Gulshan Polyols Ltd
Gulshan Polyols Ltd is one of the largest manufacturers of Precipitated Calcium Carbonate and Sorbitol in India. It is a market leader with a substantial market share in the respective segments #
Multiple manufacturing facilities #
GPL is engaged in the manufacturing of Calcium Carbonate (CC) and Sorbitol & Liquid Glucose (LG) and starch. The manufacturing facilities for CC are located at Muzaffarnagar (UP), Dhaula Kuan (HP), Abu Road (Rajasthan) and Patiala (Punjab) while that of Sorbitol & LG are located at Bharuch (Gujarat). Further, from Dec 2017, GPL had commenced the commercial production of ENA and Rectified Spirit and as on date the total installed capacity of the same stands at 60,000 liters per day.
As on March 31, 2020, the total installed capacity of Sorbitol & LG stood at 87,000 MTPA, CC was 1,06,000 MT and starch was at 60,000 MTPA.
Expansion of Ethanol capacity
Company has kicked off the process of setting up a 300KLPD Grain based Ethanol
Manufacturing Facility at its existing site at Chhindwara, MP #
- Market Cap ₹ 443 Cr.
- Current Price ₹ 94.2
- High / Low ₹ 110 / 19.6
- Stock P/E 10.1
- Book Value ₹ 69.8
- Dividend Yield 0.74 %
- ROCE 9.22 %
- ROE 6.68 %
- Face Value ₹ 1.00
Pros
- Company has reduced debt.
Cons
- The company has delivered a poor sales growth of 9.45% over past five years.
- Company has a low return on equity of 6.79% for last 3 years.
Quarterly Results
Figures in Rs. Crores
Mar 2018 | Jun 2018 | Sep 2018 | Dec 2018 | Mar 2019 | Jun 2019 | Sep 2019 | Dec 2019 | Mar 2020 | Jun 2020 | Sep 2020 | Dec 2020 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
165 | 167 | 165 | 172 | 170 | 169 | 177 | 140 | 135 | 121 | 209 | 209 | |
140 | 142 | 143 | 154 | 151 | 149 | 158 | 124 | 121 | 104 | 174 | 173 | |
Operating Profit | 25 | 24 | 22 | 19 | 19 | 20 | 19 | 16 | 14 | 17 | 35 | 36 |
OPM % | 15% | 15% | 13% | 11% | 11% | 12% | 11% | 12% | 10% | 14% | 17% | 17% |
Other Income | 1 | 0 | 0 | 1 | 1 | 0 | 0 | -0 | 1 | 0 | 0 | 0 |
Interest | 4 | 3 | 2 | 3 | 6 | 3 | 3 | 2 | 3 | 2 | 2 | 1 |
Depreciation | 11 | 12 | 12 | 12 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 |
Profit before tax | 11 | 9 | 8 | 4 | 6 | 10 | 8 | 6 | 3 | 7 | 25 | 27 |
Tax % | 29% | 31% | 28% | 11% | 3% | 25% | 29% | 22% | 17% | 28% | 32% | 32% |
Net Profit | 8 | 7 | 5 | 4 | 6 | 7 | 6 | 5 | 3 | 5 | 17 | 19 |
EPS in Rs | 1.66 | 1.39 | 1.16 | 0.79 | 1.23 | 1.55 | 1.22 | 1.02 | 0.59 | 1.10 | 3.65 | 3.96 |
Notes | Notes | Notes | Notes | Notes | Notes | Notes | Notes | Notes | Notes | Notes | Notes |
Profit & Loss
Figures in Rs. Crores
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 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
192 | 204 | 254 | 268 | 277 | 319 | 395 | 433 | 492 | 616 | 674 | 621 | 674 | |
158 | 169 | 217 | 231 | 232 | 273 | 341 | 372 | 431 | 547 | 590 | 552 | 572 | |
Operating Profit | 34 | 35 | 37 | 37 | 45 | 47 | 54 | 61 | 60 | 69 | 84 | 69 | 102 |
OPM % | 18% | 17% | 14% | 14% | 16% | 15% | 14% | 14% | 12% | 11% | 12% | 11% | 15% |
Other Income | 1 | 1 | 1 | 1 | 2 | 2 | 3 | 5 | 4 | 2 | 2 | 1 | 1 |
Interest | 6 | 5 | 4 | 3 | 4 | 4 | 3 | 4 | 6 | 11 | 14 | 11 | 8 |
Depreciation | 7 | 15 | 14 | 13 | 14 | 14 | 23 | 24 | 28 | 36 | 44 | 31 | 32 |
Profit before tax | 23 | 15 | 19 | 22 | 29 | 32 | 32 | 38 | 30 | 24 | 27 | 27 | 63 |
