Capitaline

Results 05-Aug-23

Analysis

Gujarat State Petronet

NP down 29%

Gujarat State Petronet consolidated net sales declined 25.80% to Rs 4108.33 crore in Q1FY24 compared to Q1FY23. Operating profit margin has jumped from 17.58% to 17.80%, leading to 24.88% decline in operating profit to Rs 731.33 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 75.55% to 72.53%. Employee cost increased from 1.11% to 1.66%. Other expenses rose from 5.77% to 8.01%. Other direct service cost rose from 1.12% to 1.16%.

Other income rose 84.67% to Rs 40.35 crore. PBIDT fell 22.47% to Rs 771.68 crore. Provision for interest fell 31.82% to Rs 14.61 crore.

PBDT fell 22.27% to Rs 757.07 crore. Provision for depreciation rose 7.13% to Rs 161.37 crore.

Profit before tax down 27.65% to Rs 595.70 crore. Provision for tax was expense of Rs 151.61 crore, compared to Rs 207.15 crore. Effective tax rate was 25.89% compared to 24.22%.

Minority interest decreased 43.45% to Rs 98.99 crore. Net profit attributable to owners of the company decreased 29.19% to Rs 335.04 crore.

Promoters’ stake was 37.63% as of 30 June 2023 ,compared to 37.63% as of 30 June 2022 .

Full year results analysis

Net sales (including other operating income) of Gujarat State Petronet has increased 0.70% to Rs 18116.59 crore.

Operating profit margin has jumped from 19.45% to 20.31%, leading to 5.13% rise in operating profit to Rs 3,679.64 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 72.00% to 71.12%. Employee cost increased from 1.42% to 1.48%. Other expenses fell from 7.13% to 7.09%. Other direct service cost fell from 2.01% to 1.29%.

Other income rose 25.97% to Rs 133 crore. PBIDT rose 5.74% to Rs 3812.64 crore. Provision for interest fell 37.28% to Rs 70.11 crore. Loan funds declined from Rs 712.84 crore as of 31 March 2022 to Rs 149.39 crore as of 31 March 2023. Inventories rose to Rs 273.27 crore as of 31 March 2023 from Rs 242.42 crore as of 31 March 2022. Sundry debtors were higher at Rs 1,141.38 crore as of 31 March 2023 compared to Rs 1,038.67 crore as of 31 March 2022. Cash and bank balance rose to Rs 1,372.63 crore as of 31 March 2023 from Rs 107.73 crore as of 31 March 2022. Investments declined from Rs 1,670.00 crore as of 31 March 2022 to Rs 1,621.39 crore as of 31 March 2023.

PBDT rose 7.12% to Rs 3742.53 crore. Provision for depreciation rose 7.09% to Rs 620.52 crore. Fixed assets increased to Rs 11,242.88 crore as of 31 March 2023 from Rs 10,616.98 crore as of 31 March 2022. Intangible assets increased from Rs 574.42 crore to Rs 646.75 crore.

Profit before tax grew 7.12% to Rs 3,122.01 crore. Share of profit/loss was 94.84% lower at Rs 2.79 crore. Provision for tax was expense of Rs 782.79 crore, compared to Rs 725.58 crore. Effective tax rate was 25.05% compared to 24.54%.

Minority interest increased 18.19% to Rs 700.51 crore. Net profit attributable to owners of the company increased 0.20% to Rs 1,641.50 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 increased to Rs 3,340.03 crore for year ended March 2023 from Rs 2,745.54 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 1,278.02 crore, compared to Rs 1,289.23 crore during the year ended March 2022.

The scrip is currently trading at Rs 275

Gujarat State Petronet : Consolidated Results
Particulars	2306 (03)	2206 (03)	Var.(%)	2303 (12)	2203 (12)	Var.(%)
Net Sales	4,108.33	5,536.46	-26	18,116.59	17,990.84	1
OPM (%)	17.8	17.58		20.31	19.45
OP	731.33	973.54	-25	3,679.64	3,500.10	5
Other Inc.	40.35	21.85	85	133	105.58	26
PBIDT	771.68	995.39	-22	3,812.64	3,605.68	6
Interest	14.61	21.43	-32	70.11	111.78	-37
PBDT	757.07	973.96	-22	3,742.53	3,493.90	7
Depreciation	161.37	150.63	7	620.52	579.46	7
PBT	595.7	823.33	-28	3122.01	2914.44	7
Share of Profit/(Loss) from Associates	-10.06	31.99	PL	2.79	54.04	-95
PBT before EO	585.64	855.32	-32	3124.8	2968.48	5
EO Income	0	0	-	0	-11.9	-
PBT after EO	585.64	855.32	-32	3124.8	2956.58	6
Taxation	151.61	207.15	-27	782.79	725.58	8
PAT	434.03	648.17	-33	2342.01	2231	5
Minority Interest (MI)	98.99	175.04	-43	700.51	592.72	18
Net profit	335.04	473.13	-29	1641.5	1638.28	0
EPS (Rs)*	#	#		29.09	29.15
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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