Godrej Consumer Products

1QFY2012 Result Update | FMCG
July 25, 2011
Godrej Consumer Products

Performance Highlights
(` cr) Revenue EBITDA OPM (%) PAT
Source: Company, Angel Research
ACCUMULATE
CMP Target Price `440 `468
12 Months
Angel est. 860.1 176.7 20.6 127.9 % Diff 16.0 (19.2) (624bp) (49.9)
1QFY12 997.8 142.8 14.3 64.1
1QFY11 714.9 127.1 17.8 82.9
% yoy 39.6 12.4 (346bp) (22.6)
Investment Period
Stock Info Sector Market Cap (` cr) Beta 52 Week High / Low Avg. Daily Volume Face Value (`) BSE Sensex Nifty Reuters Code Bloomberg Code
FMCG 14,232 0.3 480/324 31,637 1 18,871 5,680 GOCP.BO GCPL@IN
Godrej Consumer (GCPL) posted mixed set of numbers for the quarter. Consolidated top-line growth was strong at 39.6% yoy, led by recent acquisitions; thus, this quarters numbers are not directly comparable to 1QFY2011 numbers. Domestic revenue growth stood at 21% yoy, aided by full consolidation of Godrej Household Products (GHPL). Reported earnings grew modestly by 94% yoy, aided by high extraordinary income due to the settlement of Sara Lee JV termination. We maintain our Accumulate rating on the stock. Robust inorganic growth: GCPL reported strong top-line growth of 39.6% yoy to `997.8cr, driven largely by the consolidation of recent acquisitions. Domestic business (including GHPLs additional 51% consolidation) registered growth of 21% yoy to `643cr. Soaps registered ~17% yoy growth and hair colour registered growth of 19% yoy during the quarter. International business revenue stood at `360cr, registering growth of 94% yoy. Reported earnings registered growth of 94% yoy to `239.3cr (`123.2cr). Outlook and valuation: GCPLs recent acquisitions have been in-line with its 3X3 strategy and enable the company to spread its footprint and grow inorganically. At the CMP of `440, the stock is trading at 21.2x FY2013E earnings of `20.8. We maintain an Accumulate rating on the stock with a target price of `478, based on 23x FY2013E EPS. Key financials (Consolidated)
Y/E March (` cr) Net Sales % chg Net Profit (Adj.) % chg EBITDA margin (%) EPS (`) P/E (x) P/BV (x) RoE (%) RoCE (%) EV/Sales (x) EV/EBITDA (x)
Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 67.3 5.9 19.3 7.5
Abs. (%) Sensex GCPL
3m (3.6) 17.8
1yr 4.7
3yr 32.2
29 261.8
FY2010 2,041 46.5 339.6 96.7 20.0 10.5 41.9 14.2 44.5 41.5 6.8 34.3
FY2011 3,643 78.5 481.6 41.8 17.6 14.9 29.6 8.2 38.4 25.0 4.4 25.0
FY2012E 4,196 15.2 585.3 21.5 19.5 18.1 24.3 6.5 38.7 20.9 3.7 18.9
FY2013E 4,681 11.6 672.4 14.9 19.9 20.8 21.2 5.5 28.0 23.7 3.2 16.3
Sreekanth P.V.S
022 3935 7800 Ext: 6841
sreekanth.s@angelbroking.com
Please refer to important disclosures at the end of this report
GCPL | 1QFY2012 Result Update
Exhibit 1: Quarterly performance

