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International Operations
Quarterly Update: Q2 & HY 2008-09
SoapsHair
ColoursLiquid
DetergentsToiletries
Contents
• Performance Highlights - Consolidated
• Business Review - Domestic
• GCPL Financials & Ratios - Stand Alone
• International Operations.
Performance Highlights
Consolidated
PAT (Rs. Crore)
34.7 37.1
73.8 75.4
0
25
50
75
Q2 0809 Q2 0708 H1 0809 H1 0708
PBT (Rs. Crore)
42.8 43.7
91.5 87.9
0
25
50
75
Q2 0809 Q2 0708 H1 0809 H1 0708
PBDIT (Rs. Crore)
42.751.5
95.8103.6
0
25
50
75
100
Q2 0809 Q2 0708 H1 0809 H1 0708
Financial Highlights - Consolidated
Net Sales (Rs. Crore)
346.5274.0
708.1
560.3
75
175
275
375
475
575
675
775
Q2 0809 Q2 0708 H1 0809 H1 0708
EPS (Annualised Rs.)
5.4
6.6
5.9
6.7
4.5
5.5
6.5
7.5
Q2 0809 Q2 0708 H1 0809 H1 0708
EVA (Rs. Crore)
19.6
29.9
45.5
59.9
0
10
20
30
40
50
60
Q2 0809 Q2 0708 H1 0809 H1 0708
Financial Highlights - Consolidated
Ratios - Consolidated
Consolidated Q2 0809 Q2 0708 H1 0809 H1 0708
A&P / Sales 7% 8% 8% 8%
PBDIT / Sales 12% 19% 14% 18%
PBT / Sales 12% 16% 13% 16%
PAT / Sales 10% 14% 10% 13%
Net Profit / Sales 10% 14% 10% 13%
Business Review - Domestic
Q2 FY 2008-09
Q2 FY 2008-09 Scenario: Domestic• Industry Scenario
– FMCG sector growth continues to be satisfactory– Strong GDP growth & good economic fundamentals – Vegetable oil prices high but show declining trend– Rupee weakened versus the USD
• The Company has one business segment in which it operates viz. Personal & Household Care
• GCPL Performance
Industry Growth(AC Nielsen Off Take)
GCPL Standalone(Sales Growth)
Q2 ‘0809 Q2 ‘0809
Toilet Soaps 17% 26%
Hair Colours 17% (6%)
*Off take in value terms @ MRP
Sales Growth (Standalone)
Toilet Soaps (Rs. Crore)
183.4145.3
359.6308.1
050
100150200250300350400
Q2 0809 Q2 0708 H1 0809 H1 0708
Hair Colour (Rs. Crore)
41.9 44.5
104.196.8
0
25
50
75
100
Q2 0809 Q2 0708 H1 0809 H1 0708
Liquid Detergents (Rs. Crore)
4.4
2.8
6.0
3.9
012345678
Q2 0809 Q2 0708 H1 0809 H1 0708
Toileteries (Rs. Crore)
14.7 13.7
34.7
29.3
0
5
10
15
20
25
30
35
Q2 0809 Q2 0708 H1 0809 H1 0708
Q2 Highlights
Key initiatives during Q2 FY 0809• Soaps
– Market share for Q2 FY 0809 is 9.5 %.– Cinthol Deo Musk Soap Launched– Price Increase effected
• Hair Colours– Market share for Q2 FY 0809 is 33.7%.– Godrej Expert Hair Powder Hair Colour launched in 4 shades -
Burgundy, Gentle black, Natural Brown & Dark Brown
• Liquid Detergents– Market share for Q2 FY 0809 is 77.1%.– Ezee Bright & Soft Liquid Detergent launched with Colour Guard
Technology for non woolen clothes
New Launches
Burgundy, Gentle Black, Natural Brown & Dark Brown
Ezee Bright & Soft
Cinthol Deo Musk Soap
Soaps - Revenue & Market Share
162.8
1
117.9
106.7
124
145.3
1
134.0
8
124.4
2
183.2
9
183.3
7
10.210.0
9.49.29.2
9.7
9.1 9.1
9.5
45
65
85
105
125
145
165
185
Q2 FY07 Q3 FY07 Q4 FY07 Q1 FY08 Q2 FY08 Q3 FY08 Q4 FY08 Q1 FY09 Q2 FY09
Reve
nue R
s. C
rore
5
6
7
8
9
10
11
Mar
ket
Shar
e (
%)
Revenues Market Share
Source: AC Nielsen data % for All India value MS
Market Share is % for Q2 08-09
Hair Colours - Revenue & Market Share
52.4
39.7
47.2
47.7
44.5
50.1
57.8
62.2
41.9
37.6
33.736.2
35.9
34.9
34.9 35.1 34.2
38.0
0
10
20
30
40
50
60
70
Q2 FY07 Q3 FY07 Q4 FY07 Q1 FY08 Q2 FY08 Q3 FY08 Q4 FY08 Q1 FY09 Q2 FY09
Rev
enue
(Rs.
