Godawari Power & Ispat Ltd

Godawari Power & Ispat Ltd produces mild steel wires, sponge iron, billets, ferro alloys, steel wires, oxygen gas, fly ash brick and iron ore pellets.

Pros:
Stock is trading at 0.84 times its book value
Company is expected to give good quarter
Cons:
The company has delivered a poor growth of 1.25% over past five years.
Company has a low return on equity of 1.93% for last 3 years.
Promoters have pledged 32.57% of their holding

Peer Comparison Sector: Steel // Industry: Steel - Medium / Small

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018
341 410 394 426 574 558 555 672 743 720 804 903
307 361 345 337 472 456 435 503 536 536 600 689
Operating Profit 33 50 49 90 102 101 120 169 207 184 204 214
OPM % 10% 12% 12% 21% 18% 18% 22% 25% 28% 26% 25% 24%
Other Income 5 2 4 6 3 3 15 0 -15 1 1 1
Interest 65 66 65 73 54 66 66 65 66 63 65 62
Depreciation 29 29 30 29 31 33 34 33 33 33 34 33
Profit before tax -57 -44 -42 -7 20 6 34 71 93 88 107 120
Tax % 18% 29% -19% -35% 14% 0% 16% -3% -10% 36% 36% 39%
Net Profit -49 -32 -50 -10 15 7 28 72 101 58 67 68
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
479 808 1,091 826 1,129 2,078 2,355 2,113 2,384 1,976 1,799 2,506 3,170
394 640 968 695 894 1,782 2,024 1,766 2,026 1,759 1,508 1,909 2,361
Operating Profit 85 168 123 131 235 296 331 347 358 217 291 597 809
OPM % 18% 21% 11% 16% 21% 14% 14% 16% 15% 11% 16% 24% 26%
Other Income 2 2 11 4 13 11 15 16 60 14 16 6 -12
Interest 13 31 36 34 73 130 121 165 224 252 259 263 256
Depreciation 12 26 28 34 55 68 71 105 118 126 120 132 132
Profit before tax 62 113 70 67 119 110 154 92 77 -147 -73 208 408
Tax % 13% 12% 12% 16% 17% 20% -3% 24% 8% 32% -1% -3%
Net Profit 54 99 62 57 86 84 149 58 66 -89 -75 208 293
EPS in Rs 22.39 35.91 22.69 20.81 26.56 26.10 45.01 16.77 19.93 0.00 0.00 60.87
Dividend Payout % 13% 11% 11% 12% 9% 9% 6% 14% 5% -0% -0% 0%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:11.98%
5 Years:1.25%
3 Years:1.67%
TTM:34.43%
Compounded Profit Growth
10 Years:7.96%
5 Years:7.36%
3 Years:81.16%
TTM:139.46%
Return on Equity
10 Years:8.27%
5 Years:3.39%
3 Years:1.93%
Last Year:26.18%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Sep 2018
24 27 27 27 32 32 33 33 33 32 34 34 34
Reserves 184 364 419 471 573 646 745 831 892 763 663 889 1,012
Borrowings 289 293 355 518 765 961 1,684 2,084 2,038 2,007 2,214 2,124 1,936
51 83 89 113 337 388 659 630 858 835 574 647 479
Total Liabilities 548 767 890 1,130 1,706 2,027 3,120 3,578 3,821 3,637 3,485 3,694 3,461
282 409 411 634 971 1,051 1,070 2,328 2,403 2,289 2,326 2,264 2,271
CWIP 103 15 202 194 94 285 1,190 137 187 238 136 171 129
Investments 5 19 10 12 22 18 18 51 67 114 108 131 131
158 323 267 290 620 674 843 1,062 1,164 995 915 1,127 929
Total Assets 548 767 890 1,130 1,706 2,027 3,120 3,578 3,821 3,637 3,485 3,694 3,461

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
45 66 155 101 45 305 321 56 551 377 15 451
-200 -74 -200 -250 -250 -371 -982 -276 -268 -6 14 -121
163 59 25 125 312 -11 644 213 -279 -374 -21 -354
Net Cash Flow 8 51 -20 -24 106 -76 -18 -7 4 -2 8 -24

Ratios Consolidated / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 20% 24% 14% 11% 16% 16% 13% 10% 9% 4% 6% 16%
Debtor Days 21 20 10 16 22 17 17 18 24 18 23 23
Inventory Turnover 7.69 6.45 6.83 5.20 4.91 6.56 6.79 5.64 5.81 4.77 5.04 6.80

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