Capitaline

Results 09-Aug-24

Analysis

Gujarat State Petronet

PBT up 22%

Consolidated net sales (including other operating income) of Gujarat State Petronet has increased 15.06% to Rs 4727.01 crore.

Operating profit margin has jumped from 17.64% to 17.70%, leading to 15.49% rise in operating profit to Rs 836.83 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 72.53% to 74.28%. Employee cost decreased from 1.66% to 1.41%. Other expenses fell from 8.17% to 6.61%. Other direct service cost fell from 1.16% to 0.40%.

Other income rose 72.04% to Rs 69.42 crore. PBIDT rose 18.47% to Rs 906.25 crore. Provision for interest rose 5.57% to Rs 8.34 crore.

PBDT rose 18.60% to Rs 897.91 crore. Provision for depreciation rose 6.22% to Rs 171.4 crore.

Profit before tax grew 21.96% to Rs 726.51 crore. Share of profit/loss was 48.61% lower at Rs -14.95 crore. Provision for tax was expense of Rs 185.01 crore, compared to Rs 151.61 crore. Effective tax rate was 26.00% compared to 25.89%.

Minority interest increased 53.13% to Rs 151.58 crore. Net profit attributable to owners of the company increased 11.92% to Rs 374.97 crore.

Promoters’ stake was 37.63% as of 30 June 2024 ,compared to 37.63% as of 30 June 2023.

Full year results analysis

Net sales (including other operating income) of Gujarat State Petronet has declined 4.54% to Rs 17294.84 crore. Operating profit margin has declined from 20.16% to 19.56%, leading to 7.40% decline in operating profit to Rs 3,383.00 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 71.12% to 70.22%. Employee cost increased from 1.48% to 1.61%. Other expenses rose from 7.24% to 8.60%. Other direct service cost rose from 1.29% to 1.59%.

Other income rose 40.21% to Rs 186.48 crore. PBIDT fell 5.72% to Rs 3569.48 crore. Provision for interest fell 26.47% to Rs 32.08 crore. Loan funds declined from Rs 149.39 crore as of 31 March 2023 to Rs 139.61 crore as of 31 March 2024. Inventories declined from Rs 273.27 crore as of 31 March 2023 to Rs 269.49 crore as of 31 March 2024. Sundry debtors were higher at Rs 1,148.11 crore as of 31 March 2024 compared to Rs 1,141.38 crore as of 31 March 2023. Cash and bank balance rose to Rs 1,399.56 crore as of 31 March 2024 from Rs 1,372.63 crore as of 31 March 2023. Investments rose to Rs 1,889.11 crore as of 31 March 2024 from Rs 1,621.39 crore as of 31 March 2023 .

PBDT fell 5.48% to Rs 3537.4 crore. Provision for depreciation rose 6.98% to Rs 663.82 crore. Fixed assets increased to Rs 11,754.88 crore as of 31 March 2024 from Rs 11,242.88 crore as of 31 March 2023. Intangible assets increased from Rs 646.75 crore to Rs 703.81 crore.

Profit before tax down 7.96% to Rs 2,873.58 crore. Share of profit/loss was 96.06% higher at Rs 5.47 crore. Provision for tax was expense of Rs 751 crore, compared to Rs 782.79 crore. Effective tax rate was 25.59% compared to 25.05%.

Minority interest decreased 25.17% to Rs 524.21 crore. Net profit attributable to owners of the company increased 1.10% to Rs 1,659.53 crore.

Equity capital stood at Rs 564.21 crore as of 31 March 2024 to Rs 564.21 crore as of 31 March 2023. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 37.63% as of 31 March 2024 ,compared to 37.63% as of 31 March 2023 .

Cash flow from operating activities decreased to Rs 2,803.40 crore for year ended March 2024 from Rs 3,339.97 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 1,253.49 crore, compared to Rs 1,278.02 crore during the year ended March 2023.

The scrip is currently trading at Rs 327

Gujarat State Petronet : Consolidated Results
Particulars	2406 (03)	2306 (03)	Var.(%)	2403 (12)	2303 (12)	Var.(%)
Net Sales	4,727.01	4,108.33	15	17,294.84	18,116.59	-5
OPM (%)	17.7	17.6		19.6	20.2
OP	836.83	724.62	15	3,383.00	3,653.16	-7
Other Inc.	69.42	40.35	72	186.48	133	40
PBIDT	906.25	764.97	18	3,569.48	3,786.16	-6
Interest	8.34	7.9	6	32.08	43.63	-26
PBDT	897.91	757.07	19	3,537.40	3,742.53	-5
Depreciation	171.4	161.37	6	663.82	620.52	7
PBT	726.51	595.7	22	2873.58	3122.01	-8
Share of Profit/(Loss) from Associates	-14.95	-10.06	-49	5.47	2.79	96
PBT before EO	711.56	585.64	22	2879.05	3124.8	-8
EO Income	0	0	-	55.69	0	-
PBT after EO	711.56	585.64	22	2934.74	3124.8	-6
Taxation	185.01	151.61	22	751	782.79	-4
PAT	526.55	434.03	21	2183.74	2342.01	-7
Minority Interest (MI)	151.58	98.99	53	524.21	700.51	-25
Net profit	374.97	335.04	12	1659.53	1641.5	1
EPS (Rs)*	#	#		28.9	29.1
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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