Excel Sheet Made by Amol N

GODREJ CONSUMER PRODUCTS LTD All figures in Rs crores

PROFIT & LOSS STATEMENT
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 TTM COMMON SIZE P&L STATEMENT
y-o-y Sales Growth % 31% 32% 19% 9% 2% 10% 6% 5% -4% 5% Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 TTM
Sales 3,692 4,853 6,412 7,599 8,273 8,424 9,268 9,847 10,314 9,911 10,452
Raw Material Cost 1,707 2,316 3,022 3,555 3,842 3,867 4,133 4,274 4,554 4,262 - 46% 48% 47% 47% 46% 46% 45% 43% 44% 43%
Power and Fuel 53 80 103 103 110 110 89 101 119 118 1% 2% 2% 1% 1% 1% 1% 1% 1% 1%
Other Mfr. Exp 86 120 168 196 224 236 303 319 330 360 2% 2% 3% 3% 3% 3% 3% 3% 3% 4%
Employee Cost 285 401 591 742 777 944 988 1,057 1,068 1,019 8% 8% 9% 10% 9% 11% 11% 11% 10% 10%
Selling and admin 774 995 1,405 1,698 1,819 1,465 1,649 1,776 1,889 1,788 21% 20% 22% 22% 22% 17% 18% 18% 18% 18%
Other Expenses 129 80 132 142 150 158 219 256 240 226 3% 2% 2% 2% 2% 2% 2% 3% 2% 2%
Depreciation 50 64 77 82 91 101 142 156 170 197 203 1% 1% 1% 1% 1% 1% 2% 2% 2% 2%
Operating Profit (Op. EBIT) 608 798 915 1,081 1,261 1,542 1,745 1,908 1,944 1,941 2,112 Op. EBIT 16% 16% 14% 14% 15% 18% 19% 19% 19% 20% 20%

Other Income 93 252 197 69 100 -248 96 304 380 48 46 3% 5% 3% 1% 1% -3% 1% 3% 4% 0%

Interest 49 73 87 120 112 128 154 173 238 228 165 1% 1% 1% 2% 1% 2% 2% 2% 2% 2%
Profit before tax 653 977 1,025 1,030 1,249 1,167 1,687 2,039 2,085 1,760 1,993
Tax 138 226 179 210 272 336 379 405 -256 264 408
PROFIT AFTER TAX (PAT) 515 751 845 819 976 831 1,308 1,634 2,342 1,497 1,585 14% 15% 13% 11% 12% 10% 14% 17% 23% 15% 15%
Effective Tax Rate 21% 23% 17% 20% 22% 29% 22% 20% -12% 15%

Marginal Tax Rate 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% MANUALLY INPUT MARGINAL TAX RATE FOR THE COMPANY

GROWTH ANALYSIS
SALES Op. EBIT PAT
9 Year CAGR 12% 14% 13%
7 Year CAGR 6% 11% 9%
5 Year CAGR 4% 9% 9%
3 Year CAGR 2% 4% 5%
TTM CAGR 5% 9% 6%

DEBT & SOLVENCY RATIOS

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Debt 2,001 1,877 2,456 2,373 2,717 2,891 4,001 3,508 3,382 3,575
Equity 1,725 2,804 3,313 3,775 4,311 4,267 5,302 6,258 7,267 7,898
Debt/Equity Ratio 1.2 0.7 0.7 0.6 0.6 0.7 0.8 0.6 0.5 0.5

Interest Coverage (Op. EBIT/Int) 12.5 11.0 10.5 9.0 11.2 12.0 11.3 11.0 8.2 8.5

NET DEBT (as at) Mar-20

Outstanding Debt 3,575
- Investments - Investments of 672 NOT deducted from debt. Deduct it, only if it is liquid. Check from Annual Report
- Cash & Bank 770
Net Outstanding Debt 2,805

FREE CASH FLOW

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
CASH FROM OPERATIONS 1,099 820 1,116 1,027 847 1,860 1,723 1,729 1,588
- CAPEX 708 985 733 578 300 2,347 374 493 763
- Tax Benefit from Interest (Int x Tax) 24 29 40 37 42 51 57 79 75
FREE CASH FLOW TO FIRM (FCFF) 366 -193 343 412 505 -537 1,292 1,157 749

