Godrej Consumer Products

2QFY2012 Result Update | FMCG
October 21, 2011
Godrej Consumer Products

Performance Highlights
(` cr) Revenue EBITDA OPM (%) PAT
Source: Company, Angel Research
ACCUMULATE
CMP Target Price `404 `452
12 Months
Angel est. 1,091 195 17.9 143 % Diff 8.7 7.1 (26bp) 3.4
2QFY12 1,186 209 17.6 148
2QFY11 953 170 17.8 130
% yoy 24.5 22.9 (23bp) 13.3
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 13,069 0.2 463 / 325 33,298 1 16,786 5,050 GOCP.BO GCPL@IN
Godrej Consumer (GCPL) posted a modest set of numbers for the quarter, largely in-line with our estimates. Consolidated top-line growth was strong at 24.5% yoy. The domestic business grew by healthy 24% yoy, led by all three categories, household insecticides, soaps and hair colors. On the international business front, Indonesia and Latam grew strongly. We maintain Accumulate on the stock. Key highlights of the quarter: Consolidated top line grew by 24.5% yoy with domestic sales and international business posting healthy growth of 24% and 19% yoy, respectively. Soaps, household insecticides and hair colors performed well for the company. On the operating front, the company reported a marginal decline in its margins (down 23bp yoy) and came in at 17.6%. Recurring PAT grew by 13.3% yoy; whereas on a reported earnings basis, the company posted a decline of 2.5% yoy in earnings and stood at `128cr (`131cr). The quarter saw robust growth in its hair colors and household insecticides categories, growing by more than double the category growth rates (32% yoy and 29% yoy), respectively. Outlook and valuation: During the quarter, GCPL completed the acquisition of a 51% stake in Darling Group in South Africa and Nigeria. We have revised our estimates, as we factor in Darling Groups acquisition in our numbers. 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 `404, the stock is trading at 18.8x FY2013E earnings of `21.5. We maintain an Accumulate rating on the stock with a revised target price of `452 (`457), based on 21x 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 5.5 19.7 7.5
Abs.(%) Sensex GCPL
3m (9.0) (8.9)
1yr (17.2) 2.8
3yr 57.1 262.0
FY2010 2,041 46.5 339.6 96.7 20.0 10.5 38.5 13.0 44.5 41.5 6.3 31.4
FY2011 3,643 78.5 481.6 41.8 17.6 14.9 27.1 7.6 38.4 25.0 4.1 23.2
FY2012E 4,470 22.7 534.8 11.0 17.5 16.5 24.4 6.1 36.6 18.9 3.2 18.4
FY2013E 5,503 23.1 696.3 30.2 18.1 21.5 18.8 5.1 29.4 22.8 2.6 14.3
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 | 2QFY2012 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 Minority Interest Reported PAT Equity shares (cr) FDEPS (`) 2QFY12 2QFY11 1,186 568 47.9 82 6.9 111 9.4 217 18.3 977 209 17.6 24 16 22 191 (17) 174 14.7 43 25 148 12.4 3 128 32 3.9 953 461 48.4 80 8.4 98 10.3 144 15.1 783 170 17.8 9 16 19 164 1 165 17.3 34 21 130 13.7 131 32 4.0 (2.5) (2.5) 13.3 27.7 5.7 171.2 (3.1) 13.2 16.3 24.8 22.9 50.8 13.3 1.9 % chg 1HFY2012 1HFY2011 24.5 23.2 2,184 1,057 48.4 162 7.4 228 10.4 385 17.6 1,832 352 16.1 43 32 46 322 159 481 22.0 110 23 212 9.7 3 367 32 11.3 1,668 814 48.8 129 7.8 172 10.3 255 15.3 1,371 297 17.8 19 26 32 283 41 324 19.4 70 22 213 12.8 254 32 7.9 44.3 44.3 (0.7) 57.7 48.3 22.6 44.7 13.8 33.7 18.4 51.2 32.6 25.1 % chg 30.9 29.8
Domestic business drives top-line growth

