|
Gujarat Gas consolidated net sales increased 178.03% to Rs
3010.87 crore in Q1FY22 compared to Q1FY21.
Operating profit margin has jumped from 17.15% to 24.01%, leading to
289.19% rise in operating profit to Rs 722.88 crore. Raw material cost as a % of total sales (net
of stock adjustments) increased from 67.37% to 68.43%. Employee cost decreased from 3.93% to
1.68%. Other expenses fell from 11.54%
to 5.88%.
Other income rose 42.63% to Rs 21.28 crore. Provision for interest fell 60.42% to Rs
15.87 crore. Provision for depreciation
rose 10.07% to Rs 90.53 crore.
Profit before tax grew 714.40% to Rs 637.76 crore. Share of profit/loss was 30.77% higher at Rs
0.51 crore. Provision for tax was
expense of Rs 161.58 crore, compared to Rs 19.63 crore. Effective tax rate was 25.32% compared to
24.94%.
Net profit attributable to owners of the company increased
706.99% to Rs 476.69 crore.
The company’s total gas volumes for the quarter were at
10.01 mmscmd as against FY21 average sales of 9.39 mmscmd. During the quarter the
company added 11 new CNG stations.
The subsequent outbreak of another
COVID-19 and resultant local restrictions imposed impacted the natural gas
demand, mainly from CNG and Industrial category. As restrictions are lifted to
a great extent in the Company`s operating areas, the natural gas demand has
normalized to Q4FY21 levels. The company currently continues to flow total gas
volume close to 12 mmscmd.
In addition to commencement of
supply of 0.67 (DCQ) mmscmd gas from block KG-DWN-9813 (KG D6) during quarter
ended on 31st March, 2021, during the April to June quarter, the company`s
domestic gas portfolio received further boost with commencement of 1.33 mmscmd
(DCQ) gas supply from the recently auctioned RJ-ON-90/1 block of Barmer field
in Rajasthan under the Gas purchase agreement with one of the upstream
suppliers.
The Company currently has a comfortable liquidity position
and has partly prepaid term loan to the extent of Rs 170 crore during the
quarter.
Promoters’ stake was 60.89% as of 30 June 2021 compared to
60.89% as of 30 June 2020.
Full year
results analysis
Net sales of Gujarat Gas declined 4.33% to Rs 9854.25
crore. Operating profit margin has
jumped from 15.87% to 21.19%, leading to 27.75% rise in operating profit to Rs
2,087.82 crore. Raw material cost as a %
of total sales (net of stock adjustments) decreased from 76.52% to 70.94%. Employee cost increased from 1.70% to
1.80%. Other expenses rose from 5.91%
to 6.08%.
The restrictions imposed to curb the outbreak of recent
COVID-19 wave had an impact in the natural gas demand mainly from CNG,
lndustrial and commercial categories. As restrictions are being lifted
gradually in many of company`s operating areas, natural gas demand is likely to
improve. The company`s gas sales volume till date in the FY22 stands close to
10 mmscmd as against average gas sales of 9.39 mmscmd in FY21.
Other income fell 11.60% to Rs 74.16 crore. Provision for interest fell 39.48% to Rs
116.31 crore. Loan funds declined from
Rs 1,891.38 crore as of 31 March 2020 to Rs 849.44 crore as of 31 March
2021. Inventories rose to Rs 52.21 crore
as of 31 March 2021 from Rs 46.26 crore as of 31 March 2020. Sundry debtors were higher at Rs 783.09 crore
as of 31 March 2021 compared to Rs 510.14 crore as of 31 March 2020. Cash and bank balance declined from Rs 694.07
crore as of 31 March 2020 to Rs 320.96 crore as of 31 March 2021. Investments rose to Rs 47.80 crore as of 31
March 2021 from Rs 43.21 crore as of 31 March 2020 .