- Interest 73 87 120 112 128 154 173 238 228

+ Tax Benefit from Interest (Int x Tax) 24 29 40 37 42 51 57 79 75
- Debt Repayment 124 - 83 - - - 493 126 -
+ New Debt - 579 - 344 174 1,110 - - 193
FREE CASH FLOW TO EQUITY (FCFE) 194 328 180 680 593 469 683 872 790

FREE CASH FLOW OVER 9 YEARS FROM Mar-12 UNTIL Mar-20

Total CFO - Int Tax Shield 11,376 (Cum CFO - Interest)/Cum PAT 95% (ideally, should be more than 75%. Higher the better)
- Total Capex 7,282
TOTAL FCFF 4,094 (Should be greater than 0. Higher the better) Cum FCFF/Cum EBIAT 37%
(Payout Ratio)
- Total Interest + Int Tax Benefit 880
Total FCFE through operations 3,213 (Should be greater than 0. Higher the better)

+ INCREASE in Debt 1,574

TOTAL FCFE 4,787
Dividends have been PARTLY financed from Debt
Total Dividends in 9 yrs 3,933

CASH FLOW STATEMENT

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 TOTAL
Cash from Operating Activity 206 1,099 820 1,116 1,027 847 1,860 1,723 1,729 1,588 12,015
Cash from Investing Activity -2,527 -856 -865 -494 -1,236 -622 -2,243 -336 274 -552 -9,458
Cash from Financing Activity 2,237 -7 282 -620 -12 -202 665 -1,384 -2,039 -1,295 -2,377
Net Cash Flow -84 235 237 1 -221 23 282 3 -36 -259 180

VALUATION MULTIPLES
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 5.6.21
No. of shares (in crores) 97 102 102 102 102 102 102 102 102 102 102
EPS 5 7 8 8 10 8 13 16 23 15 16
Stock Price 122 160 259 286 347 460 557 729 686 521 710
P / ETTM 23.0 21.7 31.3 35.7 36.3 56.6 43.5 45.6 29.9 35.6 45.8

Debt - Cash 1,774 1,237 1,709 1,669 1,823 2,137 3,088 2,547 2,487 2,805
Enterprise Value (EV) 15,603 17,575 28,187 30,921 37,264 49,159 60,017 77,061 72,610 56,051 -
EBIT 702 1,050 1,112 1,150 1,361 1,295 1,841 2,212 2,324 1,989 2,159
EV / EBITTTM 22.2 16.7 25.3 26.9 27.4 38.0 32.6 34.8 31.2 28.2

Book Value / Share 17.8 27.5 32.4 37.0 42.2 41.8 51.9 61.2 71.1 77.3 77.3
P/B 6.9 5.8 8.0 7.7 8.2 11.0 10.7 11.9 9.6 6.7 9.2

DIVIDENDS
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 5.6.21
Dividends (Rs crores) 146 162 177 179 187 196 511 681 1,022 818

Dividends/Net Profit 28% 22% 21% 22% 19% 24% 39% 42% 44% 55%
Dividends/Share 1.5 1.6 1.7 1.8 1.8 1.9 5.0 6.7 10.0 8.0
Stock Dividend Yield 1% 1% 1% 1% 1% 0% 1% 1% 1% 2% 1%

% RETURN IF YOU PURCHASED THE STOCK IN THE PAST AND SOLD IT TODAY
INPUT Date of Purchase Mar/17

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 5.6.21
Stock Bought - - - - - - -557 - - -
Dividends - - - - - - 5.0 6.7 10.0 8.0
Stock Sold 710
Total - - - - - - -552 7 10 8 710