Tax % | 25% | 13% | 13% | 17% | 16% | 14% | 20% | 19% | 10% | 23% | 21% | 25% | |
Net Profit | 17 | 13 | 16 | 18 | 24 | 27 | 25 | 30 | 27 | 18 | 21 | 21 | 44 |
EPS in Rs | 4.17 | 3.09 | 3.86 | 4.24 | 5.72 | 6.43 | 5.74 | 6.59 | 5.83 | 3.89 | 4.57 | 4.39 | 9.30 |
Dividend Payout % | 5% | 8% | 6% | 6% | 9% | 8% | 12% | 11% | 39% | 18% | 15% | 16% |
Compounded Sales Growth | |
---|---|
10 Years: | 12% |
5 Years: | 9% |
3 Years: | 8% |
TTM: | 3% |
Compounded Profit Growth | |
---|---|
10 Years: | 5% |
5 Years: | -4% |
3 Years: | -9% |
TTM: | 85% |
Stock Price CAGR | |
---|---|
10 Years: | 20% |
5 Years: | 10% |
3 Years: | 6% |
1 Year: | 104% |
Return on Equity | |
---|---|
10 Years: | 11% |
5 Years: | 9% |
3 Years: | 7% |
Last Year: | 7% |
Balance Sheet
Figures in Rs. Crores
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 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
14 | 14 | 14 | 14 | 14 | 14 | 15 | 15 | 5 | 15 | 15 | 14 | 5 | |
Reserves | 91 | 94 | 107 | 122 | 143 | 167 | 195 | 227 | 254 | 268 | 286 | 301 | 323 |
Borrowings | 56 | 48 | 44 | 39 | 35 | 83 | 90 | 138 | 163 | 172 | 135 | 91 | 61 |
32 | 35 | 44 | 42 | 47 | 64 | 59 | 66 | 79 | 68 | 57 | 60 | 83 | |
Total Liabilities | 184 | 181 | 200 | 207 | 229 | 319 | 348 | 436 | 502 | 513 | 482 | 457 | 471 |
112 | 98 | 95 | 106 | 98 | 147 | 142 | 145 | 198 | 298 | 273 | 260 | 248 | |
CWIP | 8 | 5 | 9 | 3 | 6 | 2 | 7 | 97 | 97 | 1 | 5 | 3 | 2 |
Investments | 1 | 0 | 0 | 0 | 0 | 12 | 5 | 7 | 8 | 6 | 0 | 0 | 0 |
63 | 77 | 95 | 98 | 124 | 157 | 195 | 187 | 199 | 209 | 204 | 193 | 221 | |
Total Assets | 184 | 181 | 200 | 207 | 229 | 319 | 348 | 436 | 502 | 513 | 482 | 457 | 471 |
Cash Flows
Figures in Rs. Crores
Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
22 | 22 | 23 | 43 | 21 | 32 | 50 | 55 | 81 | 42 | 87 | 44 | |
-15 | -10 | -16 | -17 | -8 | -69 | -11 | -116 | -81 | -37 | -17 | -16 | |
-7 | -7 | -7 | -10 | -10 | 41 | -2 | 36 | -1 | -4 | -48 | -51 | |
Net Cash Flow | -0 | 4 | 0 | 15 | 3 | 4 | 37 | -25 | -2 | 2 | 22 | -23 |
Ratios
Figures in Rs. Crores
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 % | 19% | 13% | 14% | 15% | 18% | 15% | 12% | 12% | 9% | 8% | 9% | 9% |
Debtor Days | 62 | 71 | 70 | 52 | 73 | 68 | 59 | 62 | 66 | 69 | 54 | 48 |
Inventory Turnover | 5.97 | 5.78 | 6.31 | 6.44 | 6.11 | 5.09 | 5.36 | 6.12 | 5.01 | 5.27 | 7.03 | 6.00 |
Documents
Add documentRecent announcements
- Appointment of Company Secretary and Compliance Officer 29 Jan
- Announcement under Regulation 30 (LODR)-Resignation of Company Secretary / Compliance Officer 29 Jan
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 23 Jan
- Announcement under Regulation 30 (LODR)-Newspaper Publication 21 Jan
- Disclosure Under Regulation 30 And Part A Of Schedule III Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 Regarding Intimation For Initiating For Expansion/Capacity Addition Activities 21 Jan
View all
Annual reports
- Financial Year 2020 from bse
- Financial Year 2019 from bse
- Financial Year 2018 from bse
- Financial Year 2017 from bse
- Financial Year 2016 from bse
- Financial Year 2015 from bse
- Financial Year 2014 from bse
- Financial Year 2013 from bse
- Financial Year 2012 from bse
- Financial Year 2011 from bse
- Financial Year 2010 from bse