Provision for depreciation rose 7.19% to Rs 340.84
crore. Fixed assets increased to Rs
6,301.67 crore as of 31 March 2021 from Rs 5,818.50 crore as of 31 March
2020. Intangible assets increased from
Rs 336.07 crore to Rs 351.85 crore.
Profit before tax grew 41.13% to Rs 1,704.83 crore. Provision for tax was expense of Rs 429.22
crore, compared to Rs 9.16 crore.
Effective tax rate was 25.15% compared to 0.76%.
Net profit attributable to owners of the company increased
6.58% to Rs 1,277.72 crore.
Promoters’ stake was 60.89% as of 31 March 2021 compared to
60.89% as of 31 March 2020 .
Cash flow from operating activities increased to Rs 1,655.16
crore for year ended March 2021 from Rs 1,419.83 crore for year ended March
2020. Cash flow used in acquiring fixed
assets during the year ended March 2021 stood at Rs 751.32 crore, compared to
Rs 595.55 crore during the year ended March 2020.
The company added 150 new CNG stations in FY21. The company
also added more than 1,00,000 households, 350 industrial customers and laid
pipeline network of over 4600 kms including commissioned as well as ongoing
projects. The company continues to hold the leadership position in CGD industry
in terms of size and scale of operation, with more than 1.55 million
households, over 13,000 commercial customers, 559 CNG stations, over 4,000
industrial units and close 30,000 kilometre of natural gas pipeline network, as
on 31`t March 2021.
Currently the shares of Gujarat Gas are quoting at around Rs
763 at BSE.
|
Gujarat Gas : Consolidated Results
|
|
Particulars
|
2106
(03)
|
2006
(03)
|
Var.(%)
|
2103
(12)
|
2003
(12)
|
Var.(%)
|
|
Net
Sales (including other operating income)
|
3,010.87
|
1,082.92
|
178
|
9,854.25
|
10,300.34
|
-4
|
|
OPM
(%)
|
24.0
|
17.2
|
|
21.2
|
15.9
|
|
|
OP
|
722.88
|
185.74
|
289
|
2,087.82
|
1,634.27
|
28
|
|
Other
Inc.
|
21.28
|
14.92
|
43
|
74.16
|
83.89
|
-12
|
|
PBIDT
|
744.16
|
200.66
|
271
|
2,161.98
|
1,718.16
|
26
|
|
Interest
|
15.87
|
40.1
|
-60
|
116.31
|
192.17
|
-39
|
|
PBDT
|
728.29
|
160.56
|
354
|
2,045.67
|
1,525.99
|
34
|
|
Depreciation
|
90.53
|
82.25
|
10
|
340.84
|
317.98
|
7
|
|
PBT
|
637.76
|
78.31
|
714
|
1,704.83
|
1,208.01
|
41
|
|
Share
of Profit/(Loss) from Associates
|
0.51
|
0.39
|
31
|
2.11
|
-0.03
|
LP
|
|
PBT
before EO
|
638.27
|
78.7
|
711
|
1706.94
|
1207.98
|
41
|
|
EO
Income
|
0
|
0
|
-
|
0
|
0
|
-
|
|
PBT
after EO
|
638.27
|
78.7
|
711
|
1706.94
|
1207.98
|
41
|
|
Taxation
|
161.58
|
19.63
|
723
|
429.22
|
9.16
|
999
|
|
PAT
|
476.69
|
59.07
|
707
|
1277.72
|
1198.82
|
7
|
|
Minority
Interest (MI)
|
0
|
0
|
-
|
0
|
0
|
-
|
|
Net
profit
|
476.69
|
59.07
|
707
|
1277.72
|
1198.82
|
7
|
|
P/(L)
from discontinued operations net of tax
|
0
|
0
|
-
|
0
|
0
|
-
|
|
Net
profit after discontinued operations
|
476.69
|
59.07
|
707
|
1277.72
|
1198.82
|
7
|
|
EPS
(Rs)*
|
#
|
#
|
|
18.56
|
17.41
|
|
|
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
|
|