Godawari Power & Ispat Ltd // Iron & Steel/Interm.Products

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Pros:

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 3.64% for last 3 years.

Promoters have pledged 44.29% of their holding

Peer Comparison

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %
1.	Tata Steel	607.70	7.98	68464.12	1.76	1933.80	62.17	37832.79	27.57	1.96
2.	JSW Steel	400.45	12.04	96797.59	0.80	2339.00	274.84	20519.00	35.95	20.03
3.	S A I L	73.30	27.47	30276.75	0.00	540.43	191.18	15907.19	37.37	1.75
4.	Prakash Inds.	133.80	4.43	2185.58	0.00	168.68	183.93	985.42	51.49	19.77
5.	Jindal Stain.	60.80	7.95	2913.67	0.00	90.85	87.08	3146.75	56.15	13.78
6.	Maithan Alloys	540.95	5.28	1574.79	0.55	65.44	10.56	455.26	5.67	67.16
7.	Godawari Power	452.70	5.90	1595.14	0.00	58.22	751.17	720.08	29.11	16.26

Detailed Comparison with

	Sep 2015	Dec 2015	Mar 2016	Jun 2016	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018
	528	439	341	410	394	426	574	558	555	672	743	720
	471	404	307	361	345	337	472	456	435	503	555	536
Operating Profit	57	35	33	50	49	90	102	101	120	169	188	184
OPM %	10.81%	7.89%	9.8%	12.13%	12.44%	21.07%	17.81%	18.16%	21.55%	25.09%	25.33%	25.5%
Other Income	5	5	5	2	4	6	3	3	15	1	4	1
Depreciation	31	31	29	29	30	29	31	33	34	33	33	33
Interest	60	67	65	66	65	73	54	66	66	65	66	63
Profit before tax	-29	-59	-57	-44	-42	-7	20	6	34	71	93	88
Tax	-10	-19	-10	-13	8	2	3	0	5	-2	-9	32
Net Profit	-15	-35	-49	-32	-50	-9	17	7	29	74	104	58

	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	2,690
	394	640	968	695	894	1,782	2,024	1,766	2,026	1,759	1,508	1,915	2,030
Operating Profit	85	168	123	131	235	296	331	347	358	217	291	591	660
OPM %	17.73%	20.78%	11.26%	15.8%	20.81%	14.23%	14.05%	16.43%	15.02%	10.99%	16.16%	23.6%	24.53%
Other Income	2	2	11	4	13	11	15	16	60	14	16	12	20
Interest	13	31	36	34	73	130	121	165	224	252	259	263	261
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	287
Tax	8	14	9	11	20	22	-5	22	6	-47	1	-6	26
Net Profit	54	99	62	57	86	84	149	58	66	-89	-75	208	266
EPS	22.39	35.91	22.69	20.81	26.56	26.1	45.01	16.77	19.93	0.0	0.0	60.87
Dividend Payout %	13.15%	10.93%	10.82%	11.77%	9.25%	9.42%	5.5%	14.16%	4.95%	-0.0%	-0.0%	0.0%

* Sales is net of excise duty and discounts

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

	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	-983	-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