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Gujarat State Petronet (GSPL) reported 50% increase in consolidated income from operations to Rs 1505.42 crore for the quarter ended June20 compared to corresponding previous year period. Revenue from Gas transportation business decreased 8.9% YoY to Rs 454.17 crore in Q1FY21 while revenue from Electricity sales fell 30.5% to 9.25 crore and Revenue from CGD Business was up 7.7% to Rs 98 lakh. Transmission volumes decreased 13% to 33.25 mmscmd in Q1FY21 from 38.2 mmscmd in Q1FY20.
Operating margins rose 670 bps to 35.6% during quarter ended June20 as cost of material consumed fell 1540 bps to 45.7% as a percentage of adjusted net sales, employee benefit expenses increased 180 bps to 3.7% and other expenses rose 440 bps to 10.9%. Gas transmission expenses rose 260 bps to 4.1%.
Operating profit decreased 39% to Rs 535.19 crore. Other income decreased 38% to Rs 18.34 crore leading to 39% decrease in PBDIT to Rs 553.53 crore. Interest cost fell 30% to Rs 71.93 crore. Depreciation rose 4% to Rs 131.96 crore. As a result PBT was down 48% at Rs 349.65 crore.
Considering 840 bps fall in effective rate of taxes to 26.6% GSPL reported a 41% decrease in bottom-line to Rs 256.7 crore. Further considering share of profit of associates and JV and minority interest net profit fell 33% to Rs 221.06 crore.
Total outstanding debt as on 30-06-2020 was Rs. 1415 crore.
For FY20 GSPL reported a 31% increase in consolidated income from operations to Rs 12243.61 crore compared to corresponding previous year period. Operating margins fell 90 bps to 26.3% leading to 27% increase in operating profit to Rs 3223.05 crore. Other income decreased 22% to Rs 107.65 crore leading to 24% increase in PBDIT to Rs 3330.69 crore. Interest cost fell 14% to Rs 369.02 crore. Depreciation was up 11% to Rs 518.01 crore.
As a result PBT before EO was up 37% at Rs 2443.66 crore. The company had nil EO items compared to Rs EO expense of Rs 17.87 crore in the corresponding previous year period. PBT after EO rose 38% to Rs 2443.66 crore. Exceptional item pertains to balance provision of stamp duty by group company Gujarat Gas Limited (GGL). GGL had earlier provided stamp duty of Rs. 25 crores in FY 2015-16. However as per the order of the Chief Controlling Revenue Authority (CCRA) the stamp duty be levided is Rs. 42.87 mores with regards to the appeal filed against the order of Collector & Additional Superintendent of Stamps for adjudication of stamp duty persuant to Composite Scheme of Amalgamation and Arrangement approved by Honourable Gujarat High Court.
Considering 2690 bps fall in effective rate of taxes to 6.5% GSPL reported a 94% increase in bottom line to Rs 2284.76 crore. Further considering share of profit of associates and JV and minority interest net profit rose 73% to Rs 1729.17 crore.
The scrip is currently trading at Rs 207
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