Y/E March (` cr) Net Sales Consumption of RM (% of Sales) Staff Costs (% of Sales) Advertising (% of Sales) Other Expenses (% of Sales) Total Expenditure Operating Profit OPM Interest Depreciation Other Income PBT (excl. Ext Items) Ext Income/(Expense) PBT (incl. Ext Items) (% of Sales) Provision for Taxation (% of PBT) PAT (Adj) PATM Reported PAT Equity shares (cr) FDEPS (`) 1QFY12 1QFY11 997.8 489.3 49.0 80.1 8.0 117.2 11.7 168.5 16.9 855.0 142.8 14.3 19.2 15.9 23.8 131.4 175.2 306.6 30.7 67.3 22.0 64.1 6.4 239.3 32.4 7.4 714.9 353.6 49.5 49.1 6.9 74.1 10.4 111.1 15.5 587.9 127.1 17.8 10.6 9.5 12.2 119.1 40.3 159.4 22.3 36.2 22.7 82.9 11.6 123.2 30.8 3.8 94.2 94.2 (22.6) 85.7 92.3 81.4 67.1 94.8 10.3 45.4 12.4 51.6 58.2 63.2 % chg 39.6 38.4 FY2011 3,643.0 1,748.8 48.0 284.5 7.8 352.2 9.7 616.8 16.9 3,002.3 640.7 17.6 51.9 49.9 72.9 611.8 41.1 652.9 17.9 138.2 21.2 473.6 13.0 514.7 32.4 15.9 FY2010 2,041.2 946.3 46.4 187.7 9.2 172.1 8.4 327.8 16.1 1,633.9 407.3 20.0 11.1 23.6 47.3 419.9 419.9 20.6 80.3 19.1 339.6 16.6 339.6 30.8 11.0 44.4 51.6 39.5 72.1 55.5 111.5 54.1 45.7 83.7 57.3 88.1 104.6 51.6 % chg 78.5 84.8
Acquisitions drive top line growth

GCPL reported steady top-line growth of 39.6% yoy to `997.8cr (`714.9cr); however, the numbers are not comparable on a yoy basis because of the consolidation of recent acquisitions. Domestic business registered growth of 21% yoy to `643cr. The companys homecare (household insecticides) category grew by 40% yoy in 1QFY2011, faster than the industrys growth due to increased demand for mosquito repellants. Personal wash (soaps) grew by 17% yoy and hair care (hair colours) grew by 19% yoy. The international business grew by robust 94% yoy, as the company consolidated some of its recent acquisitions. During the quarter, GCPL also launched new products in three core categories, which led to the companys top-line growth.
July 25, 2011
Exhibit 2: Acquisitions drive top-line growth...

1,200 1,000 800 120.0 100.0 60.0 40.0 20.0 80.0
Exhibit 3: ....Domestic sales up by 21% yoy

410 360 310 260 210 160 110 60 10 30.0 25.0 20.0 15.0 10.0 5.0 (5.0) (10.0)
(` cr)
400 200 -
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
Top-line (LHS)
yoy growth (RHS)
Domestic sales (LHS)
yoy growth (RHS)
Source: Company, Angel research
Revenue of the international business revenue stood at `360cr (~`186cr), registering growth of 94% yoy, aided by full quarter of consolidation of recent acquisitions. International operations now contribute ~36% revenue to the consolidated top line of the company. GCPL recently acquired Darling Group Holdings, a company that is present across 14 countries in the sub-Saharan region. The company is a leader in hair care products in many countries where it is present.
Exhibit 4: International business growth at ~94%...

410 360 310 260 210 160 110 60 10 350.0 300.0 250.0 200.0 100.0 50.0 -
(` cr)
1Q12
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
Int Bus sales (LHS)
yoy growth (RHS)
Recurring earnings decline by 22.6% yoy

GCPLs recurring earnings registered a decline of 22.6% yoy to `64.1cr (`82.9cr), due to high staff costs, ad spends, other expenditure and depreciation charges. During the quarter, the company launched many new products, which increased its ad spends, and aggressively invested in marketing initiatives. Also, on a yoy basis, interest and depreciation costs spiked by 81% and 67% yoy, respectively, on account of the recent acquisitions, while other income increased by ~94% yoy.
July 25, 2011
1Q12
(%)
150.0
(%)
600
(` cr)
( %)
On a reported basis, the company reported 94.2% yoy growth, driven by extraordinary income. GCPL booked `175.2cr, as it received the mentioned amount as an exit compensation towards the termination of JV with Sara Lee.
Exhibit 5: PAT growth due to extraordinary income

260 210 180.0 160.0 140.0 120.0 100.0 80.0 60.0 40.0 20.0 -
(` cr)
160 110 60 10
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
PAT (LHS)
yoy growth (RHS)
On the operating front, GCPL delivered a margin contraction of 346bp yoy on account of high staff costs, ad spends and other expenditure, which grew by 116bp yoy, 138bp yoy and 134bp yoy, respectively. These costs increased sharply on account of aggressive marketing initiatives, new product launches and consolidation of recent acquisitions. Management has indicated that it would spend aggressively on new product launches in all the categories in all regions. On the raw-material prices front, the company faired well as it was able to keep the gross margins under check. Gross margin during the quarter remained flat even though GCPL faces pressure as vegetable oil prices are still high and driven by crude prices.
Exhibit 6: Gross margin flat yoy, OPM falls sharply...

