Results     12-May-23
Analysis
Gujarat State Petronet
OP down 4% NP up 11%
Gujarat State Petronet standalone net sales increased 2.28% to Rs 443.01 crore in Q4FY23 compared to Q4FY22.  Operating profit margin has declined from 70.69% to 66.53%, leading to 3.74% decline in operating profit to Rs 294.72 crore.  Employee cost increased from 3.35% to 3.64%.   Other expenses rose from 25.96% to 26.26%.   Other direct service cost rose from 13.89% to 15.57%.  

Other income up 643.21% to Rs 47.64 crore.  PBIDT rose 9.53% to Rs 342.36 crore.  Provision for interest fell 70.38% to Rs 1.01 crore. 

PBDT rose 10.41% to Rs 341.35 crore.  Provision for depreciation down 2.23% to Rs 48.28 crore. 

Profit before tax grew 12.81% to Rs 293.07 crore.  Provision for tax was expense of Rs 68.74 crore, compared to Rs 57.73 crore.  Effective tax rate was 23.46% compared to 22.22%.

Profit after tax rose 11.03% to Rs 224.33 crore. 

Equity capital stood at Rs 564.21 crore as of 31 March 2023 to Rs 564.21 crore as of 31 March 2022.  Per share face Value remained same at Rs 10.00. 

Promoters’ stake was 37.63% as of 31 March 2023 ,compared to 37.63% as of 31 March 2022 . 

Full year results analysis

Net sales (including other operating income) of Gujarat State Petronet has declined 12.78% to Rs 1,761.80 crore.  Operating profit margin has jumped from 69.19% to 71.44%, leading to 9.94% decline in operating profit to Rs 1,258.68 crore.  Employee cost increased from 3.23% to 4.10%.   Other expenses fell from 27.58% to 23.56%.   Other direct service cost fell from 17.87% to 13.30%.  

Other income up 61.16% to Rs 168.41 crore.  PBIDT fell 4.99% to Rs 1427.09 crore.  Provision for interest fell 85.05% to Rs 4.68 crore.  Loan funds declined from Rs 95.44 crore as of 31 March 2022 to Rs 8.34 crore as of 31 March 2023.  Inventories rose to Rs 212.09 crore as of 31 March 2023 from Rs 189.03 crore as of 31 March 2022.  Sundry debtors were higher at Rs 144.05 crore as of 31 March 2023 compared to Rs 129.51 crore as of 31 March 2022.  Cash and bank balance rose to Rs 691.67 crore as of 31 March 2023 from Rs 86.41 crore as of 31 March 2022.  Investments declined from Rs 5,173.69 crore as of 31 March 2022 to Rs 5,169.97 crore as of 31 March 2023. 

PBDT fell 3.29% to Rs 1422.41 crore.  Provision for depreciation down 1.09% to Rs 193.86 crore.  Fixed assets increased to Rs 3,436.01 crore as of 31 March 2023 from Rs 3,434.64 crore as of 31 March 2022.  Intangible assets increased from Rs 143.91 crore to Rs 144.89 crore. 

Profit before tax down 3.63% to Rs 1,228.55 crore.  Provision for tax was expense of Rs 283.6 crore, compared to Rs 295.78 crore.  Effective tax rate was 23.08% compared to 23.20%.

Profit after tax fell 3.48% to Rs 944.95 crore. 

Equity capital stood at Rs 564.21 crore as of 31 March 2023 to Rs 564.21 crore as of 31 March 2022.  Per share face Value remained same at Rs 10.00. 

Promoters’ stake was 37.63% as of 31 March 2023 compared to 37.63% as of 31 March 2022 . 

Cash flow from operating activities decreased to Rs 966.42 crore for year ended March 2023 from Rs 1,072.68 crore for year ended March 2022.  Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 198.18 crore, compared to Rs 77.89 crore during the year ended March 2022.  

The scrip is currently trading at Rs 288

 

Gujarat State Petronet : Standalone Results

Particulars

2303 (03)

2203 (03)

Var.(%)

2303 (12)

2203 (12)

Var.(%)

Net Sales

443.01

433.12

2

1,761.80

2,020.02

-13

OPM (%)

66.5

70.7

 

71.4

69.2

 

OP

294.72

306.16

-4

1,258.68

1,397.62

-10

Other Inc.

47.64

6.41

643

168.41

104.5

61

PBIDT

342.36

312.57

10

1,427.09

1,502.12

-5

Interest

1.01

3.41

-70

4.68

31.3

-85

PBDT

341.35

309.16

10

1,422.41

1,470.82

-3

Depreciation

48.28

49.38

-2

193.86

195.99

-1

PBT

293.07

259.78

13

1228.55

1274.83

-4

PBT before EO

293.07

259.78

13

1228.55

1274.83

-4

EO Income

0

0

-

0

0

-

PBT after EO

293.07

259.78

13

1228.55

1274.83

-4

Taxation

68.74

57.73

19

283.6

295.78

-4

PAT

224.33

202.05

11

944.95

979.05

-3

EPS (Rs)*

#

#

 

16.8

17.4

 

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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