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INTERIM REPORT

PROJECT TITLE: FEASIBILTY OF THE TARGET GROWTH OF GCPL

COMPANY: GODREJ CONSUMER PRODUCTS LIMITED

Submitted To- Prof MK. Seshasaye Submitted By-

Anjani Mohanty 09

Kumar Gaurav 51

Hrisikesh Lule 56

Nibir Mahanta 63

Tanya Chandra 110

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ABSTRACT

Godrej Consumer Products Limited (GCPL) has set an ambitious target of growing 10 times over

the next 10 years from its current turnover of over Rs 4,850 crore through acquisitions as well as

normal expansion in both domestic and international markets. This would mean that they have to

achieve a compound annual growth rate of 26% over the next ten years. According to Adi

Godrej, the company plans to achieve the same via the route of both organic and inorganic

growth. The organic growth is aimed at 15-20% while the rest is to be achieved via inorganic

growth. The company has recorded phenomenal growth in the past few years chiefly via its

acquisitions in Indonesia, South America and Africa. The path seems to have been all rosy till

date with success kissing its feet in every footstep; but the retention of the 30% CAGR that it has

recorded over the last five years will be a herculean task to achieve. To multiply by ten times in

coming ten years, the company needs to implement an effective strategy which should create a

lasting impact on the minds of the people, continuously improve its operational efficiency,

record phenomenal top line and bottom line figures and retain as well as look for the best talents

in the industry

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COMPANY INFO

Godrej Consumer Products (GCPL) is a leader among India's Fast Moving Consumer Goods

(FMCG) companies, with leading Household and Personal Care Products. Brands, which

include Good knight, Cinthol, Godrej No. 1, Expert, Hit, Jet, Fairglow, Ezee, Protekt andSnuggy, among others, are household names across the country. They are one of the largest

marketers of toilet soaps in the country and are also leaders in hair colours and household

insecticides. Three of its brands have been placed in 100 most trusted brands in the country.

Their mission is to continuously enhance the quality of life of consumers in high-growth

markets with superior-quality and affordable home care, personal care and hygiene products.

They also have a strong emerging presence in markets outside India. As part of increasing its

global footprint, they recently acquired 51% rights in the Darling group in Africa. With

acquisitions of Tura, a leading medicated brand in West Africa, Megasari Group, a leading

household care company in Indonesia and Issue Group and Argencos, two leading hair colorant

companies in Argentina, Keyline Brands in the United Kingdom, Rapidol and Kinky Group,

South Africa and Godrej Global Mideast FZE, its own international brands and trademarks in

Latam, Europe, Australia, Canada, Africa and the Middle East.

COMPANY ANALYSIS

SWOT ANALYSIS

STRENGTHS WEAKNESSES

Market leading position garnered on astrong brand portfolio

Focus on innovation anddifferentiation

through robust R&D efforts

Strong financial performance opensavenues for organic and inorganicexpansion

Lack of size reduces competitiveness

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OPPORTUNITIES THREATS

Acquisitions to bolster productextension as well as market acquisition

Increasing per capita income drives

FMCG sector growth Growth of the home and personal caremarkets

Investments in IT infrastructure toimprove operational efficiency

Increasing abundance of counterfeitgoods

The need to sustain market share is

limiting the flexibility to pass onincreased costs to customers Competition intensifying further in

most of the companys businesses

FINANCIAL ANALYSIS

Overview

The company recorded revenues of INR 4866.16 crore in FY2012, which showed an increase of

31.7% over FY2011. For FY2012, India, the company's largest geographic market, accounted for 57.4% of the total revenues.

GCPL generates revenues through a single business segment: personal and household care

products.

However, its revenues can be classified based on the following product categories: home care

(47% of the total revenues in FY2012), personal wash (22%), hair care (19%), and others (12%).

Revenues by product category During FY2012:

The home care product category recorded revenues of INR 2287.1 crore.

The personal wash product category recorded revenues of INR 1070.56 crore.

The hair care product category recorded revenues of INR 924.57 crore in FY2012.

The others product category recorded revenues of INR 583.94 crore in FY2012.

Revenues by Geography

India, GCPL's largest geographical market, accounted for 57.4% of the total revenues in

FY2012.

Revenues from India reached INR 2852.61 crore in FY2012, an increase of 26.6% over FY2011.