IRR 7.2%

NOTE: The IRR calculated above DOES NOT account for buybacks, if any, by a company
 Excel Sheet Made by Amol N
GODREJ CONSUMER PRODUCTS LTD
(all figures in Rs crores) BALANCE SHEET COMMON SIZE BALANCE SHEET
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Equity Share Capital 32 34 34 34 34 34 34 68 102 102 1% 1% 0% 0% 0% 0% 0% 0% 1% 1%
Reserves 1,693 2,770 3,279 3,741 4,277 4,233 5,268 6,190 7,165 7,796 38% 46% 43% 45% 47% 44% 41% 45% 51% 52%
Borrowings 2,001 1,877 2,456 2,373 2,717 2,891 4,001 3,508 3,382 3,575 45% 31% 32% 29% 30% 30% 31% 25% 24% 24%
Trade Payables (Manually copy from Screener.in) 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Other Liabilities 764 1,317 1,926 2,171 2,097 2,521 3,637 4,098 3,445 3,407 17% 22% 25% 26% 23% 26% 28% 30% 24% 23%
TOTAL LIABILITIES 4,490 5,998 7,695 8,320 9,125 9,679 12,940 13,864 14,094 14,880 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Net Block 3,078 3,692 4,496 5,121 5,551 5,931 8,083 8,315 8,670 9,231 69% 62% 58% 62% 61% 61% 62% 60% 62% 62%
Capital Work in Progress 8 38 141 167 225 44 97 84 52 57 0% 1% 2% 2% 2% 0% 1% 1% 0% 0%
Cash & Bank 227 640 748 705 894 754 913 960 895 770 5% 11% 10% 8% 10% 8% 7% 7% 6% 5%
Investments - - 121 136 186 190 934 997 516 672 0% 0% 2% 2% 2% 2% 7% 7% 4% 5%
Inventory 439 784 1,047 1,082 1,072 1,307 1,413 1,578 1,559 1,703 10% 13% 14% 13% 12% 14% 11% 11% 11% 11%
Receivables 384 473 729 732 805 1,118 1,029 1,246 1,293 1,157 9% 8% 9% 9% 9% 12% 8% 9% 9% 8%
Loans & Advances (Manually copy from Screener.in) 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Other Assets 354 372 414 376 393 335 472 684 1,109 1,289 8% 6% 5% 5% 4% 3% 4% 5% 8% 9%
TOTAL ASSETS 4,490 5,998 7,695 8,320 9,125 9,679 12,940 13,864 14,094 14,880 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

FUND FLOW ANALYSIS

5 YEAR 1 YEAR
Equity Share Capital 68 0
Reserves 3,519 631
Borrowings 858 193
Trade Payables - -
Other Liabilities 1,310 -38
TOTAL CHANGE IN LIABILITIES 5,755 787

Net Block + WIP 3,513 566

Cash & Bank -124 -125
Investments 486 156
Inventory 631 145
Receivables 353 -136
Loans & Advances - -
Other Assets 896 180
TOTAL CHANGE IN ASSETS 5,755 787

ASSET TURNOVER RATIOS

Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Net Working Capital 823 1,256 1,776 1,814 1,876 2,425 2,441 2,823 2,851 2,860

Average Working Capital Turnover 4.7 4.2 4.2 4.5 3.9 3.8 3.7 3.6 3.5

Average Working Capital Cycle (in days)

Average Inventory Days 89 102 101 94 103 110 116 114 126
Average Receivable Days 32 34 35 34 42 42 42 45 45
Average Payable Days 0 0 0 0 0 0 0 0 0 Median Min Max
Average Working Capital Cycle Days 121 136 136 128 145 152 158 159 171 145 121 171

Average Fixed Asset Turnover 1.4 1.5 1.5 1.5 1.4 1.3 1.2 1.2 1.1 1.4 1.1 1.5

RETURN ON INVESTED CAPITAL (ROIC)

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Operating EBIT 608 798 915 1,081 1,261 1,542 1,745 1,908 1,944 1,941 Median Min Max
Effective Tax Rate 21% 23% 17% 20% 22% 29% 22% 20% -12% 15% 21% -12% 29%
Operating EBIAT 479 613 755 860 986 1,098 1,353 1,530 2,182 1,650

Invested Capital = (Book Value of Equity + Book Value of Debt - Cash)

Invested Capital 3,499 4,041 5,022 5,444 6,134 6,404 8,390 8,806 9,754 10,703
Average Invested Capital 3,770 4,531 5,233 5,789 6,269 7,397 8,598 9,280 10,229
Median Min Max
ROIC (EBIAT / Average Invested Capital) 16% 17% 16% 17% 18% 18% 18% 24% 16% 17% 16% 24%
with DuPont breakup
EBIAT/Sales 13% 12% 11% 12% 13% 15% 16% 21% 17% 13% 11% 21%
Sales/Av Invested Capital 1.3 1.4 1.5 1.4 1.3 1.3 1.1 1.1 1.0 1.3 1.0 1.5
GODREJ CONSUMER PRODUCTS LTD
QUARTER ANALYSIS

