Godfrey Phillips India Ltd

Godfrey Phillips India Ltd

₹ 4,561 -3.66%
16 Jul 11:07 a.m.
About

Godfrey Phillips India is one of the leading FMCG Companies in India - flagship company of KK Modi Group. They have many iconic cigarette brands like Four Square, Red & White, and Cavanders to its name. It also have an exclusive sourcing and supply agreement with Philip Morris International to manufacture and distribute the renowned Marlboro brand in India. [1]

Key Points

Revenue Breakup FY23[1]
Tobacco: 90% (Domestic:67% , Export:23%)
Consumer & Retail: 10%

  • Market Cap 23,713 Cr.
  • Current Price 4,561
  • High / Low 4,821 / 1,605
  • Stock P/E 26.9
  • Book Value 739
  • Dividend Yield 0.95 %
  • ROCE 28.8 %
  • ROE 25.1 %
  • Face Value 2.00

Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 35.0% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 34.8%

Cons

  • Earnings include an other income of Rs.390 Cr.
  • Working capital days have increased from 43.2 days to 69.0 days

* 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: Tobacco Products Industry: Cigarettes

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
701 607 640 705 723 827 1,019 917 797 1,043 1,159 1,244 944
543 463 496 530 558 621 783 714 640 794 936 1,025 770
Operating Profit 157 144 143 175 164 206 236 203 157 249 223 219 174
OPM % 22% 24% 22% 25% 23% 25% 23% 22% 20% 24% 19% 18% 18%
17 25 34 27 24 2 43 78 44 128 38 126 98
Interest 9 7 8 8 11 6 7 7 9 7 7 6 7
Depreciation 38 34 35 37 36 38 38 38 37 36 36 35 36
Profit before tax 126 128 135 158 141 164 234 237 155 334 219 304 230
Tax % 24% 15% 25% 25% 26% 17% 25% 23% 26% 12% 25% 19% 22%
95 108 102 118 104 136 175 182 115 294 163 246 178
EPS in Rs 18.35 20.79 19.62 22.69 19.98 26.19 33.65 35.03 22.14 56.45 31.42 47.23 34.32
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
2,095 2,477 2,585 2,325 2,386 2,312 2,477 2,853 2,490 2,674 3,560 4,390
1,773 2,099 2,225 2,003 2,138 2,052 2,096 2,261 1,973 2,047 2,759 3,525
Operating Profit 322 378 360 322 249 260 381 593 516 627 802 865
OPM % 15% 15% 14% 14% 10% 11% 15% 21% 21% 23% 23% 20%
30 -8 33 36 47 72 79 106 118 110 168 390
Interest 27 29 19 10 3 2 1 30 31 34 29 26
Depreciation 88 87 102 102 94 96 96 152 138 142 151 143
Profit before tax 237 255 271 246 198 234 363 516 465 562 790 1,087
Tax % 28% 33% 33% 30% 31% 31% 34% 25% 23% 23% 23% 19%
169 171 183 172 136 161 241 388 357 432 608 881
EPS in Rs 32.59 32.82 35.21 33.02 26.22 30.92 46.35 74.60 68.65 83.08 117.01 169.41
Dividend Payout % 25% 24% 23% 24% 31% 26% 17% 32% 35% 34% 38% 33%
Compounded Sales Growth
10 Years: 6%
5 Years: 12%
3 Years: 21%
TTM: 23%
Compounded Profit Growth
10 Years: 17%
5 Years: 35%
3 Years: 45%
TTM: 73%
Stock Price CAGR
10 Years: 24%
5 Years: 43%
3 Years: 66%
1 Year: 189%
Return on Equity
10 Years: 15%
5 Years: 18%
3 Years: 19%
Last Year: 25%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 10 10 10 10 10 10 10 10 10 10 10 10
Reserves 1,031 1,153 1,282 1,499 1,581 1,697 1,886 2,050 2,406 2,713 3,178 3,831
304 239 277 130 72 27 41 356 395 336 354 344
443 505 475 402 416 582 707 681 707 787 996 1,160
Total Liabilities 1,788 1,908 2,044 2,041 2,080 2,316 2,644 3,097 3,518 3,846 4,538 5,346
699 665 636 666 672 623 665 982 999 948 898 853
CWIP 15 45 65 49 13 18 14 17 26 42 21 10
Investments 319 355 322 401 500 895 1,143 1,190 1,476 1,719 2,364 2,582
756 842 1,021 925 895 780 822 909 1,018 1,138 1,255 1,900
Total Assets 1,788 1,908 2,044 2,041 2,080 2,316 2,644 3,097 3,518 3,846 4,538 5,346

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
184 290 63 326 248 514 352 377 300 482 739 270
-78 -135 -32 -126 -131 -409 -312 -70 -318 -232 -536 60
-106 -158 -31 -200 -120 -96 -39 -299 7 -238 -206 -333
Net Cash Flow -1 -3 1 0 -3 9 0 7 -11 12 -3 -3

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 14 15 18 16 27 14 10 9 18 21 15 14
Inventory Days 244 214 246 232 166 157 194 179 201 225 175 206
Days Payable 71 54 50 44 47 53 99 73 72 77 77 71
Cash Conversion Cycle 187 175 214 204 146 117 105 114 147 169 114 149
Working Capital Days 37 31 62 70 65 22 6 18 39 41 20 69
ROCE % 18% 22% 18% 14% 12% 10% 16% 21% 15% 17% 21% 29%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
72.83% 72.83% 72.83% 72.83% 72.83% 72.83% 72.58% 72.58% 72.58% 72.58% 72.58% 72.58%
10.26% 10.36% 10.16% 10.16% 10.28% 9.87% 9.89% 10.05% 10.05% 9.93% 10.13% 10.76%
1.67% 1.66% 1.64% 1.62% 1.61% 1.62% 1.61% 1.62% 1.49% 1.55% 1.55% 1.52%
0.05% 0.05% 0.05% 0.05% 0.05% 0.05% 0.05% 0.05% 0.05% 0.05% 0.05% 0.05%
15.20% 15.10% 15.32% 15.35% 15.24% 15.62% 15.86% 15.69% 15.83% 15.88% 15.68% 14.67%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.41%
No. of Shareholders 37,84232,58030,61130,06729,94131,55340,73944,38644,56638,93641,64038,489

* 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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