Godfrey Phillips India Ltd

About

Godfrey Phillips India is one of the largest FMCG companies in the country with 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

Increase in Market Share
During FY20, the company experienced a rise of 9.7% in the volume sales of its cigarettes and saw a rise in the domestic cigarette market share from 11.8% to 12.9%. [1]

See full details
  • Market Cap 5,427 Cr.
  • Current Price 1,044
  • High / Low 1,110 / 832
  • Stock P/E 12.5
  • Book Value 497
  • Dividend Yield 2.30 %
  • ROCE 15.4 %
  • ROE 15.8 %
  • Face Value 2.00

Pros

  • Company has been maintaining a healthy dividend payout of 27.18%

Cons

  • The company has delivered a poor sales growth of 1.62% over past five years.

Peer comparison

Sector: Tobacco Products Industry: Cigarettes

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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
635 667 617 808 716 761 592 412 701 706 706 611
515 546 554 605 574 594 512 349 547 539 549 464
Operating Profit 120 121 63 202 142 167 80 63 154 167 157 147
OPM % 19% 18% 10% 25% 20% 22% 14% 15% 22% 24% 22% 24%
Other Income 16 24 28 17 31 28 30 41 24 36 18 28
Interest 0 0 0 7 8 8 7 7 7 7 9 7
Depreciation 26 24 24 35 36 37 48 34 34 34 39 35
Profit before tax 111 120 67 177 130 151 55 63 137 162 126 132
Tax % 35% 32% 28% 33% 13% 24% 31% 11% 25% 24% 24% 15%
Net Profit 73 82 48 119 114 114 39 55 103 123 95 112
EPS in Rs 13.98 15.76 9.29 22.82 21.84 21.93 7.44 10.60 19.89 23.61 18.32 21.61

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
1,383 1,627 1,909 2,096 2,477 2,586 2,331 2,403 2,326 2,497 2,877 2,525 2,725
1,254 1,350 1,582 1,769 2,111 2,219 2,006 2,149 2,065 2,094 2,284 1,984 2,100
Operating Profit 129 277 328 327 367 367 324 254 260 403 592 541 625
OPM % 9% 17% 17% 16% 15% 14% 14% 11% 11% 16% 21% 21% 23%
Other Income 85 22 28 29 12 32 37 47 73 79 107 119 105
Interest 7 14 32 27 29 19 10 4 2 1 30 31 31
Depreciation 38 44 67 93 91 108 107 98 98 99 155 141 142
Profit before tax 170 241 257 237 259 271 244 199 233 383 514 487 557
Tax % 30% 31% 30% 28% 32% 33% 30% 31% 32% 32% 25% 23%
Net Profit 115 166 182 170 176 183 170 137 159 260 385 377 434
EPS in Rs 22.13 31.95 34.90 32.70 33.76 35.26 32.63 26.39 30.60 50.07 74.02 72.41 83.43
Dividend Payout % 23% 22% 23% 24% 24% 23% 25% 30% 26% 16% 32% 33%
Compounded Sales Growth
10 Years:4%
5 Years:2%
3 Years:3%
TTM:10%
Compounded Profit Growth
10 Years:9%
5 Years:17%
3 Years:33%
TTM:35%
Stock Price CAGR
10 Years:4%
5 Years:-4%
3 Years:12%
1 Year:14%
Return on Equity
10 Years:14%
5 Years:14%
3 Years:16%
Last Year:16%

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
10 10 10 10 10 10 10 10 11 11 11 11
Reserves 671 795 926 1,047 1,174 1,302 1,566 1,650 1,783 2,028 2,177 2,572
Borrowings 115 226 330 304 239 277 132 73 27 41 356 395
291 354 396 456 518 484 452 474 645 786 752 755
Total Liabilities 1,087 1,385 1,662 1,817 1,941 2,073 2,159 2,208 2,465 2,866 3,295 3,732
287 324 567 741 707 675 695 700 650 694 1,015 1,034
CWIP 74 182 139 16 46 65 49 13 18 14 17 26
Investments 195 322 325 286 327 273 410 507 924 1,232 1,251 1,554
532 557 631 773 862 1,060 1,006 987 872 925 1,012 1,118
Total Assets 1,087 1,385 1,662 1,817 1,941 2,073 2,159 2,208 2,465 2,866 3,295 3,732

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
84 256 202 191 296 63 319 245 516 362 375 310
-60 -313 -205 -86 -140 -32 -119 -125 -405 -310 -72 -298
-6 74 4 -106 -158 -31 -197 -125 -99 -43 -303 -16
Net Cash Flow 17 18 1 -1 -3 1 3 -4 12 9 0 -4

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 13 10 14 14 15 18 17 27 13 10 9 18
Inventory Days 204 208 182 246 216 248 257 187 179 218 199 222
Days Payable 119 49 58 72 55 49 42 45 52 99 74 70
Cash Conversion Cycle 98 169 138 188 176 217 231 169 140 130 134 170
Working Capital Days 55 30 37 51 44 74 91 81 34 15 27 49
ROCE % 21% 27% 23% 18% 22% 18% 14% 12% 10% 16% 20% 15%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
72.19 72.19 72.19 72.19 72.19 72.19 72.19 72.19 72.28 72.55 72.78 72.83
12.00 11.78 12.36 12.47 12.39 12.42 11.70 11.45 10.80 10.66 10.55 10.26
1.55 1.45 2.00 1.45 1.32 1.38 2.18 2.60 2.67 2.16 1.89 1.67
0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05
14.21 14.54 13.40 13.84 14.05 13.96 13.89 13.71 14.20 14.59 14.73 15.20

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