60.0 50.0 40.0 30.0 53.9 52.8 52.5 51.0 50.5 51.6 51.7 53.9 51.0
Exhibit 7: High ad spends to support product launches

130 110 90 14.0 12.0 10.0 8.0 6.0 4.0 2.0 -
(` cr)
(%)
20.0 10.0 -
17.8 17.8 17.1 17.8 14.3 14.3
50 30 10
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
OPM
Gross Margin
Absolute ASP (LHS)
ASP as % of sales (RHS)
July 25, 2011
1Q12
(%)
19.7 19.4 19.6
70
1Q12
( %)
Double-digit growth in soaps and hair colours.

GCPLs soaps business registered growth of 17% yoy. The company continued to be the second-largest toilet soaps player in India, sustaining its market share. Strong growth was a result of weighted average price hikes of 89% taken across the portfolio since January 2011. Volume growth in soaps was ~9%, much ahead of the categorys growth rate. The company re launched Fairglow soap, and the newly launched variants of Godrej No.1 (Saffron and Milk cream), Cinthol deodorant and complexion soap showed a good performance. Hair care (hair colours) grew strongly by 19%. Strong growth was led by several product launches under the Expert brand. Variants such as Expert care (herbal formulation) and Expert advanced (progel formulation) were launched successfully during the quarter. The company re launched the Expert range of powder hair colour and invested heavily in ad spends.
Exhibit 8: Soaps category grows at double digit...

310 260 210
(` cr)
Exhibit 9: ...hair colours show strong performance

110 90 50.0 40.0 30.0 20.0 10.0 -
30.0 20.0
(` cr)
110 60 10
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
(10.0) (20.0)
(%)
50 30 10
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
Soaps revenue (LHS)

yoy growth (RHS)
Hair colours revenue (LHS)

yoy growth (RHS)
International business grows 94% yoy due to recent acquisitions

The companys international business registered strong growth of 94% yoy and currently accounts for ~36% of the total consolidated revenue. Sequentially, revenue growth stood at 3.9%. The international business posted PBT of `28cr. Management has indicated that new acquisitions have been EPS-accretive. During the quarter, GCPL acquired 51% stake in Darling Group Holding, which is present in 14 countries in the sub-Saharan region of Africa. The company is present in the hair care category and is a leader in the markets where it is present. UK: Keyline brands registered 17% yoy growth in revenue to `62cr (`53cr). Growth was driven by 16% sales growth in Cuticura, Bio-Oil and Reimann. EBITDA for the quarter stood at `9cr. Asia: Indonesian business grew strongly by 54% yoy on the back of distribution expansion and launch of new products. HIT magic paper, a new variant in the mosquito repellent category, was launched. Revenue for the quarter stood at `194cr and EBITDA came in at `28cr. GGME reported top line of `5cr. Sequentially, the Asian region reported flat revenue.
July 25, 2011
1Q12
(%)
160
10.0
70
Africa: Sales from the African region registered growth of 26.5% yoy/decline of 3.4% qoq to `43cr (`34cr/`45cr). We estimate contribution of Tura, Rapidol and Kinky at `6cr, `16.5cr and `20cr, respectively. Operating profit for the quarter stood at `4cr. LatAm: LatAm business includes sales of both Issue Group and Argencos. During the quarter, GCPL recorded revenue of `56cr (declined on a qoq basis). The Issue Group and Argencos were merged operationally in 3QFY2011, led by the CEO of the Issue Group for the combined business. The merger will lead to significant purchase and distribution synergies going forward.
Exhibit 10: International business registers ~94% yoy growth...

