GODFREY PHILLIPS 2018-19 Annual Report Analysis

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GODFREY PHILLIPS 2018-19 Annual Report Analysis
Mon, 16 Sep

GODFREY PHILLIPS has announced its results for the year ended March 2019. Let us have a look at the detailed performance review of the company during FY18-19.

GODFREY PHILLIPS Income Statement Analysis

  • Operating income during the year rose 7.4% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 56.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 16.1% in FY19 as against 11.1% in FY18.
  • Depreciation charges increased by 0.1% and finance costs decreased by 41.9% YoY, respectively.
  • Other income grew by 45.0% YoY.
  • Net profit for the year grew by 63.6% YoY.
  • Net profit margins during the year grew from 6.7% in FY18 to 10.1% in FY19.

GODFREY PHILLIPS Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 23,256 24,972 7.4%
Other income Rs m 546 791 45.0%
Total Revenues Rs m 23,802 25,764 8.2%
Gross profit Rs m 2,583 4,030 56.0%
Depreciation Rs m 984 986 0.1%
Interest Rs m 17 10 -41.9%
Profit before tax Rs m 2,128 3,826 79.8%
Tax Rs m 740 1,228 65.9%
Profit after tax Rs m 1,591 2,603 63.6%
Gross profit margin % 11.1 16.1
Effective tax rate % 34.8 32.1
Net profit margin % 6.7 10.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



GODFREY PHILLIPS Balance Sheet Analysis

  • The company's current liabilities during FY19 stood at Rs 7 billion as compared to Rs 6 billion in FY18, thereby witnessing an increase of 31.1%.
  • Long-term debt stood at Rs 8 million as compared to Rs 7 million during FY18, a growth of 10.8%.
  • Current assets rose 12% and stood at Rs 11 billion, while fixed assets rose 6% and stood at Rs 7 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 29 billion as against Rs 25 billion during FY18, thereby witnessing a growth of 16%.

GODFREY PHILLIPS Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 17,934 20,387 13.7
 
Current Liabilities Rs m 5,627 7,377 31.1
Long-term Debt Rs m 7 8 10.8
Total Liabilities Rs m 24,663 28,667 16.2
 
Current assets Rs m 9,687 10,865 12.2
Fixed Assets Rs m 6,681 7,087 6.1
Total Assets Rs m 24,663 28,667 16.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



GODFREY PHILLIPS Cash Flow Statement Analysis

  • GODFREY PHILLIPS's cash flow from operating activities (CFO) during FY19 stood at Rs 4 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -3 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -434 million, an improvement of 56% on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs 86 million from the Rs 118 million net cash flows seen during FY18.

GODFREY PHILLIPS Cash Flow Statement 2018-19

Particulars No. of months 12 12 % Change
Year Ending Mar-18 Mar-19
Cash Flow from Operating Activities Rs m 5,158 3,619 -29.8%
Cash Flow from Investing Activities Rs m -4,049 -3,099 -
Cash Flow from Financing Activities Rs m -991 -434 -
Net Cash Flow Rs m 118 86 -26.7%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for GODFREY PHILLIPS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 250.3, an improvement from the EPS of Rs 152.9 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1,020.1, stands at 17.7 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.5 times, while the price to sales ratio stands at 0.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 14.8 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-18* 12 Mar-19*
Sales per share (Unadj.) Rs 2,236.2 2,401.2
TTM Earnings per share Rs 152.9 250.3
Diluted earnings per share Rs 30.6 50.1
Price to Cash Flow x 4.1 14.8
TTM P/E ratio x 3.5 17.7
Price / Book Value ratio x 0.6 0.5
Market Cap Rs m 10,609 53,045
Dividends per share (Unadj.) Rs 8.0 10.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for GODFREY PHILLIPS

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.5x during FY19, from 1.7x during FY18. The current ratio measures the company's ability to pay short-term and long-term obligations.

    Interest Coverage Ratio: The company's interest coverage ratio improved and stood at 395.4x during FY19, from 128.4x during FY18. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

  • Profitability Ratios
  • Return on Equity (ROE): The ROE for the company improved and stood at 12.8% during FY19, from 8.9% during FY19. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

    Return on Capital Employed (ROCE): The ROCE for the company improved and stood at 18.8% during FY19, from 13.1% during FY18. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

    Return on Assets (ROA): The ROA of the company improved and stood at 9.1% during FY19, from 6.5% during FY18. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-18* 12 Mar-19*
Current ratio x 1.7 1.5
Debtors’ Days Days 13 10
Interest coverage x 128.4 395.4
Debt to equity ratio x 0.0 0.0
Return on assets % 6.5 9.1
Return on equity % 8.9 12.8
Return on capital employed % 13.1 18.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how GODFREY PHILLIPS has performed over the last 5 years, please visit here.

GODFREY PHILLIPS Share Price Performance

Over the last one year, GODFREY PHILLIPS share price has moved up from Rs 991.2 to Rs 1,020.1, registering a gain of Rs 28.9 or around 2.9%.

Overall, the S&P BSE SENSEX is down 2.4% over the year.

(To know more, check out historical annual results for GODFREY PHILLIPS and quarterly results for GODFREY PHILLIPS)

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For the quarter ended December 2019, GODFREY PHILLIPS has posted a net profit of Rs 1 bn (up 39.5% YoY). Sales on the other hand came in at Rs 8 bn (up 14.2% YoY). Read on for a complete analysis of GODFREY PHILLIPS's quarterly results.

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Here's an analysis of the annual report of GODFREY PHILLIPS for 2017-18. It includes a full income statement, balance sheet and cash flow analysis of GODFREY PHILLIPS. Also includes updates on the valuation of GODFREY PHILLIPS.

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