Godfrey Phillips India Ltd

About [ edit ]

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. #

Key Points [ edit ]
  • Market Cap 4,593 Cr.
  • Current Price 883
  • High / Low 1,100 / 845
  • Stock P/E 14.4
  • Book Value 450
  • Dividend Yield 2.72 %
  • ROCE 19.7 %
  • ROE 15.1 %
  • Face Value 2.00

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 24.85%

Cons

  • The company has delivered a poor sales growth of 2.15% over past five years.
  • Company has a low return on equity of 11.31% for last 3 years.

Peer comparison

Sector: Tobacco Products Industry: Cigarettes

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
579 635 667 617 808 716 761 592 412 701 706
479 515 546 554 605 574 594 512 349 547 539
Operating Profit 99 120 121 63 202 142 167 80 63 154 167
OPM % 17% 19% 18% 10% 25% 20% 22% 14% 15% 22% 24%
Other Income 10 16 24 28 17 31 28 30 41 24 36
Interest 0 0 0 0 7 8 8 7 7 7 7
Depreciation 24 26 24 24 35 36 37 48 34 34 34
Profit before tax 85 111 120 67 177 130 151 55 63 137 162
Tax % 33% 35% 32% 28% 33% 13% 24% 31% 11% 25% 24%
Net Profit 57 73 82 48 119 114 114 39 55 103 123
EPS in Rs 11.05 13.98 15.76 9.29 22.82 21.84 21.93 7.44 10.60 19.89 23.61

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
1,131 1,383 1,627 1,909 2,096 2,477 2,586 2,331 2,403 2,326 2,497 2,877 2,411
981 1,230 1,351 1,583 1,769 2,111 2,219 2,007 2,149 2,067 2,094 2,285 1,947
Operating Profit 151 153 276 326 327 367 367 324 254 258 403 592 465
OPM % 13% 11% 17% 17% 16% 15% 14% 14% 11% 11% 16% 21% 19%
Other Income 52 62 23 30 29 12 32 37 47 75 80 107 131
Interest 6 7 14 32 27 29 19 10 4 2 1 30 29
Depreciation 31 38 44 67 93 91 108 107 98 98 99 155 150
Profit before tax 166 170 241 257 237 259 271 244 199 233 383 514 417
Tax % 35% 30% 31% 30% 28% 32% 33% 30% 31% 32% 32% 25%
Net Profit 109 115 166 182 170 176 183 170 137 159 260 385 320
EPS in Rs 20.88 22.13 31.95 34.90 32.70 33.76 35.26 32.63 26.39 30.60 50.07 74.02 61.54
Dividend Payout % 24% 23% 22% 23% 24% 24% 23% 25% 30% 26% 16% 32%
Compounded Sales Growth
10 Years:8%
5 Years:2%
3 Years:6%
TTM:-17%
Compounded Profit Growth
10 Years:12%
5 Years:14%
3 Years:32%
TTM:-19%
Stock Price CAGR
10 Years:9%
5 Years:-6%
3 Years:1%
1 Year:-11%
Return on Equity
10 Years:13%
5 Years:11%
3 Years:11%
Last Year:15%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
10 10 10 10 10 10 10 10 10 11 11 11 10
Reserves 586 671 795 926 1,047 1,174 1,302 1,566 1,650 1,783 2,028 2,177 2,331
Borrowings 95 115 226 330 304 239 277 132 73 27 41 356 327
316 291 354 396 456 518 484 452 474 645 786 752 862
Total Liabilities 1,008 1,087 1,385 1,662 1,817 1,941 2,073 2,159 2,208 2,465 2,866 3,295 3,529
233 287 324 567 741 707 675 695 700 650 694 1,015 948
CWIP 63 74 182 139 16 46 65 49 13 18 14 17 48
Investments 216 195 322 325 286 327 273 410 507 924 1,232 1,251 1,430
497 532 557 631 773 862 1,060 1,006 987 872 925 1,012 1,103
Total Assets 1,008 1,087 1,385 1,662 1,817 1,941 2,073 2,159 2,208 2,465 2,866 3,295 3,529

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
56 84 256 202 191 296 63 319 245 516 362 375
13 -60 -313 -205 -86 -140 -32 -119 -125 -405 -310 -72
-60 -6 74 4 -106 -158 -31 -197 -125 -99 -43 -303
Net Cash Flow 9 17 18 1 -1 -3 1 3 -4 12 9 0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 22% 21% 27% 23% 18% 22% 18% 14% 12% 10% 16% 20%
Debtor Days 10 13 10 14 14 15 18 17 27 13 10 9
Inventory Turnover 1.55 1.82 1.77 2.14 1.80 1.82 1.69 1.46 1.87 1.98 1.82 1.97

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
72.19 72.19 72.19 72.19 72.19 72.19 72.19 72.19 72.19 72.19 72.28 72.55
11.92 11.94 12.00 11.78 12.36 12.47 12.39 12.42 11.70 11.45 10.80 10.66
1.56 1.52 1.55 1.45 2.00 1.45 1.32 1.38 2.18 2.60 2.67 2.16
0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05
14.28 14.31 14.21 14.54 13.40 13.84 14.05 13.96 13.89 13.71 14.20 14.59

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