MOSL: ANNUAL REPORT THREADBARE (ART) | GODREJ CONSUMERS FY19-Rising payable drives working capital improvement
ANNUAL REPORT THREADBARE (ART) | GODREJ CONSUMERS FY19: Rising payable drives working capital improvement
GCPL’s FY19 annual report highlighted a subdued operating performance. Consol. EBITDA grew merely by 3% to INR21.2b due to slowing growth in the domestic business and the continued weak performance in the international business. Adjusted for (a) MAT benefit recognized (at INR6.7b) and (b) write-back of earn-out liability pertaining to the SON acquisition (at INR1.9b), PAT was down 3% to INR14.2b. Decline in NP margins dragged consol. RoE to 21% (FY18: 25%). Intangibles assets stood high at INR49.2b (103% of NW), of which Africa constituted INR29.7b (~61% of overall). Return ratios were much lower at the consol. (RoE at 21%, RoCE at 22%) than standalone (RoE at 65%, RoCE at 86%) level owing to high capital intensity at subsidiaries, primarily in Africa. CCC days improved to 10 (FY18: 13), led by a rise in trade payables. Even over FY16-19, CCC days improvement of 19 was mainly led by higher trade payables (contribution of 21 days). Over FY17-19, dividend payout increased significantly by 6x to INR14.8b.
Godrej Consumer Products is a consumer goods company, manufacturing and marketing Household and Personal Care products. Co. is engaged in the manufacture and sale of soaps, cosmetics and detergents. Co.'s Personal Care products include Godrej No.1 - soaps; Cinthol - soaps, deodorants, talcs and shower gels; Godrej protekt - washes, a hand sanitiser and a personal mosquito repellent spray; and Godrej expert - creme hair colour in a sachet, powder hair colour with a unique gel technology, and herbal hair colour. Co.'s home care products include Good Knight - mosquito repellents; HIT - household insecticides; Godrej aer - home and car air fresheners; and Godrej Ezee - liquid detergents.
Motilal Oswal Financial Services Ltd. is a reputed name in Financial Services and Online Trading with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance.
Motilal Oswal Securities is a group company of Motilal Oswal Financial Service Limited which started as a stock trading company and has blossomed into well diversified firm offering a range of financial products and services. Motilal Oswal has built a reputation as the source for best stock trading company and this has taken a wealth of experience, knowledge and expertise, constantly working in tandem, over the years.
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