Cro
re)
20
22
24
26
28
30
32
34
36
38
40
Mar
ket Sh
are
(%)
Revenues Mkt share
Market Share is % for Q2 08-09
Source: AC Nielsen data % for All India value MS
Liquid Detergents - Revenue & Market Share
3.14.42
2.83.9
27.9
28.7
31.2
1.561.11
4.4
5.36.68
80.2
85.481.078.5
77.175.6
82.080.781.879.8
70.668.1
80.1
0
5
10
15
20
25
30
35
Q2
FY06
Q3
FY06
Q4
FY06
Q1
FY07
Q2
FY07
Q3
FY07
Q4
FY07
Q1
FY08
Q2
FY08
Q3
FY08
Q4
FY08
Q1
FY09
Q2
FY09
Rev
enue
(Rs.
Cro
re)
0
10
20
30
40
50
60
70
80
90
100
Mar
ket Sh
are
(%)
Revenues Mkt share
Market Share is % for Q2 08-09
Source: AC Nielsen data % for All India value MS
Financials & Ratios
GCPL Standalone
PAT (Rs. Crore)
32.3 33.7
66.5 69.5
0
25
50
75
Q2 0809 Q2 0708 H1 0809 H1 0708
PBT (Rs. Crore)
37.6 38.7
77.0 79.0
0
25
50
75
100
Q2 0809 Q2 0708 H1 0809 H1 0708
PBDIT (Rs. Crore)
34.044.9
74.6
91.7
0
25
50
75
100
Q2 0809 Q2 0708 H1 0809 H1 0708
Financial Highlights - Standalone
Net Sales (Rs. Crore)
259.0210.3
536.7
446.1
75
175
275
375
475
575
Q2 0809 Q2 0708 H1 0809 H1 0708
Q1 FY 08-09 Sales Mix (Standalone)
Soaps71%
By-Prod's5%
Hair Colour16%
Toileteries6%
Liq. Dets2%
Dividend – Q2 FY 08-09
• Q2 Dividend announced
Dividend per Share Re. 0.75
Dividend 75 %
Total outlay Rs 22.65crs(including tax on distributed profits)
Dividend 150% till date for 2008-09
Dividend payout 68 % YTD PAT (Standalone)
Balance Sheet (Standalone)
Liabilities (Rs. Crore)Liabilities (Rs. Crore) 30-Sep-0830-Sep-08
Net Worth 547.6
Other Liabilities 71.3
Total 618.9
Assets (Rs. Crore)Assets (Rs. Crore) 30-Sep-0830-Sep-08
Net Fixed Assets 179.3
Investment in Subsidiaries 84.1
Investment – OtherCash & Bank Balance
339.321.9
Net Current Assets (5.7)
Total 618.9
*Includes Capital Work in Progress & Capital Advances
Funds Flow (Standalone)
Q2 08-09(Rs. Crore)
SOURCESSOURCES
Internal AccrualsInvestment redemption
9.620.0
Total 29.6
APPLICATIONSAPPLICATIONS
Repayment of Loan 9.1
Working capital changes 19.5
Cash & Bank 1.0
Total 29.6
Cost Structure (Standalone)
Amount in Rs. Crore
Q2 0809
% of Sales
Q2 0708
% of Sales
H1 0809
% of Sales
H1 0708
% of Sales
Materials Cost 155.6 60% 102.8 49% 313.2 58% 225.6 51%
Staff Cost 15.1 6% 10.9 5% 30.7 6% 26.4 6%
Depreciation 3.4 1% 4.0 2% 8.0 2% 7.9 2%
Advertisement 10.7 4% 12.3 6% 32.8 6% 27.6 6%
Other Expenses 47.1 18% 40.8 19% 92.8 17% 77.8 17%
Interest & Fin. Charges
(7.1) (3%) 2.0 1% (10.5) (2%) 4.7 1%
Provision for Taxation
5.3 2% 5.0 2% 10.4 2% 9.5 2%
PAT 32.3 12% 33.7 16% 66.5 12% 69.5 16%
Net Sales 259.0 100% 210.2 100% 536.6 100% 446.1 100%
Other Total Income
3.5 1.4 7.5 2.9
Ratios - Standalone
Q2 0809 Q2 0708 H1 0809 H1 0708
A&P / SalesPBDIT / Sales
4%13%
6%21%
6%14%
6%21%
PBT / Sales 15% 18% 14% 18%
PAT / Sales 12% 16% 12% 16%
Net Profit / Sales 12% 16% 12% 16%
NWC / Sales (days) 12 days 15 days 12 days 14 days
Fixed Asset TO Ratio 5.9 3.9 6.1 4.1
ROCE 20% 59% 22% 60%
RONW 24% 84% 24% 87%
International Operations
Subsidiaries
Kinky Group Proprietary Ltd.