Latest Quarter Latest 6 Months Period Latest 9 Months Period

Dec-20 Dec-19 Growth Latest Year Ago Growth Latest Year Ago Growth
Sales 3,055 2,778 10% 5,971 5,408 10% 8,298 7,757 7%
Expenses 2,362 2,147 4,604 4,206 6,459 6,099
Depreciation 49 49 100 97 149 144
Operating Profit 644 582 11% 1,266 1,106 15% 1,689 1,514 12%

Other Income 22 20 35 43 70 65
Interest 24 48 55 101 104 156
Profit before tax 593 505 1,146 951 1,507 1,279
Tax 140 108 286 189 301 156
Net profit 453 396 14% 860 762 13% 1,206 1,123 7%

EBIT Margin 21% 21% 21% 20% 20% 20%

EBITDA Margin 23% 23% 23% 22% 22% 21%
PAT Margin 15% 14% 14% 14% 15% 14%

Dec-20 Dec-19 Dec-18 Sep-20 Sep-19 Sep-18 Jun-20 Jun-19 Mar-20 Mar-19
Sales 3,055 2,778 2,724 2,915 2,630 2,661 2,327 2,349 2,154 2,453
10% 2% 11% -1% -1% -12%

Operating Profit 644 582 566 622 524 444 423 408 423 535
11% 3% 19% 18% 4% -21%
COMPANY NAME GODREJ CONSUMER PRODUCTS LTD
LATEST VERSION 2.10 PLEAS
CURRENT VERSION 2.10

META
Number of shares 102.25
Face Value 1.00
Current Price 710.25
Market Capitalization 72,622.09

PROFIT & LOSS

Report Date Mar-11 Mar-12 Mar-13 Mar-14
Sales 3,691.89 4,853.34 6,411.64 7,599.47
Raw Material Cost 1,752.40 2,527.85 3,177.49 3,504.30
Change in Inventory 45.22 212.26 155.89 -50.38
Power and Fuel 53.39 79.96 102.56 103.20
Other Mfr. Exp 86.07 119.92 167.55 195.85
Employee Cost 284.50 401.48 590.68 742.43
Selling and admin 774.11 994.66 1,405.16 1,698.48
Other Expenses 128.60 79.58 131.84 141.98
Other Income 93.38 252.17 196.68 68.58
Depreciation 49.92 64.44 77.00 81.85
Interest 48.58 72.59 87.32 119.91
Profit before tax 652.92 977.29 1,024.61 1,029.67
Tax 138.21 226.05 179.18 210.37
Net profit 514.71 726.72 796.10 759.73
Dividend Amount 145.62 161.64 176.96 178.71

Quarters
Report Date Sep-18 Dec-18 Mar-19 Jun-19
Sales 2,660.65 2,723.98 2,452.58 2,348.75
Expenses 2,174.13 2,115.28 1,874.66 1,893.15
Other Income 286.14 28.64 22.72 21.84
Depreciation 42.57 42.69 42.59 47.34
Interest 61.22 57.82 57.48 55.07
Profit before tax 668.87 536.83 500.57 375.03
Tax 91.14 113.31 -434.67 -32.57
Net profit 577.73 423.52 935.24 407.60
Operating Profit 486.52 608.70 577.92 455.60

BALANCE SHEET
Report Date Mar-11 Mar-12 Mar-13 Mar-14
Equity Share Capital 32.36 34.03 34.03 34.04
Reserves 1,692.80 2,769.94 3,279.01 3,741.36
Borrowings 2,000.75 1,876.91 2,456.34 2,373.42
Other Liabilities 764.06 1,317.25 1,925.69 2,171.27
Total 4,489.97 5,998.13 7,695.07 8,320.09
Net Block 3,077.68 3,691.79 4,496.06 5,121.36
Capital Work in Progress 8.02 37.58 140.85 167.07
Investments 121.18 136.27
Other Assets 1,404.27 2,268.76 2,936.98 2,895.39
Total 4,489.97 5,998.13 7,695.07 8,320.09
Receivables 383.99 472.53 728.76 732.05
Inventory 439.41 783.91 1,047.09 1,082.13
Cash & Bank 226.91 639.87 747.60 704.79
No. of Equity Shares ### ### ### ###
New Bonus Shares
Face value 1.00 1.00 1.00 1.00

