Results     12-Nov-22
Analysis
Gujarat State Petronet
OP up 22%
Gujarat State Petronet consolidated net sales increased 5.55% to Rs 4311.92 crore in Q2FY23 compared to Q2FY22.  Operating profit margin has jumped from 19.71% to 22.81%, leading to 22.14% rise in operating profit to Rs 983.42 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 69.99% to 68.83%.   Employee cost increased from 1.45% to 1.54%.   Other expenses fell from 8.87% to 6.80%.   Other direct service cost fell from 3.45% to 1.15%.  

Other income rose 7.08% to Rs 24.5 crore.  PBIDT rose 21.72% to Rs 1007.92 crore.  Provision for interest fell 26.22% to Rs 19.98 crore. 

PBDT rose 23.34% to Rs 987.94 crore.  Provision for depreciation rose 7.91% to Rs 154.78 crore. 

Profit before tax grew 26.71% to Rs 833.16 crore.  Provision for tax was expense of Rs 211.33 crore, compared to Rs 167.21 crore.  Effective tax rate was 25.38% compared to 24.60%.

Minority interest increased 62.31% to Rs 185.36 crore.  Net profit attributable to owners of the company increased 9.45% to Rs 436.05 crore. 

Equity capital stood at Rs 564.21 crore as of 30 September 2022 to Rs 564.21 crore as of 30 September 2021.  Per share face Value remained same at Rs 10.00. 

Promoters’ stake was 37.63% as of 30 September 2022 ,compared to 37.63% as of 30 September 2021 . 

For year-to-date (YTD) results analysis

Net sales of Gujarat State Petronet have increased 31.13% to Rs 9848.39 crore.  Operating profit margin has declined from 25.38% to 19.87%, leading to 2.65% rise in operating profit to Rs 1,956.95 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 63.96% to 72.61%.   Employee cost decreased from 1.63% to 1.30%.   Other expenses fell from 9.03% to 6.22%.   Other direct service cost fell from 3.04% to 1.13%.

Other income fell 1.55% to Rs 46.35 crore.  PBIDT rose 2.55% to Rs 2003.3 crore.  Provision for interest fell 33.73% to Rs 41.41 crore.   

PBDT rose 3.75% to Rs 1961.89 crore.  Provision for depreciation rose 8.11% to Rs 305.41 crore.  

Profit before tax grew 2.98% to Rs 1,656.48 crore.  Share of profit/loss was 27.07% lower at Rs 31.57 crore.  Provision for tax was expense of Rs 418.48 crore, compared to Rs 411.22 crore.  Effective tax rate was 24.79% compared to 24.90%.

Minority interest increased 8.33% to Rs 360.40 crore.  Net profit attributable to owners of the company increased 0.14% to Rs 909.17 crore. 

Equity capital stood at Rs 564.21 crore as of 30 September 2022 to Rs 564.21 crore as of 30 September 2021.  Per share face Value remained same at Rs 10.00. 

Promoters’ stake was 37.63% as of 30 September 2022 compared to 37.63% as of 30 September 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 scrip is currently trading at Rs 233 

 

Gujarat State Petronet : Consolidated Results

 

Quarter ended

Year to Date

Year ended

Particulars

202209

202109

Var.(%)

202209

202109

Var.(%)

202203

202103

Var.(%)

Net Sales

4,311.92

4,085.12

6

9,848.39

7,510.17

31

17,990.84

11,535.36

56

OPM (%)

22.8

19.7

 

19.9

25.4

 

19.45

31.0

 

OP

983.42

805.18

22

1,956.95

1,906.38

3

3,500.10

3,574.34

-2

Other Inc.

24.5

22.88

7

46.35

47.08

-2

105.58

91.12

16

PBIDT

1,007.92

828.06

22

2,003.30

1,953.46

3

3,605.68

3,665.46

-2

Interest

19.98

27.08

-26

41.41

62.49

-34

111.78

226.58

-51

PBDT

987.94

800.98

23

1,961.89

1,890.97

4

3,493.90

3,438.88

2

Depreciation

154.78

143.44

8

305.41

282.5

8

579.46

541.78

7

PBT

833.16

657.54

27

1656.48

1608.47

3

2914.44

2897.1

1

Share of Profit/(Loss) from Associates

-0.42

22.27

PL

31.57

43.29

-27

54.05

38.49

40

PBT before EO

832.74

679.81

23

1688.05

1651.76

2

2968.49

2935.59

1

EO Income

0

0

-

0

0

-

-11.9

0

-

PBT after EO

832.74

679.81

23

1688.05

1651.76

2

2956.59

2935.59

1

Taxation

211.33

167.21

26

418.48

411.22

2

725.58

743.18

-2

PAT

621.41

512.6

21

1269.57

1240.54

2

2231.01

2192.41

2

Minority Interest (MI)

185.36

114.2

62

360.4

332.68

8

592.72

585.64

1

Net profit

436.05

398.4

9

909.17

907.86

0

1638.29

1606.77

2

EPS (Rs)*

#

#

 

#

#

 

29.2

28.5

 

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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