Capitaline

Results 09-Aug-21

Analysis

Gujarat State Petronet

PBT up 25%

Gujarat State Petronet consolidated net sales increased 127.51% to Rs 3425.05 crore in Q1FY22 compared to Q1FY21. Operating profit margin has slumped from 35.55% to 32.15%, leading to 105.76% rise in operating profit to Rs 1,101.22 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 45.70% to 56.77%. Employee cost decreased from 3.72% to 1.85%. Other expenses fell from 15.02% to 9.23%. Other direct service cost fell from 4.09% to 2.56%.

Other income rose 31.95% to Rs 24.2 crore. Provision for interest fell 50.77% to Rs 35.41 crore. Provision for depreciation rose 5.39% to Rs 139.07 crore.

Profit before tax grew 171.98% to Rs 950.94 crore. Provision for tax was expense of Rs 244.02 crore, compared to Rs 92.95 crore. Effective tax rate was 25.11% compared to 27.25%.

Minority interest increased 707.09% to Rs 218.48 crore. Net profit attributable to owners of the company increased 130.46% to Rs 509.46 crore.

Promoters’ stake was 37.63% as of 30 June 2021 ,compared to 37.63% as of 30 June 2020.

Full year results analysis

Net sales (including other operating income) of Gujarat State Petronet has declined 5.78% to Rs 11535.36 crore. Operating profit margin has jumped from 26.32% to 30.99%, leading to 10.90% rise in operating profit to Rs 3,574.34 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 60.92% to 57.10%. Employee cost increased from 1.94% to 2.05%. Other expenses fell from 10.82% to 9.87%.Other direct service cost fell from 4.20% to 3.18%.

Other income fell 15.36% to Rs 91.12 crore. Provision for interest fell 38.60% to Rs 226.58 crore. Loan funds declined from Rs 2,378.49 crore as of 31 March 2020 to Rs 1,519.82 crore as of 31 March 2021. Inventories rose to Rs 182.10 crore as of 31 March 2021 from Rs 172.39 crore as of 31 March 2020. Sundry debtors were higher at Rs 906.20 crore as of 31 March 2021 compared to Rs 655.32 crore as of 31 March 2020. Cash and bank balance declined from Rs 789.77 crore as of 31 March 2020 to Rs 408.92 crore as of 31 March 2021. Investments rose to Rs 1,456.75 crore as of 31 March 2021 from Rs 1,023.04 crore as of 31 March 2020 .

Provision for depreciation rose 4.59% to Rs 541.78 crore. Fixed assets increased to Rs 9,928.11 crore as of 31 March 2021 from Rs 9,565.91 crore as of 31 March 2020. Intangible assets increased from Rs 496.94 crore to Rs 522.34 crore.

Profit before tax grew 18.56% to Rs 2,897.10 crore. Provision for tax was expense of Rs 743.18 crore, compared to Rs 158.91 crore. Effective tax rate was 25.32% compared to 6.52%.

Minority interest increased 6.58% to Rs 585.64 crore. Net profit attributable to owners of the company decreased 7.08% to Rs 1,606.77 crore.

Promoters’ stake was 37.63% as of 31 March 2021 compared to 37.64% as of 31 March 2020.

Cash flow from operating activities increased to Rs 2,897.30 crore for year ended March 2021 from Rs 2,770.88 crore for year ended March 2020. Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 856.68 crore, compared to Rs 702.78 crore during the year ended March 2020.

The Board of Directors of the company have recommended dividend of Rs. 2.00 (@ 20 %) per share of Rs. 10/- each on equity shares of the company for the financial year 2020-21, subject to the approval of shareholders in ensuing Annual General Meeting

The scrip is currently trading at Rs 324

Gujarat State Petronet : Consolidated Results
Particulars	2106 (03)	2006 (03)	Var.(%)	2103 (12)	2003 (12)	Var.(%)
Net Sales	3,425.05	1,505.42	20	11,535.36	12,243.61	-6
OPM (%)	32.2	35.6		30.99	26.3
OP	1,101.22	535.19	15	3,574.34	3,223.04	11
Other Inc.	24.20	18.34	-4	91.12	107.65	-15
PBIDT	1,125.42	553.53	14	3,665.46	3,330.69	10
Interest	35.41	71.93	-49	226.58	369.02	-39
PBDT	1,090.01	481.61	21	3,438.88	2,961.67	16
Depreciation	139.07	131.96	3	541.78	518.01	5
PBT	950.94	349.65	25	2,897.10	2,443.66	19
Share of Profit/(Loss) from Associates	21.02	-8.56	LP	38.49	-6.12	LP
PBT before EO	971.96	341.09	29	2935.59	2437.54	20
EO Income	0.00	0.00	-	0	0	-
PBT after EO	971.96	341.09	29	2935.59	2437.54	20
Taxation	244.02	92.95	91	743.18	158.91	368
PAT	727.95	248.14	16	2192.41	2278.63	-4
Minority Interest (MI)	218.48	27.07	40	585.64	549.46	7
Net profit	509.46	221.06	9	1606.77	1729.17	-7
EPS (Rs)*	#	#		28.5	30.7
Notes
* EPS is on current equity of Rs 564.21 crore, Face value of Rs 10, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
Figures in Rs crore
Source: Capitaline Corporate Database

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