Sales (` cr) UK (Keyline Brands) Asia (Megasari & GGME) Africa (Rapidol, Kinky & Tura) LatAm (Issue & Argencos) Total Sales - Subsidiaries
1QFY12 62 199 43 56 360
1QFY11 53 87 34 12 186
% chg 17.0 128.7 26.5 366.7 93.5
4QFY11 39 199 45 64 347
% chg 59.0 (3.4) (12.5) 3.9
Investment rationale
EPS-accretive acquisitions to drive an 18% CAGR in earnings over FY201113E: Management has constantly reiterated that all recent international acquisitions have been EPS-accretive. Over FY201113E, we expect GCPL to post an 18% CAGR in earnings, driven largely by consolidation of the recent acquisitions. Dependence on soaps to decline, home care to emerge as the largest category: Over FY201113E, we expect contribution of personal wash (including soap) to total consolidated revenue at 2425% and home care to increase to 5051%, aided by consolidation of Megasari and complete consolidation of GHPL. We believe the shift in revenue mix is likely to help GCPL de-risk its dependence on the highly competitive soaps market and increase its focus on the high-margin, high-growth insecticides business. Synergistic benefits and cross-pollination opportunities hold upside risk: We believe there exists significant synergistic benefits in terms of distribution and supply-chain networks through integration of GHPL, which is likely to reflect over FY201112E. Moreover, GHPLs strong presence in Southern India complements GCPLs strong presence in Northern India extremely well, giving GCPL a balanced presence. Moreover, cross-pollination opportunities from its recent international acquisitions hold an upside risk to our estimates.
July 25, 2011
Outlook and valuation

We have not revised our revenue estimates post 1QFY2011 results. During FY201113E, we expect GCPL to post a CAGR of 13.4% in its consolidated revenue. We have modeled in a 12.3% CAGR in domestic revenue and a 21% CAGR in international revenue. We expect the companys operating margin to sustain at ~20% going ahead, supported by higher revenue contribution from the home care division and cross-pollination, resulting in synergistic benefits in terms of cost rationalisation. Hence, we expect GCPL to post an 18% CAGR in earnings during the period.
Exhibit 11: Change in estimates

Old Estimates (` cr) Revenue OPM (%) EPS FY2012E 4,196 19.5 17.9 FY2013E 4,681 19.9 20.4 New Estimates FY2012E 4,196 19.5 18.1 FY2013E 4,681 19.9 20.8 % chg FY2012E 1.3 FY2013E 1.6
At the CMP of `440, the stock is trading at 21.2x FY2013E earnings of `20.8. We maintain our Accumulate rating on the stock with a target price of `478, based on 23x FY2013E EPS.
July 25, 2011
Exhibit 12: Peer valuation

Company
Asian Paints Britannia Colgate Dabur GSKCHL GCPL HUL ITC Marico Nestle
Reco
Reduce Neutral Reduce Accumulate Reduce Accumulate Neutral Neutral Reduce Reduce
Mcap (` cr)
29,886 5,771 13,360 19,426 9,966 14,232 72,356 158,863 9,923 40,914
CMP (`)
3,116 483 982 112 2,370 440 332 205 162 4,243
TP (R`)
2,904 869 119 2,163 478 147 3,483
Upside (%)
(7) (12) 7 (9) 9 (9) (18)
P/E (x) FY12E

30.4 31.3 30.5 26.3 28.7 24.3 28.4 27.4 32.9 42.0
EV/Sales (x) FY12E

3.2 1.1 5.0 3.8 3.3 3.7 3.1 6.2 3.1 5.6
RoE (%) FY12E

39.6 37.8 111.7 46.7 32.6 38.7 74.8 32.7 29.6 91.1
CAGR # Sales
17.3 17.3 14.9 21.6 17.3 13.4 12.5 17.6 12.0 16.1
FY13E
24.7 21.5 26.0 22.4 24.1 21.2 24.9 23.1 26.6 35.3
FY13E
2.7 1.0 4.3 3.3 2.8 3.2 2.7 5.1 2.7 4.8
FY13E
38.3 46.1 108.0 43.3 31.8 28.0 74.6 31.5 27.9 72.9
EPS
19.8 36.0 12.9 21.3 17.5 18.2 17.1 17.4 25.3 18.9
Exhibit 13: Return of GCPL vs. Sensex

240% 220% 200% 180% 160% 140% 120% 100% 80%
Sensex GCPL
Exhibit 14: One-year forward P/E band

600 500
15x 18x 21x 24x
Share Price (`)
400 300 200 100 -
Dec-05
Dec-07
Dec-09
Apr-05
Apr-07
Apr-09
Aug-06
Aug-08
Oct-10
Nov-10
Feb-11
Sep-10
May-11
Aug-10
Dec-10
Jan-11
Mar-11
Apr-11
Jun-11
Exhibit 15: One-year forward P/E

