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As on Aug 20, 2019 12:00 AM Your results on : Corporate Results    
GMM Pfaudler
20-Aug-2019 (10:34)
GMM Pfaudler was incorporated in 1962 as Gujarat Machinery Manufacturers (GMM). In 1987 Pfaudler Inc., USA subscribed to 40% to form a joint venture. Pfaudler Inc. further increased their stake to 51% in 1999 and the name of the company was changed to GMM Pfaudler Limited. Now Robbins & Myers Inc., USA which is listed on the New York Stock Exchange owns Pfaudler Inc. Currently Pfaudler controls 75% equity stake in GMM Pfaudler.

Robbins & Myers, Inc. is a leading supplier of engineered equipment and systems for critical applications in global energy, industrial, chemical and pharmaceutical markets. Robbins & Myers is headquartered in Dayton, Ohio, USA with primary facilities in 14 countries.

Quarter consolidated results

For the quarter ended June 2019, consolidated sales grew 34% to Rs 150.27 crore. OPM improved 200 basis points to 19.2% which saw OP grow 49% to Rs 28.78 crore.

Other income fell 57% to Rs 13 lakh and interest cost was up 248% to Rs 60 lakh. As depreciation rose 56% to Rs 4.28 crore, PBT went up 44% to Rs 24.04 crore.

Provision for tax grew 22% to Rs 6.35 crore (tax incidence fell from 31.2% to 26.4%) after which PAT grew 54% to Rs 17.69 crore.

Consolidated FY 2019 results

In FY 2019, sales grew 24% to Rs 502.64 crore. OPM stayed at 15.3% which saw OP grow 24% to Rs 76.97 crore.

Other income fell 10% to Rs 8.45 crore and interest cost was up 14% to Rs 1.17 crore. As depreciation rose 12% to Rs 10.97 crore, PBT went up 21% to Rs 73.27 crore.

Provision for tax grew 26% to Rs 22.69 crore (tax incidence grew from 29.6% to 31.0%) after which PAT grew 19% to Rs 50.58 crore.

Segment results

During the quarter sales from Glass Lined Equipment Division grew 46% to Rs 96.32 crore and accounted for 64% of sales. PBIT grew 42% to Rs 18.74 crore and accounted for 71% of total.

During the quarter sales from Heavy Engineering Division fell 40% to Rs 6.27 crore and accounted for 4% of sales. PBIT fell 92% to Rs 17 lakh and accounted for 1% of total.

During the quarter sales from Proprietary Products Division grew 33% to Rs 47.68 crore and accounted for 32% of sales. PBIT rose 240% to Rs 7.43 crore and accounted for 28% of total.

Management Comment

Commenting on the company's performance for Q1FY20, Tarak Patel, Managing Director said We are pleased to announce an excellent start to the fiscal year with revenue growth of 40% and EBITDA growth of 56% over the same period in the previous year. We continue to benefit from growing demand for our products and services driven by the Chemical and Pharmaceutical sectors. Moreover, we are witnessing improvement in margins on the back of ongoing cost optimization initiatives.

He further added Our priorities continue to be towards focusing on capitalizing on the upcoming opportunities and streamlining our operations to enhance efficiency across our Company. We are confident of continuing the positive performance going forward and have a well-defined strategy in place to propel the company into next leg of growth.

Ample opportunities

The company makes specialized equipments largely used in Pharma, Specialty chemicals and Agro-chemical industries. Clarity on healthcare reforms in the USA has reignited investment in pharma industry in India. Agrochemical industry is also doing well due to high food prices globally which is leading to increased demand for agrochemicals and in turn higher investment in the industry.

Several initiatives taken by the company in absorption of Mavag AG's technology, bringing Mavag's high end products to Indian customers and upgrading the facility for Non glasslined alloy products is expected to further increase business opportunity for the company.

There is more interest in the overseas market for the company's equipment. The management of the company is confident that with the improvement in the global economy, the company will be well poised to take advantage of the improved export markets as well especially for its proprietary products.

With multiple code accreditations that allow its products to be sold overseas in markets in USA, Europe and China, the company is poised to exploit the export markets well especially due to rupee depreciation which will make exports from India more competitive.

Valuation

The scrip trades at Rs 1367.

GMM Pfaudler: Consolidated results

1906 (3)1806 (3)Var. (%)1903 (12)1803 (12)Var. (%)
Sales150.27112.3134502.64405.7024
OPM (%)19.217.215.315.3
OP28.7819.264976.9762.0824
Other Inc.0.130.31-578.459.39-10
PBIDT28.9119.574885.4271.4720
Interest0.600.172481.171.0314
PBDT28.3219.404684.2470.4420
Dep.4.282.755610.979.7912
PBT24.0416.654473.2760.6521
Tax6.355.202222.6917.9726
PAT17.6911.455450.5842.6819
EPS * (Rs)##34.629.2
* on current equity of Rs 2.923 crore: Face value of Rs 2 each
# EPS can not be annualized due to seasonality in business
Figures in crore,
Source: Capitaline Databases

GMM Pfaudler: Consolidated results

Segments1906 (3)1806 (3)Var. (%)% to Total1903 (12)% to Total
Sales
Glass Lined Equipment96.3265.944664285.0157
Heavy Engineering6.2710.41-40455.3411
Proprietary Products47.6835.963332162.2932
TOTAL150.27112.3134100502.64100
Less: intersegment sales0.00
Add: Unallocable sales
Net Sales150.27112.31502.64
PBIT
Glass Lined Equipment18.7413.13437155.6068
Heavy Engineering0.172.30-9216.428
Proprietary Products7.432.182402819.8024
TOTAL26.3417.615010081.82100
Less interest0.600.171.17
Less unallocable expenditure net of inc.1.710.797.38
Add: unallocable EO
PBT24.0416.6573.27
Figures in crore,
Source: Capitaline Databases

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