GCPL reported steady top-line growth of 24.5% yoy to `1,186cr (`953cr). The domestic business registered growth of 24% yoy to `767cr. The companys homecare (household insecticides) category grew by 29% yoy in 2QFY2012, faster than the industrys growth due to increased demand for mosquito repellants. Personal wash (soaps) grew by 32% yoy and hair care (hair colours) grew by 15% yoy. The international business grew by 19% yoy. During the quarter, GCPL also launched new products in three core categories, which led to the companys top-line growth. The company completed the acquisition of a 51% stake in Darling Group in South Africa and Nigeria in 2QFY2012.
October 21, 2011
Exhibit 2: Top growth steady at 24.5% yoy

1,400 1,200 1,000 800 600 400 200 120.0 100.0 60.0 40.0 20.0 80.0
Exhibit 3: Domestic business drives growth

810 710 610 510 410 310 210 110 10 100.0 80.0 60.0 40.0 20.0 -
(` cr)
(` cr)
( %)
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
Top-line (LHS)
yoy growth (RHS)
Domestic sales (LHS)
yoy growth (RHS)
Source: Company, Angel research
Revenue of the international business stood at `419cr (`337cr), registering growth of 24% yoy, aided by impressive performance from Indonesia and Latam. International operations now contribute ~36% revenue to the companys consolidated top line.
Exhibit 4: Indonesia and Latam drive growth for international business

460 410 360 310 260 210 160 110 60 10 350.0 300.0 250.0 200.0 100.0 50.0 -
(` cr)
2Q12
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
Int Bus sales (LHS)
yoy growth (RHS)
Reported earnings decline by 2.5% yoy

During the quarter, the companys reported earnings declined by 2.5% yoy and came in at `128cr (`131cr). The decline in reported earnings came on account of increased interest cost, higher tax rate and losses due to forex fluctuations.
October 21, 2011
2Q12
(%)
150.0
(%)
Exhibit 5: Reported PAT declines by 2.5% yoy

260 210 160 110 60 10
2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12
180.0 160.0 140.0 120.0 100.0 80.0 60.0 40.0 20.0 (20.0)
(` cr)
PAT (LHS)
yoy growth (RHS)
On the operating front, GCPL reported a marginal decline in its operating margin (down by 23bp yoy) and came in at 17.6% for the quarter. Despite higher other expenditure (up by 319bp yoy), the company managed to curtail the slippage in operating margin by reducing the staff cost (down by 153bp yoy) and by reducing ad spends (down by 92bp yoy).
Exhibit 6: Gross margins and OPM flat yoy..

60.0 50.0 40.0 30.0 52.8 52.5 51.0 50.5 51.6 51.7 53.9 51.0 52.1
Exhibit 7: Ad spends decline yoy

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 17.6 14.3 14.3
50 30 10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
OPM
Gross Margin
Absolute ASP (LHS)
ASP as % of sales (RHS)
October 21, 2011
2Q12
(%)
19.4 19.6
70
( %)
Double-digit growth in soaps, household insecticides and hair colors

GCPLs soaps business registered staggering growth of 32% yoy. The company continued to be the second-largest toilet soaps player in India, sustaining its market share. Strong growth was a result of strong volume growth of ~19% in soaps, much ahead of the categorys growth rate. Hair care (hair colors) grew strongly by 15%. Strong growth was led by good performance of Expert care and advanced colour products. Household insecticides grew by 29% yoy, double than the categorys growth. The category continues to gain market share in all the three formats of coils, aerosols and electrics.
Exhibit 8: Staggering growth in soaps up by 32% yoy

