132 154 186 202 459 552 647 642 699 739 780 792
126 109 127 147 160 429 516 553 560 628 641 661 674
Operating Profit 30 22 28 39 42 30 36 94 82 72 98 119 118
OPM % 20% 17% 18% 21% 21% 7% 7% 14% 13% 10% 13% 15% 15%
3 1 3 2 3 -17 1 3 1 1 28 19 -32
Interest 1 1 1 2 2 5 14 2 6 2 16 9 21
Depreciation 6 6 6 6 11 28 39 39 28 27 27 28 30
Profit before tax 27 16 23 34 32 -21 -16 56 50 44 83 101 35
Tax % 22% 29% 17% 20% 28% 73% -18% 30% 24% 60% 26% 4% 46%
Net Profit 21 12 19 27 23 -6 -18 39 38 17 61 97 19
EPS in Rs 4.79 2.64 4.37 6.12 5.28 0.96 0.59 7.88 7.25 3.65 10.14 14.45 4.15
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
195 252 213 279 308 292 353 406 503 591 1,001 2,541 3,011
177 234 197 246 272 257 306 344 426 479 862 2,257 2,604
Operating Profit 18 18 16 33 36 35 48 62 77 112 139 284 407
OPM % 9% 7% 8% 12% 12% 12% 13% 15% 15% 19% 14% 11% 14%
4 4 5 4 3 4 6 9 8 5 -10 7 17
Interest 1 1 1 1 1 1 1 1 1 3 10 25 47
Depreciation 4 6 7 9 10 8 8 10 11 21 50 133 113
Profit before tax 17 14 13 27 28 30 44 61 73 92 68 133 263
Tax % 30% 29% 28% 30% 33% 33% 29% 30% 31% 23% 7% 44%
Net Profit 12 10 10 19 19 20 31 43 51 71 64 75 194
EPS in Rs 2.76 2.26 2.21 4.34 4.30 4.58 7.09 9.72 11.52 16.20 16.73 19.37 32.39
Dividend Payout % 34% 41% 42% 23% 23% 22% 19% 14% 13% 10% 10% 10%
Compounded Sales Growth
10 Years: 26%
5 Years: 48%
3 Years: 72%
TTM: 31%
Compounded Profit Growth
10 Years: 23%
5 Years: 22%
3 Years: 16%
TTM: 122%
Stock Price CAGR
10 Years: 48%
5 Years: 46%
3 Years: 16%
1 Year: -6%
Return on Equity
10 Years: 18%
5 Years: 20%
3 Years: 20%
Last Year: 16%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
3 3 3 3 3 3 3 3 3 3 3 3 9
Reserves 102 111 116 136 148 164 191 225 266 326 403 524 655
4 0 0 0 0 0 0 0 0 34 633 636 888
69 69 77 96 84 89 125 161 165 166 1,342 1,554 1,362
Total Liabilities 178 183 196 235 234 256 318 389 434 530 2,381 2,717 2,914
42 52 55 53 46 53 61 71 78 134 1,043 1,002 1,019
CWIP 6 4 1 2 5 4 2 7 5 2 4 13 21
Investments 8 8 11 12 12 14 46 51 48 36 1 0 0
122 119 129 169 171 184 209 260 303 358 1,332 1,703 1,874
Total Assets 178 183 196 235 234 256 318 389 434 530 2,381 2,717 2,914

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
28 32 24 6 30 25 22 68 27 27 157 236
-28 -10 -12 2 -17 -17 -21 -24 -8 -50 -66 -117
-2 -11 -5 -7 -6 -6 -6 -8 -10 -5 105 -55
Net Cash Flow -1 10 8 2 8 2 -5 35 9 -28 196 65

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 62 45 50 57 45 61 72 45 49 46 113 51
Inventory Days 260 164 214 270 202 214 201 207 181 181 470 241
Days Payable 96 61 83 90 97 93 133 132 100 92 246 141
Cash Conversion Cycle 225 148 181 236 150 182 140 121 130 134 337 151
Working Capital Days 90 53 41 56 46 51 65 43 56 80 104 53
ROCE % 17% 13% 10% 21% 20% 19% 22% 29% 29% 31% 16% 14%

Shareholding Pattern

Numbers in percentages

12 recently
Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
75.00 75.00 54.95 54.95 54.95 54.95 54.95 54.95 54.95 54.95 56.06 38.74
0.27 0.87 6.61 6.63 6.97 7.29 10.03 10.85 12.15 11.84 11.71 19.02
2.12 2.10 7.70 8.09 8.46 7.70 5.93 5.99 5.82 6.10 5.61 10.65
22.61 22.03 30.75 30.33 29.62 30.06 29.09 28.22 27.09 27.11 26.63 31.60

* 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.

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