Capitaline

Results 06-Feb-25

Analysis

Gujarat Gas

Sales up 6%, PBT up 1%

Net sales (including other operating income) of Gujarat Gas has increased 5.70% to Rs 4152.89 crore. For the quarter ended on 31st December 2024, the company`s sales volumes are at 9.47 mmscmd as compared to 9.16 mmscmd for same quarter previous year. The industrial sales volumes are 5.46 mmscmd for quarter ended 31 st December 2024 as compared to 5.53 mmscmd for same quarter previous year. Domestic sale volume increased to 0.74 mmscmd for quarter ended 31st December 2024 from 0.71 mmscmd for same quarter previous year.

The Compressed Natural Gas (CNG) category continues to witness strong momentum in terms of volume registering a 12% rise YoY and achieving highest ever CNG volume of 3.12 mmscmd during Q3 FY 2024-25. Company is also aggressively pushing for FDODO (Full Dealer-Owned Dealer-Operated) model, which will help in accelerating growth for the future.

During the quarter, the Company added more than 38,200 new domestic customers. Further the company has also added 5 new CNG stations. Volume of 1,72,000 scmd is added due to commissioning of new industrial customers.

Operating profit margin has declined from 10.20% to 9.16%, leading to 5.05% decline in operating profit to Rs 380.45 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 82.04% to 82.53%. Employee cost decreased from 1.22% to 1.12%. Other expenses rose from 6.55% to 7.20%.

Other income rose 146.92% to Rs 56.84 crore. PBIDT rose 3.21% to Rs 437.29 crore. Provision for interest rose 29.17% to Rs 9.3 crore.

PBDT rose 2.76% to Rs 427.99 crore. Provision for depreciation rose 7.80% to Rs 129.43 crore.

Profit before tax grew 0.72% to Rs 298.56 crore. Share of profit/loss was 54.41% higher at Rs 1.05 crore. Provision for tax was expense of Rs 78.62 crore, compared to Rs 76.09 crore. Effective tax rate was 26.24% compared to 25.61%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 0.01% to Rs 220.99 crore.

Promoters’ stake was 60.89% as of 31 December 2024 ,compared to 60.89% as of 31 December 2023 .

For year-to-date (YTD) results analysis

Net sales (including other operating income) of Gujarat Gas has increased 7.17% to Rs 12384.94 crore.

Operating profit margin has jumped from 11.12% to 11.55%, leading to 11.28% rise in operating profit to Rs 1,430.25 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 81.09% to 80.45%. Employee cost decreased from 1.30% to 1.17%. Other expenses rose from 6.48% to 6.83%.

Other income rose 78.52% to Rs 133.94 crore. PBIDT rose 14.99% to Rs 1564.19 crore. Provision for interest rose 11.98% to Rs 25.05 crore.

PBDT rose 15.04% to Rs 1539.14 crore. Provision for depreciation rose 8.20% to Rs 382.06 crore.

Profit before tax grew 17.49% to Rs 1,157.08 crore. Share of profit/loss was 132.52% higher at Rs 3.79 crore. Provision for tax was expense of Rs 300.43 crore, compared to Rs 253.27 crore. Effective tax rate was 25.88% compared to 25.67%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 17.35% to Rs 860.44 crore.

Promoters’ stake was 60.89% as of 31 December 2024 ,compared to 60.89% as of 31 December 2023 .

The scrip trades at around Rs 478

Gujarat Gas : Consolidated Results
Particulars	2412 (03)	2312 (03)	Var.(%)	2412 (09)	2312 (09)	Var.(%)	2403 (12)	2303 (12)	Var.(%)
Net Sales (including other operating income)	4,152.89	3,929.10	6	12,384.94	11,556.01	7	15,690.19	16,759.40	-6
OPM (%)	9.2	10.2		11.55	11.1		12.0	14.3
OP	380.45	400.68	-5	1,430.25	1,285.30	11	1,876.38	2,391.99	-22
Other Inc.	56.84	23.02	147	133.94	75.03	79	106.11	101.33	5
PBIDT	437.29	423.7	3	1,564.19	1,360.33	15	1,982.49	2,493.32	-20
Interest	9.3	7.2	29	25.05	22.37	12	29.31	40.35	-27
PBDT	427.99	416.5	3	1,539.14	1,337.96	15	1,953.18	2,452.97	-20
Depreciation	129.43	120.07	8	382.06	353.1	8	474.3	428.26	11
PBT	298.56	296.43	1	1157.08	984.86	17	1478.88	2024.71	-27
Share of Profit/(Loss) from Associates	1.05	0.68	54	3.79	1.63	133	2.57	2.86	-10
PBT before EO	299.61	297.11	1	1160.87	986.49	18	1481.45	2027.57	-27
EO Income	0	0	-	0	0	-	55.69	0	-
PBT after EO	299.61	297.11	1	1160.87	986.49	18	1537.14	2027.57	-24
Taxation	78.62	76.09	3	300.43	253.27	19	393.44	499.19	-21
PAT	220.99	221.02	0	860.44	733.22	17	1143.7	1528.38	-25
Minority Interest (MI)	0	0	-	0	0	-	0	0	-
Net profit	220.99	221.02	0	860.44	733.22	17	1143.7	1528.38	-25
EPS (Rs)*	#	#		#	#		16.0	22.2
Notes
* EPS is on current equity of Rs 137.68 crore, Face value of Rs 2, 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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