Results     11-Feb-22
Analysis
Gujarat State Petronet
OP down 43%
Gujarat State Petronet consolidated net sales increased 67.26% to Rs 5490.43 crore in Q3FY22 compared to Q3FY21.  Operating profit margin has declined from 31.05% to 10.62%, leading to 42.79% decline in operating profit to Rs 583.10 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 57.50% to 82.73%.   Employee cost decreased from 1.83% to 1.28%.   Other expenses fell from 9.62% to 5.39%.   Other direct service cost fell from 3.68% to 1.31%.  

Other income rose 49.01% to Rs 35.45 crore. PBIDT fell 40.70% to Rs 618.55 crore.  Provision for interest fell 51.10% to Rs 25.23 crore.  PBDT fell 40.16% to Rs 593.32 crore.  Provision for depreciation rose 6.43% to Rs 145.89 crore.  Profit before tax down 47.63% to Rs 447.43 crore.  Share of profit/loss was 144.92% higher at Rs 31.57 crore.  Provision for tax was expense of Rs 128.04 crore, compared to Rs 217.05 crore.  Effective tax rate was 26.73% compared to 25.03%.

Minority interest decreased 68.66% to Rs 56.36 crore.  Net profit attributable to owners of the company decreased 37.38% to Rs 294.60 crore. 

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

For year-to-date (YTD) results analysis

Net sales of Gujarat State Petronet have increased 67.35% to Rs 13000.6 crore.  Operating profit margin has declined from 34.40% to 19.15%, leading to 6.85% decline in operating profit to Rs 2,489.49 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 52.19% to 71.89%.   Employee cost decreased from 2.26% to 1.48%.   Other expenses fell from 11.14% to 7.49%.   Other direct service cost fell from 3.81% to 2.31%.

Other income rose 22.67% to Rs 82.53 crore.  PBIDT fell 6.12% to Rs 2572.02 crore.  Provision for interest fell 52.86% to Rs 87.71 crore.  PBDT fell 2.72% to Rs 2484.31 crore.  Provision for depreciation rose 5.79% to Rs 428.39 crore. 

Profit before tax down 4.32% to Rs 2,055.92 crore.  Share of profit/loss was 356.12% higher at Rs 74.85 crore.  Provision for tax was expense of Rs 539.27 crore, compared to Rs 550.3 crore.  Effective tax rate was 25.31% compared to 25.42%.

Minority interest decreased 8.42% to Rs 389.04 crore.  Net profit attributable to owners of the company increased 1.04% to Rs 1,202.46 crore. 

Promoters’ stake was 37.63% as of 31 December 2021 compared to 37.63% as of 31 December 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 scrip is currently trading at Rs 298

 

Gujarat State Petronet : Consolidated Results

Particulars

2112 (03)

2012 (03)

Var.(%)

2109 (09)

2009 (09)

Var.(%)

2103 (12)

2003 (12)

Var.(%)

Net Sales

5,490.83

3,282.56

67

13,000.60

7,768.41

67

11,535.36

12,243.61

-6

OPM (%)

10.6

31.1

 

19.1

34.4

 

30.99

26.3

 

OP

583.10

1,019.30

-43

2,489.49

2,672.53

-7

3,574.34

3,223.04

11

Other Inc.

35.45

23.79

49

82.53

67.28

23

91.12

107.65

-15

PBIDT

618.55

1,043.09

-41

2,572.02

2,739.81

-6

3,665.46

3,330.69

10

Interest

25.23

51.59

-51

87.71

186.06

-53

226.58

369.02

-39

PBDT

593.32

991.50

-40

2,484.31

2,553.75

-3

3,438.88

2,961.67

16

Depreciation

145.89

137.08

6

428.39

404.95

6

541.78

518.01

5

PBT

447.43

854.42

-48

2,055.92

2,148.80

-4

2,897.10

2,443.66

19

Share of Profit/(Loss) from Associates

31.57

12.89

145

74.85

16.41

356

38.49

-6.12

LP

PBT before EO

479.00

867.31

-45

2,130.77

2,165.21

-2

2935.59

2437.54

20

EO Income

0.00

0.00

 

0.00

0.00

 

0

0

-

PBT after EO

479.00

867.31

-45

2,130.77

2,165.21

-2

2935.59

2437.54

20

Taxation

128.04

217.05

-41

539.27

550.30

-2

743.18

158.91

368

PAT

350.96

650.26

-46

1,591.50

1,614.91

-1

2192.41

2278.63

-4

Minority Interest (MI)

56.36

179.81

-69

389.04

424.82

-8

585.64

549.46

7

Net profit

294.60

470.45

-37

1,202.46

1,190.09

1

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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