GMM Pfaudler Ltd

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. 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].

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Website BSE NSE
  • Market Cap ₹ 6,852 Cr.
  • Current Price ₹ 4,688
  • High / Low ₹ 5,435 / 3,316
  • Stock P/E 121
  • Book Value ₹ 279
  • Dividend Yield 0.11 %
  • ROCE 15.9 %
  • ROE 19.9 %
  • Face Value ₹ 2.00
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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 16.83 times its book value
  • Tax rate seems low
  • 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%

Peer comparison

Sector: Capital Goods-Non Electrical Equipment Industry: Engineering

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
119.81 131.40 139.13 150.27 153.05 155.97 131.78 154.43 186.25 201.81 458.62 551.68
99.96 110.58 119.31 122.68 122.40 125.54 109.31 126.93 146.82 159.86 428.86 515.74
Operating Profit 19.85 20.82 19.82 27.59 30.65 30.43 22.47 27.50 39.43 41.95 29.76 35.94
OPM % 16.57% 15.84% 14.25% 18.36% 20.03% 19.51% 17.05% 17.81% 21.17% 20.79% 6.49% 6.51%
Other Income 3.08 -0.16 2.44 1.33 0.28 3.42 0.73 2.72 2.01 2.67 -17.44 1.20
Interest 0.34 0.32 0.33 0.60 1.06 0.94 0.90 1.17 1.77 1.78 5.46 14.13
Depreciation 2.78 2.98 2.46 4.28 5.11 5.86 5.87 5.98 6.13 10.88 27.57 38.66
Profit before tax 19.81 17.36 19.47 24.04 24.76 27.05 16.43 23.07 33.54 31.96 -20.71 -15.65
Tax % 30.54% 30.41% 31.69% 26.37% 16.03% 22.18% 29.40% 16.78% 19.95% 27.66% 72.19% -17.64%
Net Profit 13.76 12.07 13.30 17.69 20.79 21.05 11.60 19.19 26.86 23.16 4.15 2.59
EPS in Rs 9.41 8.26 9.10 12.10 14.22 14.40 7.94 13.13 18.38 15.84 2.84 1.77
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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 1,398
178 177 234 197 246 272 257 306 344 426 479 862 1,251
Operating Profit 16 18 18 16 33 36 35 48 62 77 112 139 147
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 -12
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 83
Profit before tax 15 17 14 13 27 28 30 44 61 73 92 68 29
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 57
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 38.83
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:135%
Compounded Profit Growth
10 Years:21%
5 Years:30%
3 Years:20%
TTM:-22%
Stock Price CAGR
10 Years:47%
5 Years:62%
3 Years:68%
1 Year:32%
Return on Equity
10 Years:17%
5 Years:20%
3 Years:21%
Last Year:20%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions Corp actions Equity History
Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
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
Borrowings 0 4 0 0 0 0 0 0 0 0 34 633
56 69 69 77 96 84 89 125 161 165 166 1,342
Total Liabilities 150 178 183 196 235 234 256 318 389 434 530 2,382
38 42 52 55 53 46 53 61 71 78 134 1,036
CWIP 1 6 4 1 2 5 4 2 7 5 2 4
Investments 8 8 8 11 12 12 14 46 51 48 36 1
103 122 119 129 169 171 184 209 260 303 358 1,341
Total Assets 150 178 183 196 235 234 256 318 389 434 530 2,382

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

Insider trades
Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
75.00 75.00 75.00 75.00 75.00 75.00 75.00 54.95 54.95 54.95 54.95 54.95
0.33 0.33 0.37 0.32 0.34 0.27 0.87 6.61 6.63 6.97 7.29 10.03
1.10 1.06 1.42 1.77 1.87 2.12 2.10 7.70 8.09 8.46 7.70 5.93
23.57 23.61 23.21 22.91 22.79 22.61 22.03 30.75 30.33 29.62 30.06 29.09

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