GMM Pfaudler Ltd

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GMM Pfaudler is 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 : 202003 Annual Report Page No:113)

  • Market Cap 5,493 Cr.
  • Current Price 3,760
  • High / Low 6,914 / 1,818
  • Stock P/E 69.8
  • Book Value 261
  • Dividend Yield 0.13 %
  • ROCE 30.0 %
  • ROE 23.5 %
  • Face Value 2.00

Pros

  • Company has delivered good profit growth of 30.88% CAGR over last 5 years

Cons

  • Stock is trading at 14.38 times its book value
  • Promoter holding has decreased over last 3 years: -20.05%
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020
112 120 131 139 150 153 156 132 154 186
96 100 111 119 123 122 126 109 127 147
Operating Profit 16 20 21 20 28 31 30 22 28 39
OPM % 15% 17% 16% 14% 18% 20% 20% 17% 18% 21%
Other Income 3 3 -0 2 1 0 3 1 3 2
Interest 0 0 0 0 1 1 1 1 1 2
Depreciation 3 3 3 2 4 5 6 6 6 6
Profit before tax 17 20 17 19 24 25 27 16 23 34
Tax % 31% 31% 30% 32% 26% 16% 22% 29% 17% 20%
Net Profit 11 14 12 13 18 21 21 12 19 27
EPS in Rs 7.83 9.41 8.26 9.10 12.10 14.22 14.40 7.94 13.13 18.38
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
202 194 195 252 213 279 308 292 353 406 503 591 628
183 177 175 234 197 246 272 257 306 344 426 479 509
Operating Profit 19 17 20 18 16 33 36 35 48 62 77 112 120
OPM % 10% 9% 10% 7% 7% 12% 12% 12% 13% 15% 15% 19% 19%
Other Income 3 3 3 4 6 4 3 4 6 9 8 5 9
Interest 2 1 1 1 1 1 1 1 1 1 1 3 5
Depreciation 4 4 4 6 7 9 10 8 8 10 11 21 24
Profit before tax 16 15 17 14 13 27 28 30 44 61 73 92 100
Tax % 34% 38% 30% 29% 28% 30% 33% 33% 29% 30% 31% 23%
Net Profit 11 9 12 10 10 19 19 20 31 43 51 71 79
EPS in Rs 7.36 6.48 8.30 6.79 6.63 13.04 12.91 13.76 21.29 29.20 34.60 48.66 53.85
Dividend Payout % 38% 43% 34% 41% 42% 23% 23% 22% 19% 14% 13% 10%
Compounded Sales Growth
10 Years:12%
5 Years:14%
3 Years:19%
TTM:10%
Compounded Profit Growth
10 Years:23%
5 Years:31%
3 Years:38%
TTM:23%
Stock Price CAGR
10 Years:44%
5 Years:71%
3 Years:73%
1 Year:71%
Return on Equity
10 Years:16%
5 Years:19%
3 Years:21%
Last Year:24%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 86 91 102 111 116 136 148 164 191 225 266 340 379
Borrowings -0 -0 4 -0 -0 -0 -0 -0 -0 -0 -0 34 61
69 56 69 69 77 96 84 89 125 161 165 166 204
Total Liabilities 158 150 178 183 196 235 234 256 318 389 434 544 648
39 38 42 52 55 53 46 53 61 71 78 147 142
CWIP 0 1 6 4 1 2 5 4 2 7 5 2 18
Investments 7 8 8 8 11 12 12 14 46 51 48 36 1
112 103 122 119 129 169 171 184 209 260 303 358 487
Total Assets 158 150 178 183 196 235 234 256 318 389 434 544 648

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
28 8 28 32 24 6 30 25 22 68 27 27
-6 -2 -28 -10 -12 2 -17 -17 -21 -24 -8 -50
-17 -6 -2 -11 -5 -7 -6 -6 -6 -8 -10 -5
Net Cash Flow 4 0 -1 10 8 2 8 2 -5 35 9 -28

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 % 20% 17% 17% 13% 10% 21% 20% 19% 22% 29% 29% 30%
Debtor Days 62 62 62 45 50 57 45 61 72 45 49 46
Inventory Turnover 1.97 1.72 1.71 2.24 1.87 1.79 1.89 1.88 2.14 2.12 2.42 2.32

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 54.95 54.95
0.02 0.38 0.33 0.33 0.33 0.37 0.32 0.34 0.27 0.87 6.61 6.63
0.92 1.07 1.11 1.10 1.06 1.42 1.77 1.87 2.12 2.10 7.70 8.09
0.28 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
23.78 23.55 23.56 23.57 23.61 23.21 22.91 22.79 22.61 22.03 30.75 30.33

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