Godrej Consumer Products Ltd

Godrej Consumer Products is engaged in a fast moving consumer goods Company, manufacturing and marketing Household and Personal Care products.(Source : 201903 Annual Report Page No: 195)

Pros:
Company has good consistent profit growth of 23.34% over 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 28.29%
Company has been maintaining a healthy dividend payout of 44.42%
Cons:
Stock is trading at 8.98 times its book value
The company has delivered a poor growth of 6.30% over past five years.
Tax rate seems low
** Remarks:
Some businesses are provided tax benefits to encourage their development

Peer Comparison Sector: FMCG // Industry: Personal Care - Indian

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
2,359 2,402 2,390 2,177 2,507 2,630 2,531 2,477 2,659 2,724 2,453 2,349
1,892 1,897 1,848 1,828 1,975 2,041 1,934 2,033 2,172 2,115 1,875 1,893
Operating Profit 467 505 541 349 532 589 597 444 487 609 578 456
OPM % 20% 21% 23% 16% 21% 22% 24% 18% 18% 22% 24% 19%
Other Income 17 22 33 16 15 34 223 25 286 29 23 22
Interest 35 40 38 40 40 39 42 48 61 58 57 55
Depreciation 36 36 37 37 39 40 40 42 43 43 43 47
Profit before tax 413 451 499 289 468 545 738 379 669 537 501 375
Tax % 22% 22% 22% 22% 23% 21% 16% -7% 14% 21% -87% -9%
Net Profit 319 352 388 225 362 430 617 405 578 424 935 408
EPS in Rs 3.11 3.44 3.82 2.20 3.54 4.20 6.04 3.96 5.65 4.14 9.15 3.99
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
1,102 1,396 2,041 3,692 4,853 6,412 7,599 8,273 8,424 9,268 9,847 10,314 10,184
886 1,189 1,631 3,034 3,991 5,419 6,437 6,921 6,781 7,381 7,783 8,201 8,055
Operating Profit 216 207 410 658 862 992 1,163 1,352 1,643 1,887 2,064 2,114 2,129
OPM % 20% 15% 20% 18% 18% 15% 15% 16% 20% 20% 21% 20% 21%
Other Income 5 40 44 93 252 197 69 100 -248 96 304 380 359
Interest 15 19 11 49 73 87 120 112 128 154 173 238 232
Depreciation 18 19 24 50 64 77 82 91 101 142 156 170 175
Profit before tax 187 209 420 653 977 1,025 1,030 1,249 1,167 1,687 2,039 2,085 2,081
Tax % 15% 17% 19% 21% 23% 17% 20% 22% 29% 22% 20% -12%
Net Profit 159 173 340 515 727 796 760 907 828 1,304 1,634 2,342 2,344
EPS in Rs 2.12 2.02 3.42 4.96 6.87 7.52 7.14 8.52 8.10 12.76 15.99 22.91 22.93
Dividend Payout % 57% 59% 39% 28% 22% 22% 24% 21% 24% 39% 42% 52%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:22.14%
5 Years:6.30%
3 Years:6.98%
TTM:0.39%
Compounded Profit Growth
10 Years:28.54%
5 Years:23.34%
3 Years:26.12%
TTM:29.22%
Return on Equity
10 Years:26.43%
5 Years:26.78%
3 Years:28.29%
Last Year:31.55%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
23 26 31 32 34 34 34 34 34 34 68 102
Reserves 149 546 924 1,693 2,770 3,279 3,741 4,277 4,233 5,268 6,190 7,165
Borrowings 187 278 37 2,001 1,877 2,456 2,373 2,717 2,891 4,001 3,508 3,382
333 336 562 775 1,335 1,947 2,197 2,123 2,630 3,778 4,277 3,847
Total Liabilities 692 1,185 1,554 4,501 6,016 7,716 8,346 9,151 9,788 13,080 14,043 14,496
264 440 574 3,078 3,692 4,496 5,121 5,551 5,931 8,083 8,315 8,670
CWIP 72 2 1 8 38 141 167 225 44 97 84 52
Investments 0 8 67 0 0 121 136 186 190 934 997 516
357 735 912 1,416 2,287 2,958 2,921 3,190 3,623 3,967 4,647 5,257
Total Assets 692 1,185 1,554 4,501 6,016 7,716 8,346 9,151 9,788 13,080 14,043 14,496

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
162 143 338 206 1,099 820 1,116 1,027 847 1,860 1,723 1,729
-64 -142 -51 -2,527 -856 -865 -494 -1,236 -622 -2,243 -336 274
-103 334 -361 2,237 -7 282 -620 -12 -202 665 -1,384 -2,039
Net Cash Flow -5 336 -73 -84 235 237 1 -221 23 282 3 -36

Ratios Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 62% 38% 47% 28% 20% 18% 19% 21% 23% 22% 21% 20%
Debtor Days 17 16 21 38 36 41 35 36 48 41 46 46
Inventory Turnover 6.75 7.78 9.45 10.49 7.93 7.00 7.14 7.68 7.08 6.82 6.59 6.58