Godfrey Phillips India Ltd

₹ 5,851 -2.36%

21 Nov 4:00 p.m.

godfreyphillips.com BSE: 500163 NSE: GODFRYPHLP

About

Godfrey Phillips India is one of the leading FMCG Companies in India - flagship company of KK Modi Group. They have many iconic cigarette brands like Four Square, Red & White, and Cavanders to its name. It also have an exclusive sourcing and supply agreement with Philip Morris International to manufacture and distribute the renowned Marlboro brand in India. ^[1]

Key Points

Market Position
The company is a part of the KK Modi Group and one of the leading FMCG Companies in India. ^[1] It has a market share of ~14% in the domestic cigarette business. ^[2]

Website BSE NSE

Market Cap ₹ 30,388 Cr.
Current Price ₹ 5,851
High / Low ₹ 8,480 / 2,005
Stock P/E 32.4
Book Value ₹ 773
Dividend Yield 0.96 %
ROCE 24.1 %
ROE 20.9 %
Face Value ₹ 2.00

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Pros

Company has reduced debt.
Company is almost debt free.
Company has delivered good profit growth of 30.2% CAGR over last 5 years
Company has been maintaining a healthy dividend payout of 34.8%

Cons

Stock is trading at 7.58 times its book value
Earnings include an other income of Rs.368 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Tobacco Products Industry: Cigarettes

Part of BSE 250 SmallCap Index Nifty Smallcap 250 BSE Allcap Nifty 500 BSE 400 MidSmallCap Index Nifty Total Market BSE SmallCap Nifty MidSmallcap 400 Nifty 500 Multicap 50:25:25 BSE Fast Moving Consumer Goods BSE 500

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	640	705	723	827	1,019	917	797	1,043	1,159	1,244	944	1,164	1,381
	496	530	558	621	783	714	640	794	936	1,025	770	910	1,115
Operating Profit	143	175	164	206	236	203	157	249	223	219	174	254	266
OPM %	22%	25%	23%	25%	23%	22%	20%	24%	19%	18%	18%	22%	19%
	34	27	24	2	43	78	44	128	38	126	98	40	103
Interest	8	8	11	6	7	7	9	7	7	6	7	6	5
Depreciation	35	37	36	38	38	38	37	36	36	35	36	35	31
Profit before tax	135	158	141	164	234	237	155	334	219	304	230	254	334
Tax %	25%	25%	26%	17%	25%	23%	26%	12%	25%	19%	22%	12%	26%
	102	118	104	136	175	182	115	294	163	246	178	223	247
EPS in Rs	19.62	22.69	19.98	26.19	33.65	35.03	22.14	56.45	31.42	47.23	34.32	42.94	47.48
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	2,095	2,477	2,585	2,325	2,386	2,312	2,477	2,853	2,490	2,674	3,560	4,390	4,733
	1,773	2,099	2,225	2,003	2,138	2,052	2,096	2,261	1,973	2,047	2,759	3,525	3,820
Operating Profit	322	378	360	322	249	260	381	593	516	627	802	865	913
OPM %	15%	15%	14%	14%	10%	11%	15%	21%	21%	23%	23%	20%	19%
	30	-8	33	36	47	72	79	106	118	110	168	390	368
Interest	27	29	19	10	3	2	1	30	31	34	29	26	23
Depreciation	88	87	102	102	94	96	96	152	138	142	151	143	137
Profit before tax	237	255	271	246	198	234	363	516	465	562	790	1,087	1,122
Tax %	28%	33%	33%	30%	31%	31%	34%	25%	23%	23%	23%	19%
	169	171	183	172	136	161	241	388	357	432	608	881	894
EPS in Rs	32.59	32.82	35.21	33.02	26.22	30.92	46.35	74.60	68.65	83.08	117.01	169.41	171.97
Dividend Payout %	25%	24%	23%	24%	31%	26%	17%	32%	35%	34%	38%	33%

Compounded Sales Growth
10 Years:	6%
5 Years:	12%
3 Years:	21%
TTM:	21%

Compounded Profit Growth
10 Years:	15%
5 Years:	30%
3 Years:	37%
TTM:	24%

Stock Price CAGR
10 Years:	25%
5 Years:	38%
3 Years:	73%
1 Year:	184%

Return on Equity
10 Years:	14%
5 Years:	17%
3 Years:	18%
Last Year:	21%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	10	10	10	10	10	10	10	10	10	10	10	10	10
Reserves	1,031	1,153	1,282	1,499	1,581	1,697	1,886	2,050	2,406	2,713	3,178	3,831	4,007
	304	239	277	130	72	27	41	356	395	336	354	344	246
	443	505	475	402	416	582	707	681	707	787	996	1,160	1,415
Total Liabilities	1,788	1,908	2,044	2,041	2,080	2,316	2,644	3,097	3,518	3,846	4,538	5,346	5,679
	699	665	636	666	672	623	665	982	999	948	898	853	760
CWIP	15	45	65	49	13	18	14	17	26	42	21	10	26
Investments	319	355	322	401	500	895	1,143	1,190	1,476	1,719	2,364	2,582	1,970
	756	842	1,021	925	895	780	822	909	1,018	1,138	1,255	1,900	2,923
Total Assets	1,788	1,908	2,044	2,041	2,080	2,316	2,644	3,097	3,518	3,846	4,538	5,346	5,679

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	184	290	63	326	248	514	352	377	300	482	739	270
	-78	-135	-32	-126	-131	-409	-312	-70	-318	-232	-536	60
	-106	-158	-31	-200	-120	-96	-39	-299	7	-238	-206	-333
Net Cash Flow	-1	-3	1	0	-3	9	0	7	-11	12	-3	-3

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	14	15	18	16	27	14	10	9	18	21	15	14
Inventory Days	244	214	246	232	166	157	194	179	201	225	175	206
Days Payable	71	54	50	44	47	53	99	73	72	77	77	71
Cash Conversion Cycle	187	175	214	204	146	117	105	114	147	169	114	149
Working Capital Days	37	31	62	70	65	22	6	18	39	41	20	56
ROCE %	18%	22%	18%	14%	12%	10%	16%	21%	15%	17%	21%	24%

Shareholding Pattern

Numbers in percentages

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	72.83%	72.83%	72.83%	72.83%	72.58%	72.58%	72.58%	72.58%	72.58%	72.58%	72.58%	72.58%
	10.16%	10.16%	10.28%	9.87%	9.89%	10.05%	10.05%	9.93%	10.13%	10.76%	10.83%	10.80%
	1.64%	1.62%	1.61%	1.62%	1.61%	1.62%	1.49%	1.55%	1.55%	1.52%	1.90%	1.97%
	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%
	15.32%	15.35%	15.24%	15.62%	15.86%	15.69%	15.83%	15.88%	15.68%	14.67%	14.24%	14.19%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.41%	0.41%	0.41%
No. of Shareholders	30,611	30,067	29,941	31,553	40,739	44,386	44,566	38,936	41,640	38,489	39,116	73,826

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	72.19%	72.19%	72.19%	72.19%	72.78%	72.83%	72.58%	72.58%	72.58%
	10.78%	11.92%	12.36%	11.70%	10.55%	10.16%	10.05%	10.76%	10.80%
	0.38%	1.56%	2.00%	2.18%	1.89%	1.62%	1.62%	1.52%	1.97%
	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%
	16.60%	14.28%	13.40%	13.89%	14.73%	15.35%	15.69%	14.67%	14.19%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.41%	0.41%
No. of Shareholders	20,000	20,977	18,415	21,651	36,969	30,067	44,386	38,489	73,826

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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