CASH FLOW:
Report Date Mar-11 Mar-12 Mar-13 Mar-14
Cash from Operating Activity 206.13 1,098.51 820.12 1,115.87
Cash from Investing Activity -2,527.41 -856.35 -865.18 -494.24
Cash from Financing Activity 2,236.89 -7.26 281.68 -620.49
Net Cash Flow -84.39 234.90 236.62 1.14

PRICE: 121.84 160.05 259.34 286.45

DERIVED:
Adjusted Equity Shares in Cr 97.08 102.08 102.10 102.12
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

8,273.15 8,423.88 9,267.91 9,847.43 10,314.34 9,910.80
3,806.48 3,959.14 4,265.85 4,218.36 4,399.79 4,434.83
-35.04 91.90 133.33 -56.00 -154.54 173.15
109.92 109.99 89.02 101.11 119.29 118.29
223.97 236.23 302.85 318.75 329.80 360.17
776.95 944.13 988.46 1,057.41 1,068.41 1,018.82
1,818.85 1,464.98 1,649.39 1,775.76 1,888.86 1,787.89
150.09 158.43 219.07 255.98 240.11 226.11
100.11 -247.54 96.29 303.62 379.98 47.97
90.78 100.63 141.57 155.68 169.98 197.28
112.46 128.04 154.19 173.12 238.21 228.13
1,248.72 1,166.67 1,687.13 2,038.88 2,085.33 1,760.40
272.29 336.05 379.16 404.70 -256.20 263.82
907.12 827.61 1,304.08 1,634.18 2,341.53 1,496.58
187.22 195.79 510.90 681.30 1,022.20 817.84

Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20

2,630.20 2,778.05 2,153.80 2,327.34 2,915.12 3,055.42
2,058.30 2,147.39 1,677.47 1,855.01 2,242.27 2,361.97
23.30 19.73 -24.27 34.95 13.75 21.72
47.73 49.04 53.17 49.34 50.94 49.09
53.11 47.73 61.50 48.34 31.34 24.05
494.36 553.62 337.39 409.60 604.32 642.03
80.48 108.42 107.49 14.72 146.30 139.95
 413.88 445.20 229.90 394.88 458.02 502.08
571.90 630.66 476.33 472.33 672.85 693.45

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

34.04 34.05 34.06 68.13 102.22 102.23
4,276.65 4,232.91 5,267.89 6,190.18 7,164.70 7,796.13
2,717.15 2,891.12 4,000.93 3,507.57 3,382.05 3,574.97
2,097.18 2,520.66 3,637.37 4,097.89 3,444.58 3,406.95
9,125.02 9,678.74 12,940.25 13,863.77 14,093.55 14,880.28
5,550.95 5,931.41 8,082.89 8,315.00 8,670.26 9,231.40
224.61 43.66 97.43 83.88 52.06 57.04
185.69 189.50 933.54 997.28 515.98 671.98
3,163.77 3,514.17 3,826.39 4,467.61 4,855.25 4,919.86
9,125.02 9,678.74 12,940.25 13,863.77 14,093.55 14,880.28
804.58 1,118.01 1,028.74 1,245.50 1,292.90 1,157.25
1,071.71 1,306.98 1,412.50 1,577.72 1,558.59 1,703.12
894.22 753.79 912.66 960.21 894.72 770.16
### ### ### ### ### ###
### ###
1.00 1.00 1.00 1.00 1.00 1.00

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

1,026.73 847.37 1,860.22 1,723.35 1,728.85 1,588.11
-1,235.86 -621.59 -2,243.25 -336.37 274.07 -552.12
-12.04 -202.47 664.65 -1,384.01 -2,038.73 -1,295.33
-221.17 23.31 281.62 2.97 -35.81 -259.34

346.99 460.27 557.14 729.10 686.00 520.85

102.14 102.16 102.18 102.20 102.22 102.23