Godfrey Phillips India Ltd

₹ 4,279 1.31%

03 Jul 11:11 a.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

Revenue Breakup FY23^[1]
Tobacco: 90% (Domestic:67% , Export:23%)
Consumer & Retail: 10%

Website BSE NSE

Market Cap ₹ 22,250 Cr.
Current Price ₹ 4,279
High / Low ₹ 4,490 / 1,605
Stock P/E 25.2
Book Value ₹ 814
Dividend Yield 1.03 %
ROCE 22.6 %
ROE 22.7 %
Face Value ₹ 2.00

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Pros

Company is almost debt free.
Company has delivered good profit growth of 32.7% CAGR over last 5 years
Company has been maintaining a healthy dividend payout of 33.1%

Cons

Working capital days have increased from 50.1 days to 71.0 days

* 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

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	706	611	646	706	724	828	1,019	920	796	1,046	1,158	1,250	966
	549	464	498	531	561	626	779	710	644	794	934	1,022	778
Operating Profit	157	147	147	175	164	201	241	210	152	253	224	228	188
OPM %	22%	24%	23%	25%	23%	24%	24%	23%	19%	24%	19%	18%	19%
	18	28	35	27	25	2	43	79	44	53	38	57	66
Interest	9	7	8	8	11	6	7	7	9	7	7	6	7
Depreciation	39	35	36	37	37	38	39	39	37	37	36	36	36
Profit before tax	126	132	139	157	140	159	238	243	149	262	219	243	211
Tax %	24%	15%	24%	26%	26%	17%	25%	23%	26%	16%	25%	25%	26%
	95	112	105	117	104	142	202	199	147	254	202	212	215
EPS in Rs	18.32	21.61	20.18	22.51	19.95	27.37	38.82	38.32	28.29	48.94	38.87	40.84	41.19
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	2,096	2,477	2,586	2,331	2,403	2,326	2,497	2,877	2,525	2,688	3,562	4,420
	1,769	2,111	2,219	2,006	2,149	2,065	2,094	2,284	1,984	2,054	2,759	3,527
Operating Profit	327	367	367	324	254	260	403	592	541	633	804	892
OPM %	16%	15%	14%	14%	11%	11%	16%	21%	21%	24%	23%	20%
	29	12	32	37	47	73	79	107	119	114	252	214
Interest	27	29	19	10	4	2	1	30	31	34	29	26
Depreciation	93	91	108	107	98	98	99	155	141	145	154	146
Profit before tax	237	259	271	244	199	233	383	514	487	568	873	934
Tax %	28%	32%	33%	30%	31%	32%	32%	25%	23%	23%	21%	23%
	170	175	183	170	137	159	260	385	376	438	690	884
EPS in Rs	32.70	33.76	35.26	32.63	26.39	30.60	50.07	74.02	72.41	84.25	132.80	169.84
Dividend Payout %	24%	24%	23%	25%	30%	26%	16%	32%	33%	33%	33%	33%

Compounded Sales Growth
10 Years:	6%
5 Years:	12%
3 Years:	21%
TTM:	24%

Compounded Profit Growth
10 Years:	17%
5 Years:	33%
3 Years:	42%
TTM:	50%

Stock Price CAGR
10 Years:	22%
5 Years:	39%
3 Years:	63%
1 Year:	147%

Return on Equity
10 Years:	15%
5 Years:	17%
3 Years:	19%
Last Year:	23%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	10	10	10	10	10	10	10	10	10	10	10	10
Reserves	1,047	1,174	1,302	1,566	1,650	1,783	2,028	2,177	2,572	2,917	3,538	4,222
Preference Capital	0	0	0	0	0	1	1	1	1	1	1
	304	239	277	132	73	27	41	356	395	336	354	345
	456	518	484	452	474	645	786	752	755	838	1,067	1,266
Total Liabilities	1,817	1,941	2,073	2,159	2,208	2,465	2,866	3,295	3,732	4,102	4,968	5,843
	741	707	675	695	700	650	694	1,015	1,034	983	932	893
CWIP	16	46	65	49	13	18	14	17	26	42	22	10
Investments	286	327	273	410	507	924	1,232	1,251	1,554	1,844	2,669	3,000
	773	862	1,060	1,006	987	872	925	1,012	1,118	1,234	1,346	1,940
Total Assets	1,817	1,941	2,073	2,159	2,208	2,465	2,866	3,295	3,732	4,102	4,968	5,843

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	191	296	63	319	245	516	362	375	310	479	736	290
	-86	-140	-32	-119	-125	-405	-310	-72	-298	-234	-541	55
	-106	-158	-31	-197	-125	-99	-43	-303	-16	-238	-206	-349
Net Cash Flow	-1	-3	1	3	-4	12	9	0	-4	6	-11	-4

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	17	27	13	10	9	18	21	15	14
Inventory Days	246	216	248	257	187	179	218	199	222	247	190	215
Days Payable	72	55	49	42	45	52	99	74	70	75	75	70
Cash Conversion Cycle	188	176	217	231	169	140	130	134	170	192	131	160
Working Capital Days	37	32	64	83	77	34	15	27	49	51	28	71
ROCE %	18%	22%	18%	14%	12%	10%	16%	20%	15%	17%	22%

Shareholding Pattern

Numbers in percentages

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	72.83%	72.83%	72.83%	72.83%	72.83%	72.83%	72.58%	72.58%	72.58%	72.58%	72.58%	72.58%
	10.26%	10.36%	10.16%	10.16%	10.28%	9.87%	9.89%	10.05%	10.05%	9.93%	10.13%	10.76%
	1.67%	1.66%	1.64%	1.62%	1.61%	1.62%	1.61%	1.62%	1.49%	1.55%	1.55%	1.52%
	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%
	15.20%	15.10%	15.32%	15.35%	15.24%	15.62%	15.86%	15.69%	15.83%	15.88%	15.68%	14.67%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.41%
No. of Shareholders	37,842	32,580	30,611	30,067	29,941	31,553	40,739	44,386	44,566	38,936	41,640	38,489

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	72.19%	72.19%	72.19%	72.19%	72.78%	72.83%	72.58%	72.58%
	10.78%	11.92%	12.36%	11.70%	10.55%	10.16%	10.05%	10.76%
	0.38%	1.56%	2.00%	2.18%	1.89%	1.62%	1.62%	1.52%
	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%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.41%
No. of Shareholders	20,000	20,977	18,415	21,651	36,969	30,067	44,386	38,489

* 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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