Results     14-Feb-23
Analysis
Gujarat State Petronet
Robust operating performance
Gujarat State Petronet consolidated net sales declined 27.18% to Rs 3998.04 crore in Q3FY23 compared to Q3FY22.  Operating profit margin has jumped from 10.62% to 21.51%, leading to 47.47% rise in operating profit to Rs 859.92 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 82.73% to 68.54%.   Employee cost increased from 1.28% to 1.86%.   Other expenses rose from 5.39% to 8.11%.   Other direct service cost rose from 1.31% to 1.35%.  

Other income rose 17.66% to Rs 41.71 crore.  PBIDT rose 45.77% to Rs 901.63 crore.  Provision for interest fell 39.56% to Rs 15.25 crore. 

PBDT rose 49.39% to Rs 886.38 crore.  Provision for depreciation rose 8.17% to Rs 157.81 crore. 

Profit before tax grew 62.83% to Rs 728.57 crore.  Provision for tax was expense of Rs 188.15 crore, compared to Rs 128.04 crore.  Effective tax rate was 26.21% compared to 26.73%.

Minority interest increased 202.16% to Rs 170.30 crore.  Net profit attributable to owners of the company increased 21.97% to Rs 359.33 crore. 

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

For year-to-date (YTD) results analysis

Net sales (including other operating income) of Gujarat State Petronet has increased 6.51% to Rs 13846.43 crore.  Operating profit margin has jumped from 19.15% to 20.34%, leading to 13.15% rise in operating profit to Rs 2,816.87 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 71.89% to 71.44%. Employee cost decreased from 1.48% to 1.46%.   Other expenses fell from 7.49% to 6.77%. Other direct service cost fell from 2.31% to 1.19%.  

Other income rose 6.70% to Rs 88.06 crore.  PBIDT rose 12.94% to Rs 2904.93 crore.  Provision for interest fell 35.40% to Rs 56.66 crore. 

PBDT rose 14.65% to Rs 2848.27 crore.  Provision for depreciation rose 8.13% to Rs 463.22 crore. 

Profit before tax grew 16.01% to Rs 2,385.05 crore.  Share of profit/loss was 72.24% lower at Rs 20.78 crore.  Provision for tax was expense of Rs 606.63 crore, compared to Rs 539.27 crore.  Effective tax rate was 25.21% compared to 25.31%.

Minority interest increased 36.41% to Rs 530.70 crore.  Net profit attributable to owners of the company increased 5.49% to Rs 1,268.50 crore. 

Promoters’ stake was 37.63% as of 31 December 2022 ,compared to 37.63% as of 31 December 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 265

 

Gujarat State Petronet : Consolidated Results

Particulars

2212 (03)

2112 (03)

Var.(%)

2212 (09)

2112 (09)

Var.(%)

2203 (12)

2103 (12)

Var.(%)

Net Sales

3,998.04

5,490.43

-27

13,846.43

13,000.60

7

17,990.84

11,535.36

56

OPM (%)

21.5

10.6

 

20.3

19.2

 

19.5

31.0

 

OP

859.92

583.1

47

2,816.87

2,489.49

13

3,500.10

3,574.34

-2

Other Inc.

41.71

35.45

18

88.06

82.53

7

105.58

91.12

16

PBIDT

901.63

618.55

46

2,904.93

2,572.02

13

3,605.68

3,665.46

-2

Interest

15.25

25.23

-40

56.66

87.71

-35

111.78

226.58

-51

PBDT

886.38

593.32

49

2,848.27

2,484.31

15

3,493.90

3,438.88

2

Depreciation

157.81

145.89

8

463.22

428.39

8

579.46

541.78

7

PBT

728.57

447.43

63

2385.05

2055.92

16

2914.44

2897.1

1

Share of Profit/(Loss) from Associates

-10.79

31.57

PL

20.78

74.85

-72

54.05

38.49

40

PBT before EO

717.78

479

50

2405.83

2130.77

13

2968.49

2935.59

1

EO Income

0

0

-

0

0

-

-11.9

0

-

PBT after EO

717.78

479

50

2405.83

2130.77

13

2956.59

2935.59

1

Taxation

188.15

128.04

47

606.63

539.27

12

725.58

743.18

-2

PAT

529.63

350.96

51

1799.2

1591.5

13

2231.01

2192.41

2

Minority Interest (MI)

170.3

56.36

202

530.7

389.04

36

592.72

585.64

1

Net profit

359.33

294.6

22

1268.5

1202.46

5

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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