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
|
|