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SYNOPSIS
Grasim Industries Limited, a flagship company of the Aditya Birla Group, ranks among India's largest private sector companies, with consolidated net revenue of Rs.202 billion.
The Company core businesses are VSF and cement, which contribute to over 90 per cent of its revenues and operating profits.
Grasim has grown to become a leading cement player in India.
Grasim, with an aggregate capacity of 333,975 tpa has a global market share of 10 per cent. It is also the second largest producer of caustic soda (which is used in the production of VSF) in India.
Net Sales and PAT of the company are expected to grow at a CAGR of 13% and 5% over 2010 to 2013E respectively.
Years Net sales EBITDA Net Profit EPS P/E
FY 11 215851.80 53967.40 28951.90 248.47 9.86
FY 12E 261180.68 64379.90 34422.41 297.42 8.24
FY 13E 292522.36 72306.62 39426.85 343.81 7.13
Stock Data:
Sector: Diversified
Face Value Rs. Rs.10.00
52 wk. High/Low (Rs.) 2625.00/1981.20
Volume (2 wk. Avg.) 9753.00
BSE Code 500300
Market Cap (Rs.In mn) 227016.6
Share Holding Pattern
1 Year Comparative Graph
Grasim Industries Ltd BSE SENSEX
C.M.P : Rs.2470.00 Target Price : Rs.2789.00 Date : 13th Jan 2012 BUY
GRASIM INDUSTRIES LTD
Result Update: Q2 FY 12
2
Peer Group Comparison
Name of the company CMP(Rs.) Market
Cap.(Rs.Mn.) EPS(Rs.) P/E(x) P/Bv(x) Dividend (%)
Grasim Indus 2470.00 227016.6 248.47 9.86 1.55 200.00
Reliance Industries 736.45 2408486.7 66.81 11.01 1.65 80.00
L&T Limited 1131.10 690031.4 66.62 16.95 3.22 725.00
Century Textiles 233.65 21740.1 6.74 34.67 1.12 55.00
Investment Highlights
Q2 FY12 Results Update
Grasim Industries Ltd disclosed results for the quarter ended Sep 2011. Net sales
for the quarter moved up 28% to Rs.57741.30 million as compared to
Rs.45034.30 million during the corresponding quarter last year. During the
quarter, the company has reported Net Profit increased to Rs.4179.40 million
from Rs.3233.60 million in previous year same quarter. The Basic EPS of the
company stood at Rs.45.57 for the quarter ended Sep 2011.
Quarterly Results - Consolidate (Rs in mn)
As At Sep-11 Sep-10 %change
Net sales 57741.30 45034.30 28
Net Profit 4179.40 3233.60 29
Basic EPS 45.57 35.26 29
3
Basic EPS of the company stood at Rs.45.57
4
Break up of Expenditure
Expenditure for the quarter stood at Rs.47463.60mn, which is around 27.66%
higher than the corresponding period of the previous year. Raw Material
Consumed cost of the company for the quarter accounts for 23% of the sales of
the company and stood at Rs.13139.00mn from Rs.9525.80mn of the
corresponding period of the previous year. Power & Fuel cost increased 26%YoY
to Rs.12408.1mn from Rs.9813.40mn and accounts for 21% of the revenue of the
company for the quarter.
OPM and NPM for the quarter stood at 20% and 9% respectively from 20% and 8%
respectively of the same period of the last year.
5
Allotment of Shares
Grasim Industries Ltd has allotted 1,740 (One Thousand Seven Hundred Forty)
Equity Shares under the Company’s Employee Stock Option Scheme, 2006. On
allotment, the equity share capital of the Company stands increased to
9,17,09,072 equity shares of Rs. 10/- each aggregating to Rs. 91,70,90,720.
Dividend Declaration
Grasim Industries Ltd has recommended declaration of Dividend on equity
shares @ Rs. 20 per equity share for the year ended March 31, 2011.
Company Profile
Grasim Industries Limited, a flagship company of the Aditya Birla Group, ranks
among India's largest private sector companies, with consolidated net revenue of
Rs.202 billion.
