GHCL

₹492 14.6 | 3.1%

WEBSITE BSE:500171 NSE : GHCL LTD 10 May, 16:01

Market Cap ₹4710 Cr.

Stock P/E 5.9

P/B 1.6

Current Price ₹492

Book Value ₹ 311.2

Face Value 10

52W High ₹659

Dividend Yield 2.44%

52W Low ₹ 435

Edit Ratio

GHCL Research see more...

Overview Inc. Year: 1983Industry: Chemicals

GHCL Ltd is an primarily India based production organization. The Company is engaged within the enterprise of producing and buying and selling of chemicals and consumer products. The Company's segments include chemicals and client merchandise. The Company's geographical segments include India and Rest of the arena. In Chemicals, the Company manufactures Soda Ash (Anhydrous Sodium Carbonate) which is used as a raw material for detergents and glass industries, and sodium bicarbonate (baking soda). The Company's Soda Ash is available in two grades light and dense grade and is marketed in India under the logo name LION. The Company's consumer merchandise phase is engaged in production and selling eating salt, commercial grade salt. It also markets spices, blended spices, and honey in India beneath the brand name of i-FLO.

GHCL Share Price

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Peer Comparison

GHCL Quarterly Results

#(Fig in Cr.)	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Net Sales	1005	1053	1148	1176	1102	1120	1017	805	797	823
Other Income	2	6	5	6	6	22	12	11	16	17
Total Income	1007	1058	1153	1183	1107	1141	1029	817	813	840
Total Expenditure	756	723	789	770	735	771	719	592	648	639
Operating Profit	251	336	364	413	373	370	310	224	165	201
Interest	15	15	10	9	10	10	8	7	6	5
Depreciation	30	22	22	23	22	27	24	26	26	26
Exceptional Income / Expenses	0	0	76	0	0	0	219	0	0	0
Profit Before Tax	206	299	408	381	340	334	497	191	133	170
Provision for Tax	53	76	87	91	86	83	71	49	33	45
Profit After Tax	153	223	322	289	254	251	426	143	100	125
Adjustments	10	49	47	5	-2	-24	0	0	0	0
Profit After Adjustments	163	272	369	294	252	227	426	143	100	125
Adjusted Earnings Per Share	17.1	28.5	38.6	30.8	26.4	23.7	44.6	14.9	10.4	13

GHCL Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	2275	2248	2374	2531	2784	2919	3341	3305	2491	3778	4545	3442
Other Income	4	5	12	10	40	38	16	18	7	12	39	56
Total Income	2279	2253	2386	2541	2824	2957	3357	3323	2499	3791	4585	3499
Total Expenditure	1869	1814	1845	1901	2103	2313	2582	2577	1895	2799	3064	2598
Operating Profit	410	439	540	640	721	644	775	746	604	991	1520	900
Interest	179	183	171	165	137	127	127	120	74	64	39	26
Depreciation	82	82	85	82	86	110	117	131	111	117	94	102
Exceptional Income / Expenses	-53	-31	-27	-14	-3	0	0	0	0	0	76	219
Profit Before Tax	96	143	257	380	495	407	531	495	418	811	1463	991
Provision for Tax	25	34	75	122	115	51	180	98	111	213	347	198
Profit After Tax	71	109	182	258	380	356	351	397	307	598	1116	794
Adjustments	0	0	0	0	0	0	0	0	19	48	26	0
Profit After Adjustments	71	109	182	258	380	356	351	397	326	647	1142	794
Adjusted Earnings Per Share	7.1	10.9	18.2	25.8	38.2	36.6	35.8	41.7	34.3	67.8	119.4	82.9

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	20%	11%	9%	7%
Operating Profit CAGR	53%	27%	19%	14%
PAT CAGR	87%	41%	26%	32%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	-1%	22%	15%	30%
ROE Average	32%	22%	21%	23%
ROCE Average	37%	25%	23%	21%

GHCL Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	567	587	770	1036	1347	1611	1926	2149	2484	3086	3956
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	990	885	784	675	698	744	702	808	564	425	243
Other Non-Current Liabilities	168	170	181	198	242	201	259	274	277	295	262
Total Current Liabilities	1155	1372	1116	1139	1331	1179	1108	1082	760	1334	415
Total Liabilities	2880	3014	2851	3048	3617	3735	3995	4313	4085	5221	5133
Fixed Assets	1875	1869	1934	2049	2401	2493	2583	2664	2675	2474	1731
Other Non-Current Assets	49	42	22	105	76	135	174	222	182	350	245
Total Current Assets	955	1102	895	894	1141	1107	1200	1395	1217	1802	1539
Total Assets	2880	3014	2851	3048	3617	3735	3995	4313	4085	5221	5133

GHCL Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	35	29	42	31	39	9	12	12	92	35	244
Cash Flow from Operating Activities	484	452	416	509	458	590	530	624	621	643	856
Cash Flow from Investing Activities	-175	-117	-127	-249	-375	-279	-271	-206	-109	-337	-403
Cash Flow from Financing Activities	-315	-323	-296	-252	-113	-308	-258	-339	-569	-98	-536
Net Cash Inflow / Outflow	-6	13	-8	8	-30	2	1	80	-57	209	-83
Closing Cash & Cash Equivalent	29	42	34	39	9	12	12	92	35	244	161

