Procter & Gamble Hygiene and Health Care Ltd

About

Procter & Gamble Hygiene and Health Care Limited is engaged in the manufacturing and selling of branded packaged fast moving consumer goods in the femcare and healthcare businesses. Its portfolio includes WHISPER – India’s leading Feminine Hygiene brand, and VICKS – India’s No. 1 Health Care brand and Old Spice.

Key Points

Hygiene business
Procter & Gamble's brand Whisper in the Hygiene business continues to hold leadership position in the market. The company launched Whisper Choice Aloe vera longer length in "Comfort & Soft segment". Further it also upgraded the flagship Ultra & Choice portfolio. [1]

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  • Market Cap 48,712 Cr.
  • Current Price 15,040
  • High / Low 15,552 / 10,389
  • Stock P/E 79.0
  • Book Value 220
  • Dividend Yield 1.10 %
  • ROCE 93.8 %
  • ROE 69.8 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 53.52%
  • Company has been maintaining a healthy dividend payout of 101.24%

Cons

  • Stock is trading at 68.35 times its book value
  • The company has delivered a poor sales growth of 9.45% over past five years.
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Quarterly Results

Figures in Rs. Crores

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
818 699 638 852 859 656 635 1,009 1,018 760 787 1,058
627 556 573 670 673 532 524 671 676 631 712 757
Operating Profit 191 144 65 182 187 125 110 338 342 129 75 301
OPM % 23% 21% 10% 21% 22% 19% 17% 34% 34% 17% 10% 28%
Other Income 12 8 10 11 9 15 10 10 9 15 6 6
Interest 0 1 4 0 2 2 1 0 2 3 1 1
Depreciation 12 13 13 11 11 12 13 12 12 11 13 13
Profit before tax 190 139 58 181 182 125 106 336 338 129 67 294
Tax % 35% 35% -5% 25% 25% 27% 34% 24% 26% 24% 27% 26%
Net Profit 124 90 61 137 136 91 69 254 251 98 49 218
EPS in Rs 38.24 27.76 18.73 42.16 41.88 28.06 21.32 78.21 77.21 30.29 15.09 67.25

Profit & Loss

Figures in Rs. Crores

Jun 2010 Jun 2011 Jun 2012 Jun 2013 Jun 2014 Jun 2015 Jun 2016 Jun 2017 Jun 2018 Jun 2019 Jun 2020 Jun 2021 TTM
893 997 1,297 1,677 2,051 2,334 2,275 2,320 2,455 2,947 3,002 3,574 3,623
663 831 1,097 1,420 1,628 1,838 1,667 1,646 1,834 2,329 2,396 2,688 2,776
Operating Profit 231 165 201 256 423 495 608 675 622 618 606 886 847
OPM % 26% 17% 15% 15% 21% 21% 27% 29% 25% 21% 20% 25% 23%
Other Income 28 33 51 61 78 64 85 67 18 45 42 38 36
Interest 0 0 0 0 5 6 6 10 5 5 6 6 6
Depreciation 25 22 28 31 35 53 52 60 52 50 48 48 49
Profit before tax 234 177 223 286 460 501 636 672 582 607 594 870 828
Tax % 23% 15% 19% 29% 34% 31% 34% 36% 36% 31% 27% 25%
Net Profit 180 151 181 203 302 346 422 433 375 419 433 652 616
EPS in Rs 55.38 46.48 55.85 62.60 93.04 106.63 130.16 133.31 115.40 129.12 133.42 200.79 189.84
Dividend Payout % 41% 48% 40% 40% 30% 28% 28% 292% 35% 68% 79% 157%
Compounded Sales Growth
10 Years: 14%
5 Years: 9%
3 Years: 13%
TTM: 15%
Compounded Profit Growth
10 Years: 16%
5 Years: 9%
3 Years: 20%
TTM: 12%
Stock Price CAGR
10 Years: 23%
5 Years: 18%
3 Years: 16%
1 Year: 43%
Return on Equity
10 Years: 40%
5 Years: 51%
3 Years: 54%
Last Year: 70%

Balance Sheet

Figures in Rs. Crores

Jun 2010 Jun 2011 Jun 2012 Jun 2013 Jun 2014 Jun 2015 Jun 2016 Jun 2017 Jun 2018 Jun 2019 Jun 2020 Jun 2021
32 32 32 32 32 32 32 32 32 32 32 32
Reserves 502 568 665 773 970 1,196 1,619 494 773 877 1,125 682
Borrowings 0 0 0 0 0 0 0 0 0 0 0 0
292 277 402 444 505 719 515 634 620 708 671 918
Total Liabilities 827 878 1,099 1,249 1,508 1,948 2,166 1,160 1,425 1,617 1,828 1,633
130 190 198 215 240 309 317 286 250 234 206 184
CWIP 66 8 29 41 98 39 35 41 21 15 22 38
Investments 0 0 0 0 0 0 0 0 0 0 0 0
630 680 871 993 1,170 1,600 1,814 834 1,154 1,368 1,600 1,411
Total Assets 827 878 1,099 1,249 1,508 1,948 2,166 1,160 1,425 1,617 1,828 1,633

Cash Flows

Figures in Rs. Crores

Jun 2010 Jun 2011 Jun 2012 Jun 2013 Jun 2014 Jun 2015 Jun 2016 Jun 2017 Jun 2018 Jun 2019 Jun 2020 Jun 2021
239 118 180 104 335 426 352 445 415 413 474 863
-9 -136 -47 -31 -135 28 221 149 -19 34 75 7
-85 -85 -85 -85 -95 -105 -122 -1,559 -106 -314 -190 -1,106
Net Cash Flow 144 -102 48 -12 105 349 452 -964 290 134 358 -236

Ratios

Figures in Rs. Crores

Jun 2010 Jun 2011 Jun 2012 Jun 2013 Jun 2014 Jun 2015 Jun 2016 Jun 2017 Jun 2018 Jun 2019 Jun 2020 Jun 2021
Debtor Days 12 11 14 18 15 18 24 21 22 22 20 15
Inventory Days 71 61 64 62 53 47 53 71 48 60 68 78
Days Payable 244 144 178 106 103 148 134 145 156 162 175 237
Cash Conversion Cycle -162 -72 -100 -27 -35 -83 -57 -53 -87 -79 -87 -144
Working Capital Days 44 71 53 51 43 4 8 -15 -23 -12 -21 -39
ROCE % 48% 31% 34% 39% 52% 46% 45% 64% 89% 73% 58% 94%

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
70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64
3.36 3.41 3.38 3.36 3.32 2.79 2.57 2.45 2.46 2.52 2.53 2.57
10.60 10.79 11.13 12.10 12.17 12.87 13.14 13.51 13.53 13.50 13.57 13.48
0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.00 0.00 0.00 0.00 0.00
15.38 15.14 14.82 13.87 13.84 13.68 13.62 13.40 13.38 13.34 13.27 13.31

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