Starting as a textiles manufacturer in 1948, today Grasim's businesses comprise
viscose staple fibre (VSF), cement, chemicals and textiles. Its core businesses are VSF
and cement, which contribute to over 90 per cent of its revenues and operating profits.
The Aditya Birla Group is the world’s largest producer of VSF, commanding a 21 per
cent global market share. Grasim, with an aggregate capacity of 333,975 tpa has a
global market share of 10 per cent. It is also the second largest producer of caustic
soda (which is used in the production of VSF) in India.
In cement, Grasim through its subsidiary UltraTech Cement Limited ("UltraTech") has
a capacity of 52 million tpa and is a leading player in India. In July 2004, Grasim
acquired a majority stake and management control in UltraTech. One of the largest of
its kind in the cement sector, this acquisition catapulted the Aditya Birla Group to the
top of the league in India.
6
The amalgamation of Samruddhi Cement Limited (SCL) with UltraTech w.e.f. 1 July
2010 completed the restructuring of the cement business. Earlier, Grasim's cement
business was demerged into SCL. The merger has created the largest cement company
in India, providing a platform that will help in pursuing aggressive growth going
forward.
Businesses
Viscose Staple Fibre
Grasim is India's pioneer in Viscose Staple Fibre (VSF), a man-made, biodegradable
fibre with characteristics akin to cotton. As an extremely versatile and easily blendable
fibre, VSF is widely used in apparels, home textiles, dress material, knitted wear and
non-woven applications.
Grasim's VSF plants are located at Nagda in Madhya Pradesh, Kharach in Gujarat and
Harihar in Karnataka, with an aggregate capacity of 333,975 tpa.
Cement
Grasim ventured into cement production in the mid 1980s, setting up its first cement
plant at Jawad in Madhya Pradesh and since then it has grown to become a leading
cement player in India.
Grasim’s cement operations through its subsidiary UltraTech, span the length and
breadth of India, with 11 composite plants, 11split grinding units, five bulk terminals
and 74 ready-mix concrete plants. All the plants are located close to sizeable limestone
mines and are fully automated to ensure consistent quality. All units use state-of-the-
art equipment and technology and are certified with ISO 9001 for quality systems and
ISO 14001 for environment management systems.
Chemicals
Rayon grade caustic soda is an important raw material in VSF production. To achieve
reliable and economical supply of this chemical, Grasim set up a rayon grade caustic
7
soda unit at Nagda in 1972 with an initial capacity of 33,000 tpa. This has since
grown to 258,000 tpa, making it the country’s second largest caustic soda unit.
Textiles
Grasim has a strong presence in fabrics and synthetic yarns, through its
subsidiary, Grasim Bhiwani Textiles Limited (GBTL) is well known for its branded
suitings, Grasim and Graviera, mainly in the polyester – cellulosic branded menswear.
GBTL's plant is located at Bhiwani (Haryana).
Joint Ventures
AV Cell Inc. and AV Nackawic Inc. in Canada
AV Cell and AV Nackawic supply dissolving grade pulp to the Group’s VSF units in
India, Thailand and Indonesia.
Birla Lao Pulp & Plantation Limited in Laos
To further strengthen the backward integration in pulp, Birla Lao has been formed as
a JV with other associate companies for raising captive plantations at Laos. This will
provide a low cost source for wood to meet future requirements of a green field pulp
plant in due course of time.
Birla Jingwei Fibres Company Limited in China
The company originally promoted as a joint venture with Fujian Jingwei Group in
2006 for manufacturing VSF is now a 100 per cent Aditya Birla Group company.
Currently, this plant has the capacity to produce 70,000 tpa of VSF.
