GMM Pfaudler Ltd

₹ 4,682 -0.90%
Jan 27 10:13 a.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 of glass lined equipments in India with over 50% market share. GMM was a JV between Pfaudler Inc (50.4% stake) and the Ashok Patel family (24.6%) [1]. Pfaudler Inc is a 130-year old German company [2].

  • Market Cap 6,844 Cr.
  • Current Price 4,682
  • High / Low 5,435 / 3,535
  • Stock P/E 106
  • Book Value 308
  • Dividend Yield 0.11 %
  • ROCE 15.9 %
  • ROE 19.9 %
  • Face Value 2.00

Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 29.74% CAGR over last 5 years

Cons

  • Stock is trading at 15.34 times its book value
  • Company might be capitalizing the interest cost
  • Debtor days have increased from 69.20 to 112.88 days.
  • Promoter holding has decreased over last 3 years: -20.05%

* 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 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
131 139 150 153 156 132 154 186 202 459 552 647
111 119 123 122 126 109 127 147 160 429 516 553
Operating Profit 21 20 28 31 30 22 28 39 42 30 36 94
OPM % 16% 14% 18% 20% 20% 17% 18% 21% 21% 6% 7% 14%
Other Income -0 2 1 0 3 1 3 2 3 -17 1 3
Interest 0 0 1 1 1 1 1 2 2 5 14 2
Depreciation 3 2 4 5 6 6 6 6 11 28 39 39
Profit before tax 17 19 24 25 27 16 23 34 32 -21 -16 56
Tax % 30% 32% 26% 16% 22% 29% 17% 20% 28% 72% -18% 30%
Net Profit 12 13 18 21 21 12 19 27 23 4 3 35
EPS in Rs 8.26 9.10 12.10 14.22 14.40 7.94 13.13 18.38 15.84 2.84 1.77 23.67

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
194 195 252 213 279 308 292 353 406 503 591 1,001 1,859
178 177 234 197 246 272 257 306 344 426 479 862 1,658
Operating Profit 16 18 18 16 33 36 35 48 62 77 112 139 201
OPM % 8% 9% 7% 8% 12% 12% 12% 13% 15% 15% 19% 14% 11%
Other Income 4 4 4 5 4 3 4 6 9 8 5 -10 -11
Interest 1 1 1 1 1 1 1 1 1 1 3 10 23
Depreciation 4 4 6 7 9 10 8 8 10 11 21 51 116
Profit before tax 15 17 14 13 27 28 30 44 61 73 92 68 51
Tax % 38% 30% 29% 28% 30% 33% 33% 29% 30% 31% 23% 7%
Net Profit 9 12 10 10 19 19 20 31 43 51 71 73 64
EPS in Rs 6.48 8.30 6.79 6.63 13.04 12.91 13.76 21.29 29.20 34.60 48.66 50.19 44.12
Dividend Payout % 43% 34% 41% 42% 23% 23% 22% 19% 14% 13% 10% 10%
Compounded Sales Growth
10 Years: 18%
5 Years: 28%
3 Years: 35%
TTM: 196%
Compounded Profit Growth
10 Years: 21%
5 Years: 30%
3 Years: 20%
TTM: -18%
Stock Price CAGR
10 Years: 47%
5 Years: 55%
3 Years: 67%
1 Year: 31%
Return on Equity
10 Years: 17%
5 Years: 20%
3 Years: 21%
Last Year: 20%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
3 3 3 3 3 3 3 3 3 3 3 3 3
Reserves 91 102 111 116 136 148 164 191 225 266 326 404 447
Borrowings -0 4 -0 -0 -0 -0 -0 -0 -0 -0 34 633 668
56 69 69 77 96 84 89 125 161 165 166 1,342 1,414
Total Liabilities 150 178 183 196 235 234 256 318 389 434 530 2,382 2,533
38 42 52 55 53 46 53 61 71 78 134 1,036 1,048
CWIP 1 6 4 1 2 5 4 2 7 5 2 4 10
Investments 8 8 8 11 12 12 14 46 51 48 36 1 1
103 122 119 129 169 171 184 209 260 303 358 1,341 1,474
Total Assets 150 178 183 196 235 234 256 318 389 434 530 2,382 2,533

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
8 28 32 24 6 30 25 22 68 27 27 157
-2 -28 -10 -12 2 -17 -17 -21 -24 -8 -50 -66
-6 -2 -11 -5 -7 -6 -6 -6 -8 -10 -5 105
Net Cash Flow 0 -1 10 8 2 8 2 -5 35 9 -28 196

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 62 62 45 50 57 45 61 72 45 49 46 113
Inventory Days 222 260 164 214 270 202 214 201 207 181 181 477
Days Payable 83 96 61 83 90 97 93 133 132 100 92 241
Cash Conversion Cycle 200 225 148 181 236 150 182 140 121 130 134 348
Working Capital Days 81 90 53 41 56 46 51 65 43 56 80 111
ROCE % 17% 17% 13% 10% 21% 20% 19% 22% 29% 29% 31% 16%

Shareholding Pattern

Numbers in percentages

Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021
75.00 75.00 75.00 75.00 75.00 75.00 54.95 54.95 54.95 54.95 54.95 54.95
0.33 0.37 0.32 0.34 0.27 0.87 6.61 6.63 6.97 7.29 10.03 10.85
1.06 1.42 1.77 1.87 2.12 2.10 7.70 8.09 8.46 7.70 5.93 5.99
23.61 23.21 22.91 22.79 22.61 22.03 30.75 30.33 29.62 30.06 29.09 28.22

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