35.0 30.0 25.0 20.0 15.0 10.0 5.0 -
Exhibit 16: One-year forward Premium vs. Sensex

120% 100% 80% 60% 40% 20% 0% -20% -40% -60%
Jul-05 Nov-05 Mar-06 Jul-06
Nov-06 Mar-07 Jul-07 Nov-07 Mar-08 Jul-08 Nov-08 Mar-09 Jul-09
Nov-09 Mar-10 Jul-10 Nov-10 Mar-11 Jul-11
July 25, 2011
Apr-02 Oct-02 Apr-03 Oct-03 Apr-04 Oct-04 Apr-05 Oct-05 Apr-06 Oct-06 Apr-07 Oct-07 Apr-08 Oct-08 Apr-09 Oct-09 Apr-10 Oct-10 Apr-11
Aug-10
Apr-11
Jul-10
Profit & loss statement

Y/E March (` cr) Gross sales Less: Excise duty Net Sales Other Operating Income Total operating income % chg Total expenditure Cost of Materials Advertising Exp Personnel Others EBITDA % chg (% of Net Sales) Depreciation& amort EBIT % chg (% of Net Sales) Interest & other Charges Other Income (% of PBT) Share in profit of asso. Recurring PBT % chg Prior Period & Extra Exp/(Inc.) PBT (reported) Tax (% of PBT) PAT (reported) Add: Share of earn. of asso. Less: Minority interest (MI) PAT after MI (reported) ADJ. PAT % chg (% of Net Sales) Basic EPS (Rs) Fully Diluted EPS (Rs) % chg FY2008 FY2009 FY2010 FY2011 FY2012E FY2013E 1,133 30 1,103 1 1,104 16.0 888 518 92 73 206 214 19.4 19.5 18 196 18.6 17.8 15 5 2.4 187 18.3 187 28 15.1 159 159 159 18.7 14.4 7.1 4.9 18.7 1,435 42 1,393 4 1,397 26.5 1,186 770 97 87 233 207 (3.4) 14.9 19 188 (4.3) 13.5 19 37 17.4 209 11.6 (1) 210 37 17.5 173 173 173 8.4 12.4 6.7 5.3 8.4 2,082 41 2,041 2 2,044 46.3 1,634 946 133 152 403 407 96.6 20.0 24 384 104.2 18.8 11 45 10.7 420 100.7 420 80 19.1 340 340 340 96.7 16.6 11.0 10.5 96.7 3,725 82 3,643 3 3,646 78.4 3,002 1,749 352 285 617 641 57.3 17.6 50 591 54.0 16.2 52 70 11.4 612 45.7 (33) 645 130 21.3 515 515 482 41.8 13.2 14.9 14.9 41.8 4,288 92 4,196 7 4,203 15.3 3,377 2,014 323 327 713 818 27.7 19.5 56 762 28.9 18.2 64 46 6.1 750 22.7 (175) 925 165 22.0 760 760 585 21.5 14.0 18.1 18.1 21.5 4,786 105 4,681 5 4,686 11.5 3,752 2,247 356 360 789 929 13.6 19.9 62 867 13.9 18.5 55 45 5.2 862 14.9 862 190 22.0 672 672 672 14.9 14.4 20.8 20.8 14.9
July 25, 2011
Balance sheet (consolidated)

Y/E March (` cr) SOURCES OF FUNDS Equity Share Capital Preference Capital Reserves& Surplus Shareholders Funds Minority Interest Total Loans Deferred Tax Liability Total Liabilities APPLICATION OF FUNDS Gross Block Less: Acc. Depreciation Net Block Capital Work-in-Progress Goodwill Investments Current Assets Cash Loans & Advances Other Current liabilities Net Current Assets Mis. Exp. not written off Total Assets 207 125 81 72 183 0 352 43 67 243 323 29 3 368 285 110 175 3 265 8 733 378 127 228 330 403 853 359 153 206 1 368 67 910 305 225 380 553 357 998 660 377 282 15 2,795 1,506 227 456 823 867 639 3,732 807 434 373 52 2,945 1,378 187 378 814 1,194 184 3,555 883 496 387 58 3,095 1,609 283 421 904 1,387 221 3,762 23 149 172 187 9 368 26 546 572 278 4 853 31 924 955 37 7 998 32 1,693 1,725 2,005 1 3,732 32 2,169 2,202 1,352 1 3,555 32 2,577 2,609 1,152 1 3,762 FY2008 FY2009 FY2010 FY2011 FY2012E FY2013E
Cash flow (consolidated)