8
Financial Results
12 Months Ended Profit & Loss Account (Consolidate)
Value(Rs.in million) FY10A FY11A FY12E FY13E
12m 12m 12m 12m
Description
Net Sales 201953.90 215851.80 261180.68 292522.36
Other Income 2735.60 3973.50 4569.53 5026.48
Total Income 204689.50 219825.30 265750.20 297548.84
Expenditure -141466.80 -165857.90 -201370.30 -225242.22
Operating Profit 63222.70 53967.40 64379.90 72306.62
Interest -3345.50 -4055.70 -4058.58 -4306.37
Gross Profit 59877.20 49911.70 60321.32 68000.26
Depreciation -9947.10 -11383.70 -11839.05 -12312.61
Profit before Tax 49930.10 38528.00 48482.27 55687.65
Tax -15704.80 -9576.10 -14059.86 -16260.79
Profit after Tax 34225.30 28951.90 34422.41 39426.85
Extraordinary Items 3360.70 0.00 0.00 0.00
Minority Interest -7141.20 -6599.60 -7589.54 -8348.49
Share of Profit & Loss Asso
510.50 437.80 446.56 455.49
Net profit 30955.30 22790.10 27279.43 31533.85
Equity Capital 917.00 917.20 917.20 917.20
Reserves 123826.6 144291.9 178714.31 218141.17
Face Value(Rs.) 10.00 10.00 10.00 10.00
Total No. of Shares 91.70 91.72 91.72 91.72
EPS 337.57 248.47 297.42 343.81
*A=Actual, *E=Estimated
9
Quarterly Ended Profit & Loss Account (Consolidate)
Value(Rs.in million) 30-Mar-11 30-Jun-11 30-Sep-11 31-Dec-11
3m(A) 3m(A) 3m(A) 3m(E)
Description
Net Sales 65020.40 59365.40 57741.30 66402.50
Other Income 1325.00 1085.30 1068.10 961.29
Total Income 66345.40 60450.70 58809.40 67363.79
Expenditure -48523.80 -42966.90 -47463.60 -52524.37
Operating Profit 17821.60 17483.80 11345.80 14839.41
Interest -1081.40 -941.50 -893.90 -983.29
Gross Profit 16740.20 16542.30 10451.90 13856.12
Depreciation -2993.10 -2814.70 -2837.30 -3064.28
Profit before Tax 13747.10 13727.60 7614.60 10791.84
Tax -2266.50 -3725.50 -2373.50 -3345.47
Profit after Tax 11480.60 10002.10 5241.10 7446.37
Minority Interest -2816.30 -2,626.80 -1,021.00 -1123.10
Share of Profit & Loss Asso
124.00 141.40 -40.70 129.74
Net Profit 8788.30 7,516.70 4,179.40 6453.01
Equity Capital 917.20 917.20 917.20 917.20
Face Value(Rs.) 10.00 10.00 10.00 10.00
Total No. of Shares 91.72 91.72 91.72 91.72
EPS 95.82 81.95 45.57 70.36
*A=Actual, *E=Estimated
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Key Ratio
Particulars FY10 FY11 FY12E FY13E
EPS (Rs.) 337.57 248.47 297.42 343.81
EBITDA Margin (%) 31.31% 25.00% 24.65% 24.72%
PAT Margin (%) 16.95% 13.41% 13.18% 13.48%
P/E Ratio (x) 7.23 9.86 8.24 7.13
ROE (%) 27.44% 19.94% 19.16% 18.00%
ROCE (%) 39.43% 27.77% 27.92% 26.31%
EV/EBITDA (x) 3.54 4.16 3.49 3.11
Debt-Equity Ratio 0.08 0.06 0.05 0.04
Book Value (Rs.) 1360.34 1583.18 1958.48 2388.34
P/BV 1.79 1.55 1.25 1.03
Charts:
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Outlook and Conclusion
At the current market price of Rs.2470.00, the stock is trading at 8.24 x FY12E and 7.13 x FY13E respectively.
Price to Book Value of the stock is expected to be at 1.25 x and 1.03 x respectively for FY12E and FY13E.
Earning per share (EPS) of the company for the earnings for FY12E and FY13E is seen at Rs.297.42 and Rs.343.81 respectively.
The Company core businesses are VSF and cement, which contribute to over 90 per cent of its revenues and operating profits.