Foreign countries accounted for 42.6% of the total revenues in FY2012. Revenues from foreign

countries reached INR 2118.78 crore in FY2012, an increase of 50.3% over FY2011.

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Top line growth rate

The top line of GCPL grew at a CAGR of 38.1%.

The gross sales was 989.66 crore in FY 2007 and

that increased to 4986.61 crore in the FY 2012.

Net sales

The net sales after the excise went up from 3693.69

crore in FY 2007 to 4866.16 crore in FY 2012,

which showed a growth, rate of 31.75% over previous year.

The net sales of GCPL grew at a CAGR of 38.5%.

Operating Profit

The operating profit increased from 186.26 crore in

FY 2007 to 914.15 crore in FY 2012, which showed

a growth, rate of 28.70% over previous year.

The operating profit of GCPL grew at a CAGR of

37.4%.

Profit after tax (PAT)

The PAT increased from 144.03 crore in FY 2007 to

751.24 crore in FY 2012, which showed a growth,

rate of 45.95% over previous year.

The PAT of GCPL grew at a CAGR of 39.14%.

4986.61

3775.89

2084.271438.9 1134.43 989.66

0

1000

20003000

4000

5000

6000

Y 2012 Y 2011 Y 2010 Y 2009 Y 2008 Y 2007

Gross Sales

4866.16

3693.6

2043.691396.64

1103.98 951.52

0

1000

2000

3000

4000

5000

6000

Y 2012 Y 2011 Y 2010 Y 2009 Y 2008 Y 2007

Net Sales

914.15

710.28

454.62

247.31 220.49 186.26

0

200

400

600

800

1000

Y 2012 Y 2011 Y 2010 Y 2009 Y 2008 Y 2007

Operating Profit

751.24

514.71

339.59

173.26 159.24 144.03

0

200

400

600

800

Y 2012 Y 2011 Y 2010 Y 2009 Y 2008 Y 2007

PAT

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Earning per share (EPS)

The PAT increased from 6.38 crore in FY 2007 to

21.36 crore in FY 2012, which showed a growth,

rate of 45.95% over previous year.

The EPS of GCPL grew at a CAGR of 34.26%.

GCPLs Revenue Growth and Profitability Indicators

Year End Y 2012 Y 2011 Y 2010 Y 2009 Y 2008 Y 2007

Gross Sales 4986.61 3775.89 2084.27 1438.9 1134.43 989.66

Net Sales 4866.16 3693.6 2043.69 1396.64 1103.98 951.52

Operating Profit 914.15 710.28 454.62 247.31 220.49 186.26

PAT 751.24 514.71 339.59 173.26 159.24 144.03

EPS 21.36 15.91 11.02 6.74 7.05 6.38

Year End Y 2012 Y 2011 Y 2010 Y 2009 Y 2008 Y 2007

Debt to Equity 0.67 1.16 0.04 0.49 1.11 1.42

Current Ratio 1.3 0.89 1.65 2.22 1.09 1.06

ROCE 24.94 29.74 46.83 37.86 62.12 79.96

PBIDT M (%) 18.33 18.81 21.81 17.19 19.44 18.82

PAT M (%) 15.07 13.63 16.29 12.04 14.04 14.55

CPM (%) 16.36 14.95 17.43 13.38 15.64 15.99

21.36

15.91

11.026.74 7.05 6.38

0

5

10

15

20

25

Y 2012 Y 2011 Y 2010 Y 2009 Y 2008 Y 2007

EPS

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Expanding geographic reach

Strong financial performance opens

avenues for organic and inorganic

expansion. The strong performance

was primarily driven by significant

acquisitions and growth in

international operations of the

company. During these five years,

GCPLs made some significant

acquisitions including: Tura in Nigeria,

PT. Megasari Makmur Group and its distribution company in Indonesia, Issue Group in Brazil,

and Argencos in Argentina among others. Further, in FY2012, the company entered into newgeographies in Africa and Latin Amer ica. The revenues of the company s international

operations grew by 50.3% in FY2012 over FY2011.

FINANCIAL POLICY - 10X10 STRATEGY

As per the 10x10 Strategy developed by the company recently, the company hopes to achieve

a target growth in its business 10 times in 10 years, growing at around 26% CAGR. Themanagement has indicated plans to infuse equity capital into the company if the gearing

increases materially beyond the 1:1 level. While the company is expected to have significant net

cash accruals and the acquisitions are expected to be funded by low cost overseas debt.

