Godawari Power & Ispat Ltd

About

Godawari Power & Ispat is mainly engaged in the business of Mining of Iron Ore and Manufacturing of Iron Ore Pellets, Sponge Iron, Steel Billets, Wire Rods, H.B. Wire and Ferro Alloys with generation of Electricity.

Key Points

Captive Iron Ore Mines:
Company has two capitve mines- Ari Dongri Mine & Boria Tibu Mine.
GPIL sources 85% of its iron ore needs captively from its mines for the production of steel.
Captive mining leads to huge raw material costs saving.
Subsidiary-ASL has to rely on merchant mines for its RM needs.

See full details
  • Market Cap 4,627 Cr.
  • Current Price 328
  • High / Low 462 / 84.0
  • Stock P/E 4.82
  • Book Value 128
  • Dividend Yield 2.82 %
  • ROCE 40.0 %
  • ROE 38.7 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 69.95% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 25.33%

Cons

Peer comparison

Sector: Steel Industry: Steel - Medium / Small

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
713 753 766 728 681 719 647 574 876 954 1,237 1,126
546 606 615 601 569 623 541 478 677 674 768 553
Operating Profit 167 147 151 127 112 96 105 96 200 279 468 573
OPM % 23% 20% 20% 17% 16% 13% 16% 17% 23% 29% 38% 51%
Other Income 1 1 1 1 0 1 0 1 1 64 3 1
Interest 47 44 45 41 40 38 35 34 32 26 19 11
Depreciation 23 22 22 23 23 23 22 24 25 24 23 25
Profit before tax 97 81 84 65 49 36 48 39 144 293 430 538
Tax % 36% 38% 46% 38% 33% 41% 44% 37% 35% 31% 29% 25%
Net Profit 62 50 46 41 33 21 27 25 94 203 304 403
EPS in Rs 4.39 3.55 3.25 2.87 2.33 1.50 1.91 1.75 6.68 14.40 21.56 28.56

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

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
776 934 1,745 1,910 1,537 1,926 1,535 1,544 2,111 2,855 2,758 3,632 4,193
652 740 1,496 1,669 1,325 1,663 1,385 1,381 1,678 2,235 2,318 2,588 2,672
Operating Profit 123 194 249 241 212 263 150 163 432 620 440 1,044 1,521
OPM % 16% 21% 14% 13% 14% 14% 10% 11% 20% 22% 16% 29% 36%
Other Income 3 3 3 10 24 16 12 14 3 3 3 68 68
Interest 32 60 101 92 115 145 163 177 185 182 154 110 87
Depreciation 32 47 51 52 67 66 73 78 89 91 92 96 97
Profit before tax 62 89 100 106 55 69 -75 -78 161 350 198 906 1,405
Tax % 17% 20% 21% -17% -1% 10% 35% 1% -13% 39% 39% 31%
Net Profit 51 71 79 124 56 62 -48 -77 182 213 121 626 1,004
EPS in Rs 4.58 5.61 6.22 9.48 4.27 4.74 -3.68 -5.49 12.90 15.12 8.61 44.38 71.20
Dividend Payout % 14% 11% 10% 7% 15% 5% -0% -0% -0% -0% -0% 10%
Compounded Sales Growth
10 Years: 15%
5 Years: 19%
3 Years: 20%
TTM: 60%
Compounded Profit Growth
10 Years: 23%
5 Years: 70%
3 Years: 46%
TTM: 810%
Stock Price CAGR
10 Years: 27%
5 Years: 79%
3 Years: 50%
1 Year: 267%
Return on Equity
10 Years: 15%
5 Years: 20%
3 Years: 25%
Last Year: 39%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
28 32 32 33 33 33 32 34 34 34 34 34
Reserves 452 527 597 671 732 788 699 651 833 1,043 1,163 1,772
Borrowings 392 644 685 1,015 1,182 1,189 1,330 1,551 1,499 1,320 1,210 534
97 85 168 299 293 521 481 153 217 266 219 461
Total Liabilities 968 1,288 1,483 2,017 2,240 2,530 2,541 2,389 2,584 2,663 2,627 2,801
581 686 677 691 1,248 1,339 1,362 1,435 1,408 1,425 1,472 1,406
CWIP 60 37 136 412 65 114 165 59 89 45 53 61
Investments 72 212 212 253 289 294 276 280 281 348 346 341
255 354 457 662 638 782 738 615 806 846 756 992
Total Assets 968 1,288 1,483 2,017 2,240 2,530 2,541 2,389 2,584 2,663 2,627 2,801

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
101 82 193 144 233 365 159 -75 323 480 396 801
-148 -219 -166 -366 -273 -219 -127 -5 -100 -125 -132 9
19 126 -20 224 39 -142 -21 76 -237 -361 -263 -804
Net Cash Flow -27 -11 8 1 -2 4 12 -5 -14 -7 1 6

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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 17 21 17 20 18 22 20 17 19 16 21 27
Inventory Days 104 156 80 74 106 92 128 92 108 121 101 105
Days Payable 12 24 30 49 72 121 143 34 40 39 29 41
Cash Conversion Cycle 109 153 67 44 53 -8 5 75 86 97 92 91
Working Capital Days 68 101 57 75 90 51 44 100 74 71 74 65
ROCE % 12% 14% 16% 13% 9% 11% 4% 5% 15% 22% 15% 40%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
67.36 67.36 67.36 67.36 67.36 67.42 67.50 67.50 67.50 67.50 67.50 67.50
5.72 5.71 5.06 4.47 3.78 3.13 0.31 0.03 0.65 0.62 1.15 1.53
0.09 0.17 0.20 0.24 0.18 0.18 0.23 0.17 0.48 0.54 0.99 0.39
26.83 26.75 27.38 27.93 28.68 29.27 31.96 32.29 31.37 31.33 30.35 30.57

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