310 260 210
(` cr)
Exhibit 9: Hair color category grew by 15% yoy

110 90
(` cr)
40.0 30.0 20.0

(%)
50.0 40.0 30.0 20.0 10.0 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 (%)
160 110 60 10
2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12
10.0 (10.0) (20.0)
70 50 30 10
Soaps revenue (LHS)

yoy growth (RHS)
Hair colours revenue (LHS)

yoy growth (RHS)
International business grows by 24% yoy

The companys international business registered growth of 24% yoy and currently accounts for ~36% of the total consolidated revenue. Sequentially, revenue growth stood at 16.4%. The international business posted PBT of `66cr. During the quarter, GCPL completed the acquisition of a 51% stake in Darling Group, in South Africa and Nigeria. UK: Keyline brands registered 10% yoy growth in revenue to `53cr (`48cr). Growth was driven by sales growth in Cuticura, Bio-Oil and Reimann. EBITDA for the quarter stood at `5.9cr. The business contributes 13% to the companys international business. Asia: The Indonesian business grew by 27% yoy and came in at `230cr. EBITDA came in at `45cr. New products launched during the quarter were Mitu Milk bath, HIT magic.
October 21, 2011
Africa: Sales from the African region registered growth of 47.7% yoy. Numbers of the current quarter include numbers from Darling Group. Operating profit for the quarter stood at `17cr. LatAm: LatAm business includes sales of both Issue Group and Argencos. During the quarter, GCPL recorded revenue of `66cr. The company launched Diamond black hair color cream kits and Roby Glam & Gloss hair serum. Also, 919 and Issue Professional Color Natural Shine were relaunched.
Exhibit 10: International business revenue

Sales (` cr) UK (Keyline Brands) Asia (Megasari & GGME) Africa (Rapidol, Kinky, Tura & Darling) LatAm (Issue & Argencos) Total Sales - Subsidiaries
2QFY12 53 235 65 66 419
2QFY11 48 186 44 59 337
% chg 10.4 26.3 47.7 11.9 24.3
1QFY12 62 199 43 56 360
% chg (14.5) 18.1 51.2 17.9 16.4
Investment rationale
Acquisitions to drive a 16% CAGR in earnings over FY201113E and add to EPS: Management has constantly reiterated that all recent international acquisitions have been EPS-accretive. Over FY201113E, we expect GCPL to post a 16% 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 FY2011-13E, we expect contribution of personal wash (including soaps) to total consolidated revenue at 24-25% and home care to increase to 50-51%. 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: We believe there are significant synergistic benefits in terms of distribution and supply-chain networks through integration of GHPL, which is likely to reflect over FY2011-13E. Moreover, GHPLs strong presence in Southern India complements GCPLs strong presence in Northern India extremely well, giving GCPL a balanced presence.
October 21, 2011
Outlook and valuation

During the quarter, the company completed the acquisition of a 51% stake in Darling Group in South Africa and Nigeria. We have revised our estimates as we factor in Darling Groups acquisition in our numbers. GCPLs recent acquisitions have been in-line with its 3X3 strategy and enable the company to spread its footprint and grow inorganically.
Exhibit 11: Change in estimates

Old estimates (` cr) Revenue OPM (%) EPS FY2012E
4,196 19.5 18.1
New estimates FY2012E

4,470 17.5 16.5
% chg FY2012E
6.5 (200) (8.6)
FY2013E
4,681 19.9 20.8
FY2013E
5,503 18.1 21.5
FY2013E
17.5 (180) 3.5
At the CMP of `404, the stock is trading at 18.8x FY2013E earnings of `21.5. We maintain an Accumulate rating on the stock with a revised target price of `452 (`457), based on 21x FY2013E EPS.
October 21, 2011
Exhibit 12: Peer valuation

Company
Asian Paints Britannia Colgate Dabur GSKCHL GCPL HUL ITC Marico Nestle
Reco
Neutral Accumulate Neutral Buy Neutral Accumulate Neutral Neutral Neutral Neutral
Mcap (` cr)
28,922 5,297 13,477 17,860 9,926 13,069 71,145 157,586 9,339 41,464
CMP (`)
3,015 443 991 103 2,360 404 326 204 152 4,300
TP (R`)
495 115 457 -
Upside (%)
12 12 13 -
P/E (x) FY12E

