Results     15-Feb-24
Analysis
Gujarat State Petronet
NP up 10%
Gujarat State Petronet consolidated net sales increased 9.78% to Rs 4389.08 crore in Q3FY24 compared to Q3FY23.

Operating profit margin has declined from 21.51% to 17.93%, leading to 8.48% decline in operating profit to Rs 787.02 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 68.54% to 71.67%.   Employee cost decreased from 1.86% to 1.56%.   Other expenses rose from 8.11% to 8.84%.   Other direct service cost rose from 1.35% to 2.25%.  

Other income rose 1.63% to Rs 42.39 crore.  PBIDT fell 8.01% to Rs 829.41 crore.  Provision for interest fell 9.38% to Rs 13.82 crore. 

PBDT fell 7.99% to Rs 815.59 crore.  Provision for depreciation rose 6.63% to Rs 168.28 crore. 

Profit before tax down 11.15% to Rs 647.31 crore.  Provision for tax was expense of Rs 164.53 crore, compared to Rs 188.15 crore.  Effective tax rate was 24.90% compared to 26.21%.

Minority interest decreased 40.52% to Rs 101.30 crore.  Net profit attributable to owners of the company increased 9.90% to Rs 394.90 crore. 

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

For year-to-date (YTD) results analysis

Net sales (including other operating income) of Gujarat State Petronet has declined 7.83% to Rs 12762.64 crore. 

Operating profit margin has declined from 20.34% to 19.06%, leading to 13.66% decline in operating profit to Rs 2,432.08 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 71.44% to 71.07%.   Employee cost increased from 1.46% to 1.60%.   Other expenses rose from 6.77% to 8.28%.   Other direct service cost rose from 1.19% to 1.74%.  

Other income rose 45.01% to Rs 127.7 crore.  PBIDT fell 11.88% to Rs 2559.78 crore.  Provision for interest fell 24.29% to Rs 42.9 crore. 

PBDT fell 11.63% to Rs 2516.88 crore.  Provision for depreciation rose 6.79% to Rs 494.65 crore. 

Profit before tax down 15.21% to Rs 2,022.23 crore.  Share of profit/loss was 36.09% lower at Rs 13.28 crore.  Provision for tax was expense of Rs 514.88 crore, compared to Rs 606.63 crore.  Effective tax rate was 25.29% compared to 25.21%.

Minority interest decreased 36.67% to Rs 336.07 crore.  Net profit attributable to owners of the company decreased 6.62% to Rs 1,184.56 crore. 

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

The scrip is currently trading at Rs 353 

 

Gujarat State Petronet : Consolidated Results

Particulars

2312 (03)

2212 (03)

Var.(%)

2312 (09)

2212 (09)

Var.(%)

2303 (12)

2203 (12)

Var.(%)

Net Sales

4,389.08

3,998.04

10

12,762.64

13,846.43

-8

18,116.59

17,990.84

1

OPM (%)

17.93

21.51

 

19.06

20.34

 

20.31

19.45

 

OP

787.02

859.92

-8

2,432.08

2,816.87

-14

3,679.64

3,500.10

5

Other Inc.

42.39

41.71

2

127.7

88.06

45

133

105.58

26

PBIDT

829.41

901.63

-8

2,559.78

2,904.93

-12

3,812.64

3,605.68

6

Interest

13.82

15.25

-9

42.9

56.66

-24

70.11

111.78

-37

PBDT

815.59

886.38

-8

2,516.88

2,848.27

-12

3,742.53

3,493.90

7

Depreciation

168.28

157.81

7

494.65

463.22

7

620.52

579.46

7

PBT

647.31

728.57

-11

2022.23

2385.05

-15

3122.01

2914.44

7

Share of Profit/(Loss) from Associates

13.42

-10.79

LP

13.28

20.78

-36

2.79

54.04

-95

PBT before EO

660.73

717.78

-8

2035.51

2405.83

-15

3124.8

2968.48

5

EO Income

0

0

-

0

0

-

0

-11.9

-

PBT after EO

660.73

717.78

-8

2035.51

2405.83

-15

3124.8

2956.58

6

Taxation

164.53

188.15

-13

514.88

606.63

-15

782.79

725.58

8

PAT

496.2

529.63

-6

1520.63

1799.2

-15

2342.01

2231

5

Minority Interest (MI)

101.3

170.3

-41

336.07

530.7

-37

700.51

592.72

18

Net profit

394.9

359.33

10

1184.56

1268.5

-7

1641.5

1638.28

0

EPS (Rs)*

7

6.37

 

21

22.48

 

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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