Capitaline

Results 07-Nov-23

Analysis

Gujarat State Petronet

PBT down 6%

Consolidated net sales (including other operating income) of Gujarat State Petronet has declined 1.08% to Rs 4265.22 crore.

Operating profit margin has declined from 22.81% to 21.42%, leading to 7.09% decline in operating profit to Rs 913.74 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 68.83% to 69.03%. Employee cost increased from 1.54% to 1.58%. Other expenses rose from 6.80% to 7.97%. Other direct service cost rose from 1.15% to 1.78%.

Other income rose 83.51% to Rs 44.96 crore. PBIDT fell 4.88% to Rs 958.7 crore. Provision for interest fell 27.58% to Rs 14.47 crore.

PBDT fell 4.42% to Rs 944.23 crore. Provision for depreciation rose 6.60% to Rs 165 crore. Fixed assets increased to Rs 11,620.89 crore as of 30 September 2023 from Rs 10,816.70 crore as of 30 September 2022. Intangible assets increased from Rs 595.77 crore to Rs 662.37 crore.

Profit before tax down 6.47% to Rs 779.23 crore. Provision for tax was expense of Rs 198.74 crore, compared to Rs 211.33 crore. Effective tax rate was 25.18% compared to 25.38%.

Minority interest decreased 26.75% to Rs 135.78 crore. Net profit attributable to owners of the company increased 4.26% to Rs 454.62 crore.

Equity capital stood at Rs 564.21 crore as of 30 September 2023 to Rs 564.21 crore as of 30 September 2022. Per share face Value remained same at Rs 10.00.

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

For year-to-date (YTD) results analysis

Net sales (including other operating income) of Gujarat State Petronet has declined 14.98% to Rs 8373.56 crore.

Operating profit margin has declined from 19.87% to 19.65%, leading to 15.94% decline in operating profit to Rs 1,645.07 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 72.61% to 70.75%. Employee cost increased from 1.30% to 1.62%. Other expenses rose from 6.22% to 7.99%. Other direct service cost rose from 1.13% to 1.48%.

Other income rose 84.06% to Rs 85.31 crore. PBIDT fell 13.62% to Rs 1730.38 crore. Provision for interest fell 29.78% to Rs 29.08 crore.

PBDT fell 13.28% to Rs 1701.3 crore. Provision for depreciation rose 6.87% to Rs 326.38 crore. Fixed assets increased to Rs 11,620.89 crore as of 30 September 2023 from Rs 10,816.70 crore as of 30 September 2022. Intangible assets increased from Rs 595.77 crore to Rs 662.37 crore.

Profit before tax down 17% to Rs 1,374.92 crore. Provision for tax was expense of Rs 350.35 crore, compared to Rs 418.48 crore. Effective tax rate was 25.48% compared to 24.79%.

Minority interest decreased 34.86% to Rs 234.77 crore. Net profit attributable to owners of the company decreased 13.14% to Rs 789.66 crore.

Equity capital stood at Rs 564.21 crore as of 30 September 2023 to Rs 564.21 crore as of 30 September 2022. Per share face Value remained same at Rs 10.00.

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

Cash flow from operating activities decreased to Rs 1,284.94 crore for YTD ended September 2023 from Rs 2,011.36 crore for YTD ended September 2022. Cash flow used in acquiring fixed assets during the YTD ended September 2023 stood at Rs 794.24 crore, compared to Rs 612.82 crore during the YTD ended September 2022.

The scrip is currently trading at Rs 202

Gujarat State Petronet : Consolidated Results
Particulars	2309 (03)	2209 (03)	Var.(%)	2309 (06)	2209 (06)	Var.(%)	2303 (12)	2203 (12)	Var.(%)
Net Sales	4,265.22	4,311.92	-1	8,373.56	9,848.39	-15	18,116.59	17,990.84	1
OPM (%)	21.4	22.8		19.7	19.9		20.31	19.5
OP	913.74	983.42	-7	1,645.07	1,956.95	-16	3,679.64	3,500.10	5
Other Inc.	44.96	24.5	84	85.31	46.35	84	133	105.58	26
PBIDT	958.7	1,007.92	-5	1,730.38	2,003.30	-14	3,812.64	3,605.68	6
Interest	14.47	19.98	-28	29.08	41.41	-30	70.11	111.78	-37
PBDT	944.23	987.94	-4	1,701.30	1,961.89	-13	3,742.53	3,493.90	7
Depreciation	165	154.78	7	326.38	305.41	7	620.52	579.46	7
PBT	779.23	833.16	-6	1374.92	1656.48	-17	3122.01	2914.44	7
Share of Profit/(Loss) from Associates	9.91	-0.42	LP	-0.14	31.57	PL	2.79	54.04	-95
PBT before EO	789.14	832.74	-5	1374.78	1688.05	-19	3124.8	2968.48	5
EO Income	0	0	-	0	0	-	0	-11.9	-
PBT after EO	789.14	832.74	-5	1374.78	1688.05	-19	3124.8	2956.58	6
Taxation	198.74	211.33	-6	350.35	418.48	-16	782.79	725.58	8
PAT	590.4	621.41	-5	1024.43	1269.57	-19	2342.01	2231	5
Minority Interest (MI)	135.78	185.36	-27	234.77	360.4	-35	700.51	592.72	18
Net profit	454.62	436.05	4	789.66	909.17	-13	1641.5	1638.28	0
EPS (Rs)*	#	#		#	#		29.1	29.2
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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