Results     13-May-22
Analysis
Gujarat State Petronet
OPM down 360 bps to 20.3%
Gujarat State Petronet consolidated net sales increased 32.47% to Rs 4990.23 crore in Q4FY22 compared to Q4FY21.  Operating profit margin has declined from 23.94% to 20.25%, leading to 12.06% rise in operating profit to Rs 1,010.61 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 67.22% to 72.29%.   Employee cost decreased from 1.61% to 1.27%.   Other expenses fell from 7.24% to 6.18%.   Other direct service cost fell from 1.89% to 1.21%. 

Other income fell 3.31% to Rs 23.05 crore.  PBIDT rose 11.67% to Rs 1033.66 crore.  Provision for interest fell 40.60% to Rs 24.07 crore. 

PBDT rose 14.06% to Rs 1009.59 crore.  Provision for depreciation rose 10.41% to Rs 151.07 crore.   PBT was up 15% to Rs 858.52 crore. Share of profit/loss was loss of Rs 20.8 crore compared to profit of Rs 22.08 crore. PBT before EO was up 1% to Rs 2968.49 crore. The company reported EO expense of Rs 11.9 crore pertaining to payment of stamp duty by Gujarat Gas Limited with regards to the business transfer agreement (BTA) & conveyance deed executed for transfer / purchase of city gas distribution (CGD) business of Amritsar and Bhatinda Geographical Areas from Gujarat State Petronet Limited to Gujarat Gas Limited compared to nil in the corresponding previous year period. PBT after EO was up 1% to Rs 2956.59 crore.

Profit before tax grew 14.73% to Rs 858.52 crore.  Provision for tax was expense of Rs 186.31 crore, compared to Rs 192.89 crore.  Effective tax rate was 22.56% compared to 25.04%.

Minority interest increased 26.64% to Rs 203.67 crore.  Net profit attributable to owners of the company increased 4.60% to Rs 435.84 crore. 

Equity capital stood at Rs 564.21 crore as of 31 March 2022 to Rs 564.21 crore as of 31 March 2021.  Per share face Value remained same at Rs 10.00.

Promoters’ stake was 37.63% as of 31 March 2022 compared to 37.63% as of 31 March 2021. 

Full year results analysis

Net sales  of Gujarat State Petronet has increased 55.96% to Rs 17990.84 crore. Operating profit margin has declined from 30.99% to 19.45%, leading to 2.08% decline in operating profit to Rs 3,500.10 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 57.10% to 72.00%.   Employee cost decreased from 2.05% to 1.42%.   Other expenses fell from 9.87% to 7.13%.   Other direct service cost fell from 3.18% to 2.01%.  

Other income rose 15.87% to Rs 105.58 crore.  PBIDT fell 1.63% to Rs 3605.68 crore.  Provision for interest fell 50.67% to Rs 111.78 crore.  Loan funds declined from Rs 2,002.85 crore as of 31 March 2021 to Rs 712.84 crore as of 31 March 2022.  Inventories rose to Rs 242.42 crore as of 31 March 2022 from Rs 182.10 crore as of 31 March 2021.  Sundry debtors were higher at Rs 1,038.67 crore as of 31 March 2022 compared to Rs 959.16 crore as of 31 March 2021.  Cash and bank balance declined from Rs 408.92 crore as of 31 March 2021 to Rs 107.70 crore as of 31 March 2022.  Investments rose to Rs 1,670.00 crore as of 31 March 2022 from Rs 1,456.75 crore as of 31 March 2021 . 

PBDT rose 1.60% to Rs 3493.9 crore.  Provision for depreciation rose 6.95% to Rs 579.46 crore.  Fixed assets increased to Rs 10,616.98 crore as of 31 March 2022 from Rs 9,928.11 crore as of 31 March 2021.  Intangible assets increased from Rs 522.34 crore to Rs 574.42 crore. 

Profit before tax grew 0.60% to Rs 2,914.44 crore.  Share of profit/loss was 40.43% higher at Rs 54.05 crore.  PBT before EO was up 1% to Rs 2968.49 crore. The company reported EO expense of Rs 11.9 crore compared to nil in the corresponding previous year period. PBT after EO was up 1% to Rs 2956.59 crore.

Provision for tax was expense of Rs 725.58 crore, compared to Rs 743.18 crore.  Effective tax rate was 24.54% compared to 25.32%.

Minority interest increased 1.21% to Rs 592.72 crore.  Net profit attributable to owners of the company increased 1.96% to Rs 1,638.29 crore. 

Equity capital stood at Rs 564.21 crore as of 31 March 2022 to Rs 564.21 crore as of 31 March 2021.  Per share face Value remained same at Rs 10.00. 

Promoters’ stake was 37.63% as of 31 March 2022 ,compared to 37.63% as of 31 March 2021 . 

Cash flow from operating activities decreased to Rs 2,745.54 crore for year ended March 2022 from Rs 2,897.30 crore for year ended March 2021.  Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 1,289.23 crore, compared to Rs 856.68 crore during the year ended March 2021. 

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 2021-22.      

The scrip is currently trading at Rs 259

 

Gujarat State Petronet : Consolidated Results

Particulars

2203 (03)

2103 (03)

Var.(%)

2203 (12)

2103 (12)

Var.(%)

Net Sales

4,990.23

3,766.95

32

17,990.84

11,535.36

56

OPM (%)

20.3

23.9

 

19.5

31.0

 

OP

1,010.61

901.83

12

3,500.10

3,574.34

-2

Other Inc.

23.05

23.84

-3

105.58

91.12

16

PBIDT

1,033.66

925.67

12

3,605.68

3,665.46

-2

Interest

24.07

40.52

-41

111.78

226.58

-51

PBDT

1,009.59

885.15

14

3,493.90

3,438.88

2

Depreciation

151.07

136.83

10

579.46

541.78

7

PBT

858.52

748.32

15

2914.44

2897.1

1

Share of Profit/(Loss) from Associates

-20.8

22.08

PL

54.05

38.49

40

PBT before EO

837.72

770.4

9

2968.49

2935.59

1

EO Income

-11.9

0

-

-11.9

0

-

PBT after EO

825.82

770.4

7

2956.59

2935.59

1

Taxation

186.31

192.89

-3

725.58

743.18

-2

PAT

639.51

577.51

11

2231.01

2192.41

2

Minority Interest (MI)

203.67

160.83

27

592.72

585.64

1

Net profit

435.84

416.68

5

1638.29

1606.77

2

EPS (Rs)*

#

#

 

29.15

28.48

 

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

EO : Extraordinary items

Figures in Rs crore

Source: Capitaline Corporate Database

 

 

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