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Godrej Consumer Products Limited. 22 July 2003 Quarterly update Q1 2003-04. Contents. Highlights Announcement Business Highlights Key Financials Key Ratios. Highlights Q1 2003-04. Q1 ’03-04 Q1 ’02-03 Rs.Crore

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Godrej Consumer Products Limited

22 July 2003Quarterly updateQ1 2003-04


Contents

  • Highlights

  • Announcement

  • Business Highlights

  • Key Financials

  • Key Ratios


Highlights Q1 2003-04

Q1 ’03-04Q1 ’02-03 Rs.Crore

Sales (own Brands) 106.7 2% 104.2

(net of excise)

PBDIT 18.7 (12%) 21.2

Material Cost 61.6 54.6

A & P 10.3 14.0

PAT 13.8 8%12.8

EVA 11.114%9.7


Announcement

  • Interim Dividend


Dividend (2003-04)

  • First Interim Dividend announced

  • Dividend per share Rs.2.00

  • Dividend % 50%

  • Total outlay (including tax onRs.13.0 Cr

    distributed profits)


Business Highlights

Industry Scenario

  • Business impacted by continued uncertainty over VAT implementation as well as the Transport strike in April’03

  • International prices of inedible palm oil ruled high in Q1. Prices expected to come down in the coming quarters

  • Good monsoon expected to improve consumer spending


Business Highlights contd..

  • GCPL acquires Snuggy brand (Baby Diapers) –

    - opportunity to enter new categories

  • GCPL shortlisted for On Site Audit in the Best Employers in India 2003 study by Hewitt Associates

  • Tax & Excise benefits continue to accrue from Guwahati operations

  • Himachal Pradesh tax exemption notification expected to result in setting up a manufacturing facility in the State

  • Contract Manufacturing activity continued to decline


Business Highlights contd..

Soap

  • Godrej Brand soap sales registered 14% volume growth

  • Godrej No.1 is now the largest selling Grade 1 brand soap (by volume) in the country. This Grade is attributable to only pure soaps & stipulates a standard minimum 76% TFM content and limited levels of additives.


Business Highlights contd..

Soap

  • Cinthol Skin Stimulating Deo soap launched

  • GCPL ranked second by ORG-MARG in terms of value market share in the urban segment.

  • Increased focus on sales promotion by way of price off & free additional quantity offers


Business Highlights contd..

Personal Care

  • New Launches during the quarter:

    • Godrej Shaving Gel

    • Godrej Herbal Powder Hair Dye

  • Maintained market leadership in the hair colours and liquid detergent categories and continued focus on growing the categories


Sales Growth vs Industry GrowthApr-Jun ‘03 vs Apr-Jun‘02

Industry GCPL GCPL

(ORG offtake) (ORG offtake) Shipment

Toilet Soaps (4%) 4% 7%

Hair Colours 8% 7% 3%

All figures shown are % change for All India Value

Source :

Industry data : ORG MARG


Market Shares

Apr-Jun’03 Apr-Jun’02

Toilet Soaps 6.3% 5.8%

Hair Colours 44.1% 44.4%

All figures shown are % for All India Value MS

Source : ORG Data


Segmental data (Q1 2003-04)

Rs Crore

Segment RevenueQ1 03-04

Soap 81.8

Personal Care 37.2

Unallocated income 0.0

Total 119.0

PBIT

Soap 4.2

Personal Care 16.0

Segment PBIT 20.2

Less Interest (Net) 0.6

Less other unallocated expenses 3.8

PBT 15.8


Segmental data (Q1 2003-04)

Rs Crore

Segment Capital EmployedQ1 03-04

Soap * 30.7

Personal Care 22.0

Unallocated 21.9

Total 74.6

* Includes Contract Manufacturing


Category-wise Turnover Q1

Rs Crore

Turnover (net of Excise)Q1 03-04Q1 02-03 Growth %

Toilet Soaps 70.1 65.7 7%

Hair Colours 29.3 28.5 3%

Liquid Detergents 0.8 0.6 38%

Toiletries 6.5 9.4 (30%)