GHCL Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	7.14	10.85	18.19	25.77	38.21	36.58	35.76	41.75	34.32	67.82	119.42
CEPS(Rs)	15.34	19.02	26.68	33.94	46.82	47.88	47.69	55.56	44.02	75	126.58
DPS(Rs)	2	2	2.2	3.5	5	5	5	3	5.5	15	17.5
Book NAV/Share(Rs)	56.65	58.72	77	103.57	135.37	165.35	194.38	225.14	260.27	323.03	412.31
Core EBITDA Margin(%)	16.83	18.11	20.81	23.25	22.9	20.41	22.73	22.03	23.94	25.91	32.58
EBIT Margin(%)	11.39	13.62	16.86	20.12	21.26	17.98	19.69	18.59	19.77	23.14	33.04
Pre Tax Margin(%)	4	5.96	10.12	14.02	16.66	13.72	15.88	14.96	16.79	21.46	32.19
PAT Margin (%)	2.96	4.53	7.17	9.52	12.79	12	10.49	12	12.32	15.83	24.55
Cash Profit Margin (%)	6.35	7.95	10.51	12.54	15.67	15.7	13.99	15.97	16.79	18.93	26.62
ROA(%)	2.44	3.68	6.2	8.74	11.4	9.69	9.07	9.55	7.31	12.86	21.55
ROE(%)	13.61	18.81	26.8	28.54	31.9	24.1	19.94	19.61	13.31	21.55	31.78
ROCE(%)	12.5	15.53	20.55	24.23	24.26	18.6	21.36	18.57	14.83	24.61	36.83
Receivable days	38.36	50.88	44.97	28.79	28.18	31.02	28.36	31.2	36.83	22.11	17.98
Inventory Days	59.7	74.61	74.14	66.78	66.78	75.03	76.75	86.09	113.85	82.49	68.92
Payable days	152.51	215.96	187.84	130.46	99.23	102.63	102.3	102.46	126.01	77.83	65.58
PER(x)	5.07	3.12	3.39	4.47	6.96	7.09	6.91	2.13	6.71	8.08	4.22
Price/Book(x)	0.64	0.58	0.8	1.11	1.96	1.57	1.27	0.39	0.88	1.7	1.22
Dividend Yield(%)	5.53	5.92	3.57	3.04	1.88	1.93	2.02	3.38	2.39	2.74	3.47
EV/Net Sales(x)	0.83	0.79	0.8	0.98	1.46	1.31	1.1	0.6	1.17	1.52	1.1
EV/Core EBITDA(x)	4.61	4.06	3.53	3.87	5.65	5.93	4.76	2.65	4.81	5.79	3.3
Net Sales Growth(%)	15.21	-1.2	5.6	6.62	10	4.86	14.46	-1.08	-24.63	51.67	20.3
EBIT Growth(%)	6.14	18.47	31.37	27.2	16.06	-15.52	23.22	-6.62	-19.84	77.54	71.74
PAT Growth(%)	60.38	52.06	67.62	41.7	47.45	-6.24	-1.62	13.13	-22.64	94.99	86.5
EPS Growth(%)	60.38	52.06	67.62	41.7	48.26	-4.26	-2.23	16.73	-17.78	97.59	76.08
Debt/Equity(x)	2.75	2.53	1.72	1.32	1.09	0.82	0.68	0.58	0.31	0.25	0.09
Current Ratio(x)	0.83	0.8	0.8	0.79	0.86	0.94	1.08	1.29	1.6	1.35	3.71
Quick Ratio(x)	0.45	0.41	0.37	0.34	0.42	0.4	0.39	0.56	0.6	0.64	1.85
Interest Cover(x)	1.54	1.78	2.5	3.3	4.62	4.22	5.17	5.13	6.63	13.75	38.83
Total Debt/Mcap(x)	4.31	4.4	2.15	1.19	0.55	0.52	0.54	1.47	0.35	0.15	0.07

GHCL Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	19.07	19.07	19.03	19.03	19.05	19.05	19.06	19.06	19.03	19.04
FII	16.31	15.42	18.5	22.4	24.38	25.09	26.04	25.27	24.66	24.99
DII	19.04	19.08	15.59	11.82	11.06	10.79	10.78	9.68	8.62	8.31
Public	45.58	46.43	46.89	46.74	45.51	45.07	44.12	45.99	47.7	47.66
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	1.82	1.82	1.82	1.82	1.82	1.82	1.82	1.82	1.82	1.82
FII	1.56	1.47	1.77	2.14	2.33	2.4	2.49	2.42	2.36	2.39
DII	1.82	1.82	1.49	1.13	1.06	1.03	1.03	0.93	0.82	0.8
Public	4.35	4.43	4.48	4.47	4.35	4.31	4.22	4.4	4.57	4.56
Others	0	0	0	0	0	0	0	0	0	0
Total	9.54	9.54	9.56	9.56	9.56	9.56	9.56	9.56	9.57	9.57

Pros

Company has delivered good profit growth of 25% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 22%
Debtor days have improved from 77.83 to 65.58days.
Company has reduced debt.
Company is almost debt free.

Cons

Promoter holding is low: 19.04%.

* 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.