KEY ASPECTS OF THE COMPANY

3X3 STRATEGYGodrej is approaching the foreign market with a 3X3 strategy, i.e., it would focus on three

continents viz, Asia, Africa and South America in three core categories- homecare, personal

wash and hair care.

KeylineBrands

(UK), 175

Rapidol(SA), 82

Kinky Group(SA), 71

Tura(Nigeria), 27

Megasari(Indonesia),

650Issue Group& Argencos

, 185

DarlingGroup

(Africa), 900

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AFRICA acquisitions

Advantages enjoyed in Africa:

Long standing friendly political relations Geographical proximity puts India on a favourable footing against global competitors

Indians have experience with working in unstructured situations

Huge and flourishing Indian diasporas

Indian products suited to compete in the value for money African market

Indo-Africa trade which stood at $3 bn in 2000-01 had gone up to $39 bn in 2009-10;

estimated to reach $70 bn by 2015

India has offered 33 least developed countries on the continent facilities to avail of

benefits under the duty-free tariff preference scheme

Advantages enjoyed in FMCG sector in Africa:

Few non-MNC pan Africa businesses

Most local brands compete on price with limited focus on brand building

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MNCs operate mostly through a hub & spoke model with little local customized

innovation

Their pricing is generally very premium and addresses only the top 10% of the market

Heritage brands enjoy a significant competitive advantage since building new brands is

very difficult

Lack of media and communication depth / penetration further reinforces this entry barrier

ADVNTAGES IN SOUTH AMERICA:

Hair Care market growing at a rate of 22% in Argentina

Low Inflation rate in Chile (3%) and a growth rate of 5%

Issue Group has a market share of 22% while Cosmeca Nacionale has a share of 17%

MARKETING ANALYSIS

As Indian market has become saturated in FMCG sector with HUL and P&G as market

leaders, also keeping in view the prevailing economic conditions which country is going

through GCPL step to expand in overseas emerging markets seemed appropriate although

GCPL has lot of consumer products that effect the daily lives of people and it is also among

the market leader in Hair care, Insecticides and Household products.

GCPL from a long time been expanding its product range through a series of mergers andacquisitions both from domestic and overseas market. This has definitely given good returns

to the company.

If we look at the Q1 results of 2012-13 report than Net sales growth is found to be 39% out

of which the contribution from domestic business is 23% and International business

contribution is 31%. Also the global bus inesses accounted for 38 per cent of Godrejs total

revenues in 2011-12, up from the 32 per cent the year before

GCPL wants to multiply its revenue by 10 times in the upcoming ten years for this Godrej is

likely to go in an aggressive mode. To achieve their goal they have to grow organically as

well as inorganically.

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GCPL BRAND PORTFOLIO

GCPL domestic business:

GCPL domestic business has been growing aided by the acquisition of GHPL. Growth of varioussegments under GCPL domestic business.

So, maximum growth ,i.e, 44% has beenobserved in Home Care segment that includes

brands like- Goodknight smoke coil,GoodKnight advanced, GoodKnight liquidrepellant, HIT, Jet,etc.

GCPL international business:

As we can see maximum sales growth is fromIndonesia that is from major brands like HIT andStella.

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GCPL domestic market share:

KEYCATEGORIES

MARKET SIZE(bn. Rs.)

KEY BRANDS-MARKET SHARE

MARKETSHARE

REVENUES (bn.Rs.)-2010

SOAPS 89 Godrej#1-7.0% Cinthol-2.6% Fair glow-0.5% 10.4% 8.3

HAIR COLOR 12 Expert-24.3% Nupur-4.0%

Renew-1.3%

34% 2.7

HOUSEHOLDINSECTICIDES-GHPL

23 GoodKnight-23.5% HIT-6.8%

Jet-3.1% 33.1% 8.1

LIQUIDDETERGENT

0.7 Godrej Ezee-75.8% 75.8% 0.5

TOILETRIES NA GodrejShaving

Cream Cinthol Deo

Spray Cinthol Deo

Talc Godrej

Protekt handsanitizer, handwash, handhygiene

NA 0.8

Inference:

This data shows that GCPL has a very high category market share in Liquid detergent market

where market is small and substantial market share in haircolor and Insecticides category but

lower market share in Soap category where market size is huge, this is because of the presence of

large number of competitors.

Herfindahl Index:

The Herfindahl index (also known as Herfindahl Hirschman Index , or HHI ) is a measure of the size of firms in relation to the industry and an indicator of the amount of competition among

them.

