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.

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  • Market Cap 3,723 Cr.
  • Current Price 264
  • High / Low 462 / 105
  • Stock P/E 3.05
  • Book Value 184
  • Dividend Yield 1.75 %
  • ROCE 37.4 %
  • ROE 37.4 %
  • Face Value 5.00

Pros

  • Company has reduced debt.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 55.88% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 26.19%

Cons

Peer comparison

Sector: Steel Industry: Steel - Medium / Small

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
903 894 834 828 837 790 675 967 1,132 1,237 1,160 1,274
689 707 659 662 708 634 548 732 785 767 557 838
Operating Profit 214 188 175 166 129 156 126 234 347 470 602 436
OPM % 24% 21% 21% 20% 15% 20% 19% 24% 31% 38% 52% 34%
Other Income 1 3 1 1 4 -13 13 1 1 24 1 -35
Interest 62 63 56 55 52 50 36 43 36 18 19 12
Depreciation 33 33 33 35 33 35 28 36 36 23 33 33
Profit before tax 120 95 87 77 47 58 75 156 276 452 552 357
Tax % 39% 38% 35% 32% 36% 41% 30% 33% 40% 28% 25% 25%
Net Profit 68 59 54 49 30 33 46 104 161 327 435 297
EPS in Rs 4.83 4.21 3.86 3.50 2.10 2.37 3.30 7.38 11.41 23.19 30.84 21.04

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
822 1,118 2,059 2,355 2,113 2,384 1,976 1,799 2,506 3,294 3,270 4,061 4,802
691 883 1,763 2,024 1,766 2,026 1,759 1,508 1,909 2,505 2,646 2,832 2,947
Operating Profit 131 235 296 331 348 358 218 291 597 790 624 1,229 1,855
OPM % 16% 21% 14% 14% 16% 15% 11% 16% 24% 24% 19% 30% 39%
Other Income 4 13 11 15 15 60 14 16 6 9 -3 34 -9
Interest 34 73 130 121 165 224 252 259 263 253 212 154 85
Depreciation 34 55 68 71 105 118 126 120 132 133 137 138 124
Profit before tax 67 119 110 154 92 77 -147 -73 208 414 273 971 1,637
Tax % 16% 17% 20% -3% 24% 8% 32% -1% -3% 37% 35% 33%
Net Profit 57 86 84 149 58 66 -89 -75 208 252 167 638 1,219
EPS in Rs 5.10 6.76 6.64 11.36 4.42 5.05 -6.77 -5.28 14.73 17.88 11.83 45.28 86.48
Dividend Payout % 12% 9% 9% 6% 14% 5% 0% 0% 0% 0% 0% 10%
Compounded Sales Growth
10 Years: 14%
5 Years: 15%
3 Years: 17%
TTM: 47%
Compounded Profit Growth
10 Years: 23%
5 Years: 56%
3 Years: 44%
TTM: 456%
Stock Price CAGR
10 Years: 25%
5 Years: 76%
3 Years: 54%
1 Year: 152%
Return on Equity
10 Years: 15%
5 Years: 21%
3 Years: 26%
Last Year: 37%

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 Sep 2021
27 32 32 33 33 33 32 34 34 64 34 34 33
Reserves 471 573 646 745 831 892 763 663 889 1,135 1,344 2,001 2,560
Borrowings 518 765 961 1,684 2,084 2,038 2,007 2,214 2,124 1,856 1,697 896 469
112 323 376 655 566 786 613 342 405 486 407 542 808
Total Liabilities 1,128 1,693 2,015 3,116 3,514 3,748 3,415 3,253 3,452 3,511 3,482 3,474 3,870
634 971 1,051 1,070 2,328 2,403 2,289 2,326 2,264 2,249 2,269 2,013 2,067
CWIP 194 94 285 1,190 137 187 238 136 171 130 137 144 237
Investments 12 22 18 18 51 67 114 108 131 132 123 277 283
288 606 662 839 998 1,091 774 683 885 1,000 951 1,039 1,283
Total Assets 1,128 1,693 2,015 3,116 3,514 3,748 3,415 3,253 3,452 3,511 3,482 3,474 3,870

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
101 45 305 321 56 551 377 15 451 550 551 969
-250 -250 -371 -982 -276 -268 -6 14 -121 -66 -150 -62
125 312 -11 644 213 -279 -374 -21 -354 -491 -401 -900
Net Cash Flow -24 106 -76 -18 -7 4 -2 8 -24 -7 -0 6

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 17 22 17 17 18 24 18 23 23 17 20 25
Inventory Days 109 165 93 83 119 104 110 98 112 123 112 100
Days Payable 15 38 52 83 77 120 119 40 42 40 36 39
Cash Conversion Cycle 111 149 58 17 60 8 9 81 93 99 96 85
Working Capital Days 75 70 54 52 93 64 28 87 76 74 76 61
ROCE % 11% 16% 16% 13% 10% 9% 4% 6% 16% 22% 16% 37%

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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