Godrej Consumer Products Mauritius Ltd- Performance (Holding company of Kinky Group (Pty) Ltd)
** After accounting for finance cost of acquisition
Date of Acquisition: 01-Apr-2008
Rs. Crore Q2 0809 H1 0809
Total Income
12.7 23.6
PBIT 1.8 4.1
Interest 1.4 2.7
PBT 0.4 1.4
Tax 0.7 1.5
PAT (0.3) (0.1)
“Kinky” Operations :-
• Opened a new “Kinky” Owned store in King Williams town, which became the 17th Owned Store for the Company. This was in quick succession to the 16th Owned store that was opened in the previous quarter after GCPL’s acquisition of the “Kinky” business. Owned Store model for the “Kinky” business is the driver for the image of the “Kinky” products, service to the consumers, pricing power and execution of high standard of merchandising which differentiates “Kinky” from the rest of the brands in this category
• The Company increased prices to match up with sharp increase in input costs which were rising in Q 1 and Q 2 and the Rand depreciating vs. US $.
• Installed new Information Technology systems, including Syspro and upgrading hardware as well as connectivity between factories and the H.O. and between H.O. and the Owned retail stores
• Tied-up strong suppliers for raw material from China to ensure sufficient stocks to meet the growth plans
Godrej Netherlands BV- Consolidated* Performance
• The “Cuticura” Hand Hygiene range was re-launched, featuring new products such as Hand Foamer, Kids Foamer, Kids wipes and Crackling Mousse. • The hair color brand “Hint of Tint” was launched in Canada.• Bio Oil achieved a “Signature Brand Status” in Boots – one of the highest rated qualifications for a product finding excellent consumer franchise.
** After accounting for finance cost of acquisition
Date of Acquisition: 31-Oct-2005
Rs. Crore Q2 0809 Q2 0708 H1 0809 H1 0708
Total Income
59.2 53.1 124.4 93.1
PBIT 4.9 5.1 15.5 8.7
Interest 1.0 1.0 1.9 1.9
PBT 3.9 4.1 13.6 6.8
Tax 1.4 1.3 4.5 2.1
PAT 2.5 2.8 9.1 4.6
Rapidol Pty Ltd-Performance
Rs. Crore Q2 0809 Q2 0708 H1 0809 H1 0708
Sales 11.9 11.7 23.5 23.5
PBIT 1.7 1.1 3.6 2.8
Interest 0.3 0.1 (0.4) -
PBT 2.0 1.0 4.0 2.8
Tax 0.5 0.3 1.1 0.8
PAT 1.5 0.7 2.9 2.0
# After accounting for finance cost of acquisition
Date of Acquisition: 01-Sep-2006
• “Inecto” – Super Black, the largest selling hair color sub-brand in Rapidol portfolio launched its 30 Years Birthday celebrations promotions achieving a record growth in sales during the quarter. • Launched two new colors under the “Inecto” Powder Hair Colors (PHC) range. The new colors Natural Brown and Auburn have been extremely successful. • “Renew” Hair Colors marketed and distributed by Rapidol in South Africa for GCPL, has found excellent support.
Godrej Global Middle East (GGME)
• New Cinthol Deo Spray launched in the previous quarter is rolling out successfully in to new markets of GCC and the Middle East and getting new listing in retail chains
Rs. Crore
Q2 0809 H1 0809
Sales 2.9 5.8
PBIT 0.1 0.2
Interest - 0.1
PBT 0.1 0.1
Tax 0.0 -
PAT 0.1 0.1
* Represents the performance of the business w.e.f October 1, 2007
Date of Acquisition: 01-Oct-2007
Thank You