A HHI index below 0.01 (or 100) indicates a highly competitive index.

A HHI index below 0.15 (or 1,500) indicates an unconcentrated index.

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A HHI index between 0.15 to 0.25 (or 1,500 to 2,500) indicates moderate concentration.

A HHI index above 0.25 (above 2,500) indicates high concentration.

Top 5 FMCG players in India-

1. HUL- 22118.64 (Net sales in Cr. Rs.)

2. P&G- 19451

3. Nestle India- 7490.82

4. Dabur India-5305.42

5. GCPL- 4866.16

Hence, HI comes to 0.278 or approx. 28%. This suggests that the market is highly concentrated

in India.

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Supply Chain and its Enablers for GCPL:

Information Technology (Sampark, Sahayog,Sampoorna)

Organizational Infrastructure (Business divided into- Soaps, Hair Care, Toiletries,Detergents )

Strategy (M&A and Partnerships in domestic and foreign market)

Human Resource ( Bedhadak Bolo, Vikas Path, e-Gyan, Gurukul, PLVR, Customer engagement prog.)

The current Supply Chain Model of GCPL is designed by Mr. Eliyahu Goldratt which is a

complete replenishment model based on Theory of Constraint (TOC). For any FMCG company

it is importa nt that the Supply Chain is super -efficient. The biggest bottleneck identified for

any FMCG is its marketplace. A complete replenishment model depends on continuous

information flow on a daily basis. Every day, till midnight, GCPL collects sales and stock data

Companyheadquarter

(Mumbai)

Mfg. Plants

Malanpur(MadhyaPradesh),Guwahati(Assam),Baddi- Thana(HimachalPradesh),Baddi- Katha(Himachal

Pradesh) andSikkim

DistributionNetwork

1,273distributors,142 superstockists and3,175 substockists

Retailers

(More than 4.8lakh outlets)

Consumers

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from its distributors through the IT network. This information flow continues till midnight. Then

from midnight to about 4 AM, the company runs the replenishment engine that tells the former

which and how much stock needs to be supplied between particular nodes in the chain. And what

and how much stock needs to be manufactured. Not only does the daily processing of

information keep inventory costs low, it saves costs on several fronts as well. For instance, if

we see that a downstream node needs two or three trucks a day, it means some of the products

can bypass the hub. That brings down the cost, because some products can travel a shorter route,

say, from plant warehouse to a CFA directly. Secondly you save on storage, loading and

unloading costs for these products. In replenishment model there is no place for forecasting

demand. Some forecasting is done for instance, for Ezee liquid detergents which do better

during the winters or Cinthol Talcum Powder that do well during the summers but that is only

to see market trends. The superefficient replenishment engine leaves no scope for forecasting.The systems are checked every day to see how different SKUs are moving across different

geographies, at each of the distributors.

GCPL about 1,200 direct distributors across the country of which Class-A distributors (business

of 40 `10 lakh and more) comprise about 30 percent of the total strength, Class B (`10 to 5 lakh)

and Class C (less than `5 lakh) distributors comprise the rest. Between GCPL and GHPL, the

total numbers of SKUs handled are 400 in number.

Quality Management

GCPL works only with selected vendors to improve quality and compliance to specifications is

compulsory. GCPL has also adopted Total Quality Management (TQM). Cost saving is a three-

way street between the vendor, the procurement and manufacturing department, and the R&D

(Research and Development). The specification of a product is tailor-made for the least cost.

Thats called the total cost of ownership. Focusing more on quali ty in manufacturing helps in

decreasing cost. Reducing variability and using process control approach it helps in reducing thecost. Every step of quality improvement makes the process more cost effective.

Inventory Management

For a company whose Supply Chain is designed by Mr. Goldratt himself inventory is not a big

problem. They use replenishment approach where they try to improve availability of products.

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Logistic and Warehousing

Online bidding and reverse auction are done with transporters. At the warehouse level, GCPL

work with CFAs the latter manage the warehouse to optimize stacking patterns in order to

reduce operational warehouse space and also to ensure first-in-first-out (FIFO). Theimplementation of GST which is expected sometime in 2013 will further decrease the cost.