Grasim has grown to become a leading cement player in India.
Grasim, with an aggregate capacity of 333,975 tpa has a global market share of 10 per cent. It is also the second largest producer of caustic soda (which is used in the production of VSF) in India.
Net Sales and PAT of the company are expected to grow at a CAGR of 13% and 5% over 2010 to 2013E respectively.
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On the basis of EV/EBITDA, the stock trades at 3.49 x for FY12E and 3.11 x for FY13E.
We expect that the company will keep its growth story in the coming quarters also. We recommend ‘BUY’ in this particular scrip with a target price of Rs.2789.00 for Medium to Long term investment.
Industry Overview
Textile industry
The textiles industry in India enjoys a distinctive position due to the pivotal role it
plays by way of contribution to industrial output, employment generation (second
largest after agriculture) and export earnings of the country. The industry is rich and
varied, embracing the hand-spun and hand-woven sector at one end and the capital
intensive, sophisticated mill sector at the other. Its association with the ancient
culture and tradition of the country lends it a unique advantage in comparison with
textiles industry of other countries, thus giving it an uncommon edge to cater to a vast
variety of products and market segments both domestically, as well as, globally.
According to Mr Anand Sharma, Union Minister of Commerce, Industry & Textiles,
“The Indian textile industry is a key pillar of Indian manufacturing, contributing to
14% of industrial production and over 10% of Indian exports. More significantly, the
industry is the second largest employment generator next only to Agriculture engaging
35 million people across various segments in the entire value chain”.
Industry sub-sectors
The textile industry comprises the following:
• Organised Cotton/Man-Made Fibre Textiles Mill Industry
• Man-Made Fibre / Filament Yarn Industry
• Wool and Woollen Textiles Industry
• Sericulture and Silk Textiles Industry
• Handlooms, Handicrafts, the Jute and Jute Textiles Industry
• Textiles Exports
15
Market size
The Vision Statement for the textiles industry for the 11th Five Year Plan (2007-12)
sees India securing a 7 per cent share in the global textiles trade by 2012. At current
prices, the Indian textiles industry is valued at US$ 55 billion, 64 per cent of which
caters to domestic demand.
Total textile exports during April-March 2010-11 stood at US$ 12.5 billion as against
US$ 11.3 billion during the corresponding period of the previous year, according to the
latest data released by DGCI&S, Kolkata.
Technical Textile Segment
The technical textiles segment is expected to grow by 11 per cent per annum till 2012-
13 and is likely to grow at 6-8 per cent per annum till 2020 without any policy
interventions. If the government intervenes by way of regulatory push, the growth of
technical textiles industry can be estimated at 12-15 per cent per annum till 2020,
according to Rita Menon, Secretary, Union Ministry of Textiles. She added that the
technical textiles segment in India has the potential to attract investment and create
additional employment opportunities in coming years. She further said that
investments of US$ 1.1 billion are expected by 2012 and employment is expected to
increase to 1.2 million by 2012.
Government Initiatives
Government in the 11th Five Year Plan has restructured the Technology Upgradation
Funds Scheme (TUFs), the Scheme for Integrated Textiles Park (SITP) and formulated
the National Fiber Policy. Government has enhanced allocation under restructured
TUFs from US$ 1.5 billion to US$ 3.0 billion to catalyze investments in hitherto low
investment areas like processing, weaving, knitting, technical textiles and skill
centres. Under the SITP scheme, US$ 78.5 million allocation was made for sanction of
new Integrated Textiles Parks. The National Fiber Policy has been formulated as a fiber
neutral policy in a decadal perspective to attract to US$ 33.3 billion of investment in
the next decade.
16
Integrated Skill Development Scheme - The Government launched the Integrated Skill
Development Scheme for the T&C Sector, including Jute & Handicrafts, in September
2010. The main objective of the scheme is to address the trained manpower needs of
textiles and related segments. The Scheme would target to train approximately
2,56,000 persons during 2010-11 and 2011-12.