Y/E March ( ` cr) Profit before tax Depreciation Change in Working Capital Interest / Dividend (Net) Direct taxes paid Others Cash Flow from Oper (Inc.)/ Dec. in Fixed Assets (Inc.)/ Dec. in Invest Cash Flow from Invest Issue of Equity Inc./(Dec.) in loans Dividend Paid (Incl. Tax) Interest / Dividend (Net) Cash Flow from Financing Inc./(Dec.) in Cash Opening Cash balances Closing Cash balances FY2008 187 18 (22) 13 28 (2) 165 (63) (63) 13 109 13 (108) (5) 47 43 FY2009 209 19 (45) (17) 37 (0) 130 (161) (8) (169) 396 90 120 (8) 375 336 43 352 FY2010 420 24 (13) (16) 80 (24) 310 34 (67) (33) 5 (241) 104 (16) (324) (47) 352 305 FY2011 FY2012E FY2013E 612 50 (319) 25 130 116 353 (2,743) 67 (2,676) 498 1,969 197 25 2,244 (78) 305 227 750 56 386 31 165 147 1,206 (334) (334) (654) 227 31 (912) (40) 227 187 862 62 59 23 190 (0) 817 (232) (232) (200) 265 23 (488) 96 187 283
July 25, 2011
10
Key ratios
Y/E March Valuation Ratio (x) P/E (on FDEPS) P/CEPS P/BV Dividend yield (%) EV/Sales EV/EBITDA EV / Total Assets Per Share Data (`) EPS (Basic) EPS (fully diluted) Cash EPS DPS Book Value Returns (%) RoCE Angel RoIC (Pre-tax) RoE Turnover ratios (x) Asset Turnover (Gross Block) Inventory / Sales (days) Receivables (days) Payables (days) WC (ex-cash) (days) 5.3 63.4 16.9 96.2 (4.4) 4.9 43.9 15.8 76.5 6.4 5.7 47.3 20.6 95.2 9.2 5.5 44.0 38.5 84.6 41.3 5.2 48.7 22.1 98.3 (0.2) 5.3 48.7 21.9 102.1 (4.8) 58.5 171.4 108.5 30.8 109.0 46.6 41.5 166.7 44.5 25.0 122.1 38.4 20.9 131.1 38.7 23.7 200.5 28.0 7.1 4.9 7.9 4.1 7.6 6.7 5.3 7.5 4.0 22.2 11.0 10.5 11.8 4.1 31.0 14.9 14.9 16.4 5.0 53.3 18.1 18.1 19.8 6.0 68.0 20.8 20.8 22.7 7.0 80.6 89.4 56.0 57.9 0.9 13.0 67.0 39.1 82.4 58.9 19.8 0.9 10.1 68.2 16.6 41.9 37.3 14.2 0.9 6.8 34.3 14.0 29.6 26.8 8.2 1.1 4.4 25.0 4.3 24.3 22.2 6.5 1.4 3.7 18.9 4.4 21.2 19.4 5.5 1.6 3.2 16.3 4.1 FY2008 FY2009 FY2010 FY2011 FY2012E FY2012E
July 25, 2011
11
Research Team Tel: 022 - 39357800
E-mail: research@angelbroking.com
Website: www.angelbroking.com
DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals. The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly. Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past. Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information. Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have investment positions in the stocks recommended in this report.
Disclosure of Interest Statement 1. Analyst ownership of the stock 2. Angel and its Group companies ownership of the stock 3. Angel and its Group companies' Directors ownership of the stock 4. Broking relationship with company covered
GCPL No No No No
Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors
Ratings (Returns):
Buy (> 15%) Reduce (-5% to 15%)
Accumulate (5% to 15%) Sell (< -15%)
Neutral (-5 to 5%)
July 25, 2011
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1QFY2012 Result Update | FMCG

July 25, 2011