Future Issues

According to GCPLs expansion plan for next 10 years supply chain need to strengthen

continuously improve. As the market becomes bigger the bottleneck becomes more and more

dynamic. The information flow needs to be accurate along with sophisticated data handling

techniques. A system which will be very quick in response time needs to be created. The

distribution network will also grow, it is very important that the distribution network of future

will be developed on the platform of current network. The competencies developed by GCPL

will be challenged continuously.

Human resources

The success of a Company depends on its employees. GCPL is proud of its human capital and

believes that it constitutes an invaluable asset of the Company. The Company is committed to

upgrade the skill set of its employees and to create an environment where excellence is

recognized and rewarded.

The practice of 'Tough Love' is the HR philosophy at Godrej Consumer Products Ltd. People

management is a two-way process. Employees have certain expectations and companies help

them in achieving them. The process is tough as it is meritocratic and expectations from high

performers keep going up. Love symbolizes the support the organization will provide the coach

and mentor and the reward for high performers.

Some new initiatives-

The Company commissioned an external consultant to undertake an exercise to evaluate and

assess talent in the Company. This talent assessment exercise identified the competencies

required at different positions and assessed the capabilities and potential of employees vis--vis

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Godrej Consumer Products Ltd (GCPL) has an inclusive culture.

It provides good learning and development opportunities. The company cares for its

employees, especially in time of need, which has created a family culture.

The organization has a unique culture of allowing everyone to develop their thought

process, to bring in innovation, knowledge, and entrepreneurship in their personalities.

The open culture at GCPL, driven by Bedhadak Bolo (our speak -out campaign)

encourages opinion sharing while also creating a platform for people to interact with

leaders to see how suggestions get translated into action.

Customer and people centricity are at the core of all activities at GCPL to bring alive the

promise of a brighter Godrej. This approach towards our internal customers enables us to

attract and retain good talent.

The positive aspect is that the location is a tobacco free zone, which makes it veryhygienic to work.

Value and performance driven culture is clubbed with signature focus on transparency

and an encouraging, open working style with professional entrepreneurship, making

Godrej a great workplace.

Special Long Service Awards, which are based on tenure.Employees who have

completed 5, 10, 15 and 25 years in the organization are awarded in appreciation for their

service to the company at annual ceremonies, hosted by the Chairman and Managing

Director.

Whole-time Directors, Managers and Officers of the Company-The components of the

total compensation vary for different grades and are governed by industrynorms,

qualifications and experience of the employee, responsibilities handled and individual

performance of the employee. GCPL has adopted EVA as a tool for driving performance,

and has linked improvements in EVA to Performance Linked Variable Remuneration

(PLVR). The Company has also stock benefit schemes as detailed in the Directors report,

for eligible employees.

Non-Executive Directors-At the Extra Ordinary General meeting held on February 21,

2012 the shareholders of the Company have approved such commission as the Board of

Directors may from time to time determine but so that such commission shall not

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exceed1% of the net profits of the Company in any financial year (computed in the

manner provided in Section 349 & 350 of the Companies Act, 1956) or Rs.12.50 lac per

director per annum, whichever is less.

Corporate governance at Godrej Consumer Product limited

Company's Philosophy on Corporate Governance:

At Godrej, Corporate Governance has been practiced over the past 115 years.

The Company's philosophy on Corporate Governance envisages attainment of the

highest levels of transparency, accountability and equity in all facets of its operations

and in all its interactions with its stakeholders including shareholders, employees,

lenders and the Government.

The Company believes that all its actions must serve the underlying goal of

enhancing overall stakeholder value over a sustained period of time.

The Company continues to enjoy a corporate governance rating of CGR2+

(pronounced as CGR two plus) and Stakeholder Value Creation and Governance

Rating ofSVG1 (pronounced as SVG 1) assigned by ICRA.

CGR2-The CGR2 rating is on a rating scale of CGR1 to CGR6 where CGR1

denotes the highest rating. The CGR2+ rating implies that in ICRA's current

opinion, the rated Company has adopted and follows such practices,

conventions and codes as would provide its financial stakeholders a high level

of assurance on the quality of corporate governance.

SVG1-The SVG1 rating is on a rating scale of SVG1 to SVG6 where SVG1

denotes the highest rating. The SVG1 rating implies that in ICRA's current

opinion, the Company belongs to the Highest Category on the composite parameters of stakeholder value creation and management as also corporate

governance practices.

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http://www.godrej.com/godrej/Godrej-

ConsumerProducts/cpanualreport.aspx?id=381&menuid=2296

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