India has the most liberal and transparent policies in Foreign Direct Investment (FDI)
amongst emerging countries. Under the automatic route, 100 per cent FDI is allowed
in the textile sector. FDI in sectors to the extent permitted under automatic route does
not require any prior approval either by the Government of India or Reserve Bank of
India (RBI).
The government has proposed some more relaxations for the branded garments sector,
besides enhancement of duty abatement from 40 per cent to 55 per cent.
Investment trends
India’s liberalisation of its foreign investment regulations, buoyant domestic demand
for textiles, and strong export potential have led to growing foreign investment in the
country. The country has become one of the fastest growing destinations for FDI
inflows and collaboration. India’s Special Economic Zones (SEZs) attract foreign
investment by providing tax incentives, assistance with bureaucratic and
administrative problems, and access to reliable infrastructure.
Foreign companies have been motivated to enter into collaborations with Indian firms
by the increasing profits gains that can be made by producing brands in India and
selling them into the Indian market. Indian companies, on the other hand, have been
motivated by the scope for gaining technical and marketing expertise from foreign
partners.
The textiles industry has attracted FDI worth US$ 1,011.52 million between April
2000 and September 2011, according to data released by the Department of Industrial
Policy and Promotion (DIPP).
17
In last two years, the Rs 650 crore (US$ 143.72 million) garment e-tailing business
has attracted investments worth US$ 70 million. The segment is expected to grow
almost ten-fold to nearly Rs 6,000 crore (US$ 1.33 billion) by 2015, as per a study by
management consultants Technopak Advisors.
Ahmedabad-based textile company Arvind Ltd. has tied up with another major
international brand, Geoffrey Beene, LLC for apparel and non-apparel products.
Geoffrey Beene has licensed Arvind Retail Ltd. to manufacture and market its men's
apparel and non-apparel products
The Road Ahead
India's T&C industry has great potential, and is one of the mainstays of the country’s
economy. The industry has enormous opportunities for domestic as well as
international investors given its consistent growth performance, abundant cheap
skilled manpower and growing domestic demand. With the abolition of quotas, India
has surged ahead of other countries and positioned itself as a value-added
manufacturer with a varied material base, an educated and English-speaking class of
executives with high product development and design orientation.
On the global front, India is set to become an even bigger participant, both as a
consumer and as a producer. The country offers an attractive combination of a large
domestic market, and a base for low cost production. The industry has gained a strong
position in cotton based products, especially in the readymade garments and home
furnishings segment, which are expected to be the key drivers of growth for the
industry.
Besides this, the T&C industry is contributing towards promoting inclusive growth. It
has been contributing to broad based socio-economic development by providing
employment opportunities at local level.
The government envisions building state-of-the-art production capacities and
achieving a preeminent global standing in the textile sector by 2020, which includes
manufacture and export of all types of textiles.
18
Cement
With 153 cement plants and a total installed capacity of around 209 million tonnes
per annum (MTPA), taking both as of March 2009, the Indian cement industry is the
second largest in the world. In 2008-09, total cement consumption in India stood at
178 million tonnes while exports of cement and clinker amounted to around 3 million
tonnes. The cement industry holds a significant place in the national economy
because of its strong linkages to various sectors such as construction, transportation,
coal and power. The cement industry in India is also one of the major contributors to
the exchequer by way of indirect taxes.
Even during the global economic slowdown in 2008-09, growth in cement demand
remained robust at 8.4 per cent. In 2009-10 cement consumption has shot up,
reporting, on an average, 12.5 per cent growth in consumption during the first eight
months with the growth being fuelled by strong infrastructure spending, especially
from the Government Sector.
India produces variety of cement based on different compositions such as Ordinary
Portland cement, Portland Pozzolana, Portland Blast Furnace Slag cement, white
cement and specialised cement. Cement in India is produced as per the Bureau of
Indian Standards (BIS) specifications and the quality is comparable with the best in
the world.
Some of the major players in the cement industry include Ultratech Cement, Gujarat
Ambuja Cement Limited, JK Cements, ACC Cement, Century Cements, Madras
Cements, Holcim and Lafarge to name a few.
