Godawari Power & Ispat Ltd

godawaripowerispat.com BSE: 532734 NSE : GPIL

About [ edit ]

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 [ edit ]

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.

Capacity as of FY20: ^#
Iron Ore: 2.1 million tonne per annum
Iron Ore Pellet: 2.8 million tonne per annum (inclusive of ASL pellet capacity)
Sponge Iron: 0.5 million tonne per annum
Billet: 0.4 million tonne per annum
MS Rounds: 0.4 million tonne per annum
HB Wires: 0.15 million tonne per annum
Ferro Alloys: 16,500 tonne per annum
Power: 73 MW

Stake Sale in Subsidiary-Ardent Steel Ltd: ^#
GPIL has reduced its stake in ASL to 37.85%, from 76.34%, but will retain management control.
It will utilise the proceeds, of around 76.24 Cr (net of capital gain tax), towards debt reduction.

Environmental Clearance for expansion & modernization of existing facilities: ^#
This will increase forward integration and provide more capacity for beneficiation of iron ore.

MoU with the Government of Chhattisgarh: ^#
Cost of project is estimated at 1400 Cr for Raipur Region & 900 Cr for Bastar Region.
It will be implemented in phased manner mainly out of internal accruals.
The investment will be spread out over 4-5 years.

Power Subsidiary-Godawari Green Energy: ^#
Solar plant located at Jaisalmer, Rajasthan. The project was awarded under Jawaharlal Nehru National Solar Mission, Phase I of Govt. of India.
Operational since FY14, fixed price PPA with NTPC Vidyut Vyapar Nigam for 25 years at
12.20/unit. Solar plant is self sufficient to meet its debt obligation.

Website BSE NSE

Market Cap ₹ 2,053 Cr.
Current Price ₹ 582
High / Low ₹ 592 / 80.5
Stock P/E 5.85
Book Value ₹ 422
Dividend Yield 0.86 %
ROCE 16.2 %
ROE 13.6 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company has delivered good profit growth of 35.58% CAGR over last 5 years

Cons

Promoters have pledged 32.51% of their holding.

Peer comparison

Sector: Steel Industry: Steel - Medium / Small

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020
	743	720	804	903	894	834	828	837	787	711	967	1,132
	536	536	600	689	707	659	662	708	634	554	732	785
Operating Profit	207	184	204	214	188	175	166	129	153	158	234	347
OPM %	28%	26%	25%	24%	21%	21%	20%	15%	19%	22%	24%	31%
Other Income	-15	1	1	1	3	1	1	4	-10	1	1	1
Interest	66	63	65	62	63	56	55	52	50	47	43	36
Depreciation	33	33	34	33	33	33	35	33	35	36	36	36
Profit before tax	93	88	107	120	95	87	77	47	58	77	156	276
Tax %	-10%	36%	36%	39%	38%	35%	32%	36%	41%	34%	33%	40%
Net Profit	101	58	67	68	59	54	49	30	33	46	104	161
EPS in Rs	28.53	16.48	18.90	19.32	16.85	15.44	14.02	8.41	9.47	13.19	29.55	45.64
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

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
	1,091	822	1,118	2,059	2,355	2,113	2,384	1,976	1,799	2,506	3,294	3,270	3,597
	968	691	883	1,763	2,024	1,766	2,026	1,759	1,508	1,909	2,505	2,647	2,705
Operating Profit	123	131	235	296	331	347	358	217	291	597	790	623	892
OPM %	11%	16%	21%	14%	14%	16%	15%	11%	16%	24%	24%	19%	25%
Other Income	11	4	13	11	15	16	60	14	16	6	9	-1	-7
Interest	36	34	73	130	121	165	224	252	259	263	253	212	176
Depreciation	28	34	55	68	71	105	118	126	120	132	133	137	143
Profit before tax	70	67	119	110	154	92	77	-147	-73	208	414	273	566
Tax %	12%	16%	17%	20%	-3%	24%	8%	32%	-1%	-3%	37%	35%
Net Profit	62	57	86	84	149	58	66	-89	-75	208	252	167	345
EPS in Rs	22.20	20.39	27.04	26.54	45.43	17.66	20.21	-27.07	-21.15	58.93	71.55	47.33	97.85
Dividend Payout %	11%	12%	9%	9%	6%	14%	5%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	15%
5 Years:	7%
3 Years:	22%
TTM:	6%

Compounded Profit Growth
10 Years:	12%
5 Years:	36%
3 Years:	62%
TTM:	82%

Stock Price CAGR
10 Years:	13%
5 Years:	64%
3 Years:	4%
1 Year:	215%

Return on Equity
10 Years:	11%
5 Years:	10%
3 Years:	20%
Last Year:	14%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

	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
	27	27	32	32	33	33	33	32	34	34	64	34	34
Reserves	419	471	573	646	745	831	892	763	663	889	1,135	1,291	1,453
Borrowings	355	518	765	961	1,684	2,084	2,038	2,007	2,214	2,124	1,856	1,697	1,370
	89	112	323	376	655	566	786	613	342	405	486	459	583
Total Liabilities	890	1,128	1,693	2,015	3,116	3,514	3,748	3,415	3,253	3,452	3,511	3,482	3,439
	411	634	971	1,051	1,070	2,328	2,403	2,289	2,326	2,264	2,249	2,269	2,204
CWIP	202	194	94	285	1,190	137	187	238	136	171	130	137	148
Investments	10	12	22	18	18	51	67	114	108	131	132	123	138
	267	288	606	662	839	998	1,091	774	683	885	1,000	951	949
Total Assets	890	1,128	1,693	2,015	3,116	3,514	3,748	3,415	3,253	3,452	3,511	3,482	3,439

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
	155	101	45	305	321	56	551	377	15	451	550	551
	-200	-250	-250	-371	-982	-276	-268	-6	14	-121	-66	-150
	25	125	312	-11	644	213	-279	-374	-21	-354	-491	-401
Net Cash Flow	-20	-24	106	-76	-18	-7	4	-2	8	-24	-7	-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 %	14%	11%	16%	16%	13%	10%	9%	4%	6%	16%	22%	16%
Debtor Days	10	17	22	17	17	18	24	18	23	23	17	20
Inventory Turnover	5.55	3.72	3.09	4.76	4.97	3.81	4.06	3.58	3.49	4.27	3.93	3.51

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
67.36	67.36	67.36	67.36	67.36	67.36	67.36	67.36	67.42	67.50	67.50	67.50
1.65	4.51	5.94	5.72	5.71	5.06	4.47	3.78	3.13	0.31	0.03	0.65
0.02	0.00	0.07	0.09	0.17	0.20	0.24	0.18	0.18	0.23	0.17	0.48
30.97	28.12	26.62	26.83	26.75	27.38	27.93	28.68	29.27	31.96	32.29	31.37

Godawari Power & Ispat Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

Documents

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