Total Godrej Brands 106.7 104.2 2%

Contract Mfg 5.8 4.5 28%

By-Products 5.4 6.2 (13%)

Total Sales 117.9 114.9 3%


Sales-Mix Q1 - 2003-04

Liquid Detergent

(Rs.0.8 cr)

(1%)

By-Products

(Rs.5.4 cr)

(5%)

Toiletries

(Rs. 6.5 cr)

(5%)

Godrej Brand Toilet Soaps

(Rs.70.1 cr)

(59%)

Hair Colours

(Rs.29.3 cr)

(25%)

Contract Mfg

(Rs.5.8 cr)

(5%)



Summarised Profit & Loss Account

Rs Crore

Q1 03-04 Q1 02-03

Sales (Net of Excise) 117.9 114.9 3%

- Godrej Brands 106.7 104.2 2%

- Contract Mfg 5.8 4.5

- By-products 5.4 6.2

Processing charges 1.1 3.1

Other Income 0.2 0.2

Expenditure 100.5 97.0

PBDIT 18.7 21.2 (12%)

Depreciation 2.3 2.3

Interest 0.6 0.7

PBT 15.8 18.2 (13%)

PAT 13.8 12.8 8%


Balance Sheet

Rs.Crore

LiabilitiesAssets

30-06-0331-3-0330-06-0331-03-03

Equity Capital 22.9 23.1 Net Fixed Assets 91.8 87.8

Reserves 33.4 22.4 Cash & Bank Bal 6.5 7.2

Debt 16.1 17.9 Investments 20.0 4.0

Def. Tax Liability 4.7 4.7 Net Current Assets (28.2) (17.9)

Dividend payable (13.0) (13.0)

Total 77.1 68.1 Total 77.1 68.1


Funds Flow

Rs Crore

Q1 03-04 Q1 02-03

SOURCES

Internal Accruals 16.1 15.1

Total 16.1 15.1

APPLICATION

Debt 1.8 5.1

Capital Expenditure 6.2 0.8

W.Capital change (10.3) 1.6

Change in cash & investments 15.3 2.4

Shares Buyback 3.1 5.2

Dividend 0.0 0.0

Total 16.1 15.1


Cost Structure (Q1 2003-04)

Rs.CroreRs Crore

Q1 ’03-04 %of Sales Q1 ’02-03 %of sales

Materials cost 61.6 52.2% 54.6 47.6%

Staff Cost 5.7 4.8% 6.1 5.3%

Advtg & Sales Promotion 10.3 8.7% 14.0 12.2%

Other Expenditure 22.9 19.4% 22.3 19.4%

Interest & Financial Charges 0.6 0.5% 0.7 0.6%

Depreciation 2.3 2.0% 2.3 2.0%

Provision for Taxation 2.0 1.7% 5.4 4.7%

PAT 13.8 11.7% 12.8 11.1%

Sales 117.9 100.0% 114.9 100.0%

Processing charges 1.1 0.9% 3.1 2.7%

Other Income 0.2 0.1% 0.2 0.2%


Key Ratios

Q1 03-04 Q1 02-03

PBDIT / Sales 15.9% 18.5%

PBT / Sales 13.4% 15.8%

PAT / Sales 11.7% 11.1%

Interest / Sales 0.5% 0.6%


Key Ratios contd..

Q1 03-04 Q1 02-03

NWC / Sales (days) (22) (21)

Fixed Asset T/o Ratio 5.1 5.0

Total Asset T/o Ratio 6.1 5.7

ROCE* 90.9% 93.4%

RONW* 98.2% 84.3%

EPS (on Rs.4 Share) 9.6 8.7

All figures are annualised

* On closing Capital Employed & Closing Networth



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