Market Size
The Indian cement industry can be divided into five geographical zones—North, South,
East, West and Central—based on localised differentiation in the consumer profile and
supply-demand scenario.
19
Demand in the cement industry has seen wonderful growth on the back of
infrastructure, residential and commercial projects. Cement production in India is
anticipated to increase to 315-320 million tonne (MT) by end of this fiscal year from
the current 300 MT. "The target was 290 MT by the end of this year, which we have
already achieved. So, we expect the capacity to increase up to 320 MT by the year
end," according to N A Viswanathan, Secretary General, Cement Manufacturers
Association (CMA). CMA is targeting to achieve 550 MT capacity by 2020.
This industry has seen constant modernisation and implementation of latest
technologies during past few years. About 93 per cent of the total capacity is based on
eco-friendly dry process technology. Progressive liberalization and easing of foreign
direct investments (FDI) norms in various sectors paved the way for growth in FDI,
which led to growing demand for office space from multinational companies (MNCs)
and other foreign investors. Total FDI in the cement sector between April 2000 and
August 2010 stood at US$ 1.9 billion.
Government Initiatives
The cement industry in India is known for its linkages with other sectors. The
Government of India has taken various steps to provide the required impetus to the
industry. At present 100 per cent FDI is allowed in this industry. Both the state and
export policies promote cement production. Exporters can claim duty drawbacks on
imports of coal and furnace oil up to 20 per cent of the total value of imports. Most
state governments offer fiscal incentives in the form of sales tax exemptions/deferrals
in order to attract investment.
A contract worth Rs 1,200 crore (US$ 228.59 million) has been awarded to the Perth
based India Resources by Prism Cement towards development of a captive coal mine,
emphasizing the growing trend of Indian companies outsourcing their mining
operations to foreign entities.
Rajasthan State Industrial Development and Investment Corporation Limited (RIICO)
and Ambuja Cement Limited (ACL) have signed a memorandum of understanding
(MoU) for a 7 km long railway siding. The approximate cost of land, laying of tracks
and developing other infrastructure will be around Rs 150 crore (US$ 28.57 million).
20
JK Cement of India has announced a US$ 14.9 million deal to set up a white cement
plant in Fujairah. The plant will have a capacity of 600,000 t/y of white cement, with
the flexibility of producing up to 1m t/y of grey cement.
German cement giant Heidelberg and domestic cement majors including Ultratech and
Reliance Cements have shown interest to be the joint venture partner in state-run
Rashtriya Ispat Nigam's proposed Rs 1,000 crore (US$ 190.45 million), 3 mtpa cement
plant at Vizag.
Road Ahead
According to a recent research report titled 'Indian Cement Industry Forecast to 2012'
published by research firm RNCOS, cement industry in India witnessed massive
growth on the back of various industrial developments and pro-economic policies of
the Union Government. This has helped attracting the attention of various global
cement giants, thereby sparking off a wave of mergers and acquisitions in several
states. The report has estimated India's cement consumption to grow at a compound
annual growth rate (CAGR) of 11 per cent, between 2011-12 and 2013-14.
The research, which focused on the demand-supply outlook and the cement pricing in
various regions of the country revealed that Andhra Pradesh topped the chart in 2008-
09 in terms of large plants and its installed capacity in India.
Fast growing economy and the regulatory support is expected to further encourage the
industry players to embark on expansion plans. Furthermore, it is estimated that the
Government's assistance to several infrastructure projects, road networks and
housing facilities will boost the growth in cement consumption in the near future.
21
______________ ____ _________________________ Disclaimer:
This document prepared by our research analysts does not constitute an offer or solicitation
for the purchase or sale of any financial instrument or as an official confirmation of any
transaction. The information contained herein is from publicly available data or other
sources believed to be reliable but do not represent that it is accurate or complete and it
should not be relied on as such. Firstcall India Equity Advisors Pvt. Ltd. or any of it’s
affiliates 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. This document
is provide for assistance only and is not intended to be and must not alone be taken as the
basis for an investment decision.
22
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