29.4 28.8 30.7 25.5 28.5 24.4 27.9 27.2 30.0 42.6
EV/Sales (x) FY12E

3.1 1.0 5.1 3.5 3.3 3.2 3.1 6.1 2.7 5.7
RoE (%) FY12E

39.6 37.8 111.7 44.9 32.6 36.6 87.5 32.7 30.4 91.1
CAGR # Sales
17.3 17.3 14.9 20.5 17.3 22.9 12.7 17.6 15.7 16.1
FY13E
23.9 19.7 26.2 22.2 24.0 18.8 24.5 22.9 24.1 35.8
FY13E
2.6 0.9 4.4 3.1 2.8 2.6 2.7 5.1 2.4 4.9
FY13E
38.3 46.0 108.0 41.6 31.8 29.4 85.3 31.5 28.6 72.9
EPS
19.8 36.0 12.9 18.8 17.5 20.2 17.1 17.4 27.6 18.9
Exhibit 13: Return of GCPL vs. Sensex

120% 110%
Sensex GCPL
Exhibit 14: One-year forward P/E band

600 500
10x 15x 20x 25x
Share Price (`)
100% 90% 80% 70% 60%
400 300 200 100 -
Dec-05
Dec-07
Dec-09
Apr-05
Apr-07
Apr-09
Aug-06
Aug-08
Nov-10
May-11
Dec-10
Apr-11
Mar-11
Aug-11
Oct-10
Feb-11
Sep-11
Oct-11
Jan-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%
Oct-06
Oct-07
Oct-08
Oct-09
Oct-10
Feb-07
Feb-08
Feb-09
Feb-10
Feb-11
Oct-11
Jun-07
Jun-08
Jun-09
Jun-10
Jun-11
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Apr-06
Apr-07
Apr-08
Apr-09
Apr-10
Aug-06
Aug-07
Aug-08
Aug-09
Aug-10
Apr-11
Aug-10
October 21, 2011
Aug-11
Apr-11
Jul-11
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 4,569 98 4,470 7 4,477 22.8 3,688 2,146 434 349 760 782 22.1 17.5 62 720 21.9 16.1 88 46 6.7 686 12.1 (175) 861 151 22.0 710 710 535 11.0 12.0 16.5 16.5 11.0 5,626 124 5,503 7 5,510 23.1 4,509 2,641 523 418 927 993 27.0 18.1 75 918 27.5 16.7 78 45 5.0 893 30.2 893 196 22.0 696 696 696 30.2 12.7 21.5 21.5 30.2
October 21, 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 72 183 352 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 3,732 860 439 420 56 2,945 1,717 448 402 867 1,230 487 3,908 1,038 514 524 69 3,095 1,934 376 495 1,063 1,483 451 4,139 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 2,119 2,151 1,755 1 3,908 32 2,550 2,582 1,555 1 4,139 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) 305 227 686 62 345 55 151 146 1,143 (390) (390) (250) 227 55 (532) 221 227 448 893 75 (38) 46 196 1 780 (341) (341) (200) 265 46 (511) (72) 448 376
October 21, 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) 4.9 43.9 15.8 76.5 6 5.7 47.3 20.6 95.2 9 5.5 44.0 38.5 84.6 41 5.2 48.7 22.1 95.3 3 5.3 48.7 21.9 93.1 5 58.5 171.4 108.5 30.8 109.0 46.6 41.5 166.7 44.5 25.0 122.1 38.4 18.9 117.6 36.6 22.8 155.2 29.4 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 16.5 16.5 18.4 6.0 66.5 21.5 21.5 23.8 7.0 79.8 82.1 51.4 53.2 1.0 12.0 61.6 35.9 75.7 54.1 18.2 1.0 9.3 62.6 15.2 38.5 34.3 13.0 1.0 6.3 31.4 12.8 27.1 24.6 7.6 1.2 4.1 23.2 4.0 24.4 21.9 6.1 1.5 3.2 18.4 3.7 18.8 16.9 5.1 1.7 2.6 14.3 3.4 FY2008 FY2009 FY2010 FY2011 FY2012E FY2012E
October 21, 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%)
October 21, 2011
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2QFY2012 Result Update | FMCG

October 21, 2011