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Tuesday, September 15, 2009

Goodricke Group Ltd:Future growth outlook and prospect

Scripscan:Goodricke Group Ltd
cmp:160
Code:500166

Story:Goodricke Group Ltd., established in 1977, is into cultivation and manufactureof tea and currently owns 17 tea estates in Darjeeling and Dooars in North Bengal and Assam, each having its own processing factory, one Instant Tea.At this moment, there is a world crop shortage of about 70 million kg and is expected to be short over 110 million kg by the end of the year. As a result of this prices of tea have gone up by 25-30%. This would result in better realization for tea manufacturing companies like Goodricke Group.Company also attracts higher prices in the respective tea districts in which they are located and this would be beneficial for the company in the rising price scenario.The recently rebuilt modern factories at Meenglas and Danguajhar have contributed both to higher quantum and enhanced quality.Gross sales in CY08 improved by 24% to Rs. 294.1 crore from Rs. 237.4 crore in the previous year. The higher turnover was contributed by firmer prices for all the three tea growing regions in which the Company operates. Net profit increased by 127% to Rs. 17.6 crore in CY08 from Rs. 7.7 crore in CY07.Net Sales improved by 28%, operating profit increased by 77% y-o-y. Net profit increased by 128% y-o-y. OPM improved by 500bps and NPM improved by 600 bps. EPS for Jun09Qtr was Rs. 4.0.At current price of Rs 164.0 the stock is trading at 20.3x CY08 EPS of Rs. 8.14.We recommend a “HOLD” on the stock with a 12 month target price of Rs. 190 giving an upside potential of 15% from current level.

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Posted by arun at 5:59 AM

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