GMM Pfaudler Ltd

GMM Pfaudler Ltd

₹ 1,343 -0.56%
23 Feb 4:01 p.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 6,040 Cr.
  • Current Price 1,343
  • High / Low 1,898 / 1,335
  • Stock P/E 31.5
  • Book Value 207
  • Dividend Yield 0.15 %
  • ROCE 22.0 %
  • ROE 24.9 %
  • Face Value 2.00

Pros

  • Company has delivered good profit growth of 31.5% CAGR over last 5 years
  • Debtor days have improved from 71.4 to 50.0 days.
  • Company's median sales growth is 20.9% of last 10 years
  • Company's working capital requirements have reduced from 71.2 days to 57.0 days

Cons

  • 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

Consolidated Figures in Rs. Crores / View Standalone

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
202 459 552 647 642 699 739 780 792 866 912 937 856
160 429 516 553 560 628 641 661 674 770 780 795 742
Operating Profit 42 30 36 94 82 72 98 119 118 96 132 142 114
OPM % 21% 7% 7% 14% 13% 10% 13% 15% 15% 11% 14% 15% 13%
3 -17 1 3 1 1 28 19 -32 15 9 9 -8
Interest 2 5 14 2 6 2 16 9 21 21 20 22 23
Depreciation 11 28 39 39 28 27 27 28 30 34 35 32 33
Profit before tax 32 -21 -16 56 50 44 83 101 35 56 86 97 50
Tax % 28% 73% -18% 30% 24% 60% 26% 4% 46% 34% 37% 27% 39%
23 -6 -18 39 38 17 61 97 19 36 54 70 31
EPS in Rs 5.28 0.96 0.59 7.88 7.25 3.65 10.14 14.45 4.15 8.56 12.22 15.82 7.06
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
252 213 279 308 292 353 406 503 591 1,001 2,541 3,178 3,572
234 197 246 272 257 306 344 426 479 862 2,257 2,746 3,087
Operating Profit 18 16 33 36 35 48 62 77 112 139 284 431 484
OPM % 7% 8% 12% 12% 12% 13% 15% 15% 19% 14% 11% 14% 14%
4 5 4 3 4 6 9 8 5 -10 7 30 24
Interest 1 1 1 1 1 1 1 1 3 10 25 67 86
Depreciation 6 7 9 10 8 8 10 11 21 50 133 119 133
Profit before tax 14 13 27 28 30 44 61 73 92 68 133 275 289
Tax % 29% 28% 30% 33% 33% 29% 30% 31% 23% 7% 44% 22%
10 10 19 19 20 31 43 51 71 64 75 214 192
EPS in Rs 2.26 2.21 4.34 4.30 4.58 7.09 9.72 11.52 16.20 16.73 19.37 37.06 43.66
Dividend Payout % 41% 42% 23% 23% 22% 19% 14% 13% 10% 10% 10% 5%
Compounded Sales Growth
10 Years: 31%
5 Years: 51%
3 Years: 75%
TTM: 19%
Compounded Profit Growth
10 Years: 35%
5 Years: 31%
3 Years: 32%
TTM: 23%
Stock Price CAGR
10 Years: 45%
5 Years: 30%
3 Years: -2%
1 Year: -14%
Return on Equity
10 Years: 20%
5 Years: 22%
3 Years: 22%
Last Year: 25%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 111 116 136 148 164 191 225 266 326 403 524 795 923
0 0 0 0 0 0 0 0 34 633 636 973 985
69 77 96 84 89 125 161 165 166 1,342 1,554 1,566 1,345
Total Liabilities 183 196 235 234 256 318 389 434 530 2,381 2,717 3,343 3,262
52 55 53 46 53 61 71 78 134 1,043 1,002 1,213 1,167
CWIP 4 1 2 5 4 2 7 5 2 4 13 13 19
Investments 8 11 12 12 14 46 51 48 36 1 0 0 0
119 129 169 171 184 209 260 303 358 1,332 1,703 2,116 2,076
Total Assets 183 196 235 234 256 318 389 434 530 2,381 2,717 3,343 3,262

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
32 24 6 30 25 22 68 27 27 157 236 185
-10 -12 2 -17 -17 -21 -24 -8 -50 -66 -134 -294
-11 -5 -7 -6 -6 -6 -8 -10 -5 105 -55 130
Net Cash Flow 10 8 2 8 2 -5 35 9 -28 196 47 21

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 45 50 57 45 61 72 45 49 46 113 51 50
Inventory Days 164 214 270 202 214 201 207 181 181 470 241 220
Days Payable 61 83 90 97 93 133 132 100 92 246 141 153
Cash Conversion Cycle 148 181 236 150 182 140 121 130 134 337 151 117
Working Capital Days 53 41 56 46 51 65 43 56 80 104 53 57
ROCE % 13% 10% 21% 20% 19% 22% 29% 29% 31% 15% 13% 22%

Shareholding Pattern

Numbers in percentages

1 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
54.95% 54.95% 54.95% 54.95% 54.95% 54.95% 56.06% 38.74% 38.74% 38.74% 25.18% 25.18%
6.97% 7.29% 10.03% 10.85% 12.15% 11.84% 11.71% 19.02% 19.96% 18.84% 26.49% 22.58%
8.46% 7.70% 5.93% 5.99% 5.82% 6.10% 5.61% 10.65% 10.58% 10.75% 12.58% 13.10%
29.62% 30.06% 29.09% 28.22% 27.09% 27.11% 26.63% 31.60% 30.72% 31.67% 35.75% 39.12%
No. of Shareholders 96,80198,34191,99089,75686,48988,7741,00,4051,16,5251,10,4811,12,8951,17,4521,29,818

* 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

Concalls