Capitaline

Results 28-Oct-21

Analysis

Gujarat Gas

OP down 43%

Gujarat Gas consolidated net sales increased 43.83% to Rs 3614.52 crore in Q2FY22 compared to Q2FY21. Operating profit margin has declined from 29.17% to 11.65%, leading to 42.56% decline in operating profit to Rs 421.02 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 63.17% to 82.41%. Employee cost decreased from 1.86% to 1.23%. Other expenses fell from 5.79% to 4.72%.

Other income fell 7.60% to Rs 19.21 crore. PBIDT fell 41.60% to Rs 440.23 crore. Provision for interest fell 63.77% to Rs 12.27 crore. PBDT fell 40.56% to Rs 427.96 crore. Provision for depreciation rose 9.41% to Rs 93.68 crore.

Profit before tax down 47.30% to Rs 334.28 crore. Share of profit/loss was 91.30% lower at Rs 0.06 crore. Provision for tax was expense of Rs 85.21 crore, compared to Rs 159.53 crore. Effective tax rate was 25.49% compared to 25.12%.

Net profit attributable to owners of the company decreased 47.60% to Rs 249.13 crore.

For year-to-date (YTD) results analysis

Net sales of Gujarat Gas have increased 84.25% to Rs 6625.39 crore. Operating profit margin has declined from 25.55% to 17.27%, leading to 24.50% rise in operating profit to Rs 1,143.90 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 64.44% to 76.06%. Employee cost decreased from 2.49% to 1.43%. Other expenses fell from 7.52% to 5.25%.

Other income rose 13.39% to Rs 40.49 crore. PBIDT rose 24.09% to Rs 1184.39 crore. Provision for interest fell 61.96% to Rs 28.14 crore. PBDT rose 31.32% to Rs 1156.25 crore. Provision for depreciation rose 9.73% to Rs 184.21 crore.

Profit before tax grew 36.40% to Rs 972.04 crore. Share of profit/loss was 47.22% lower at Rs 0.57 crore. Provision for tax was expense of Rs 246.79 crore, compared to Rs 179.15 crore. Effective tax rate was 25.37% compared to 25.10%.

Net profit attributable to owners of the company increased 35.78% to Rs 725.82 crore.

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%.

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.

Currently the shares of Gujarat Gas are quoting at around Rs 593 at BSE.

Gujarat Gas : Consolidated Results
Particulars	2109 (03)	2009 (03)	Var.(%)	2109 (06)	2009 (06)	Var.(%)	2103 (12)	2003 (12)	Var.(%)
Net Sales	3,614.52	2,513.01	44	6,625.39	3,595.93	84	9,854.25	10,300.34	-4
OPM (%)	11.65	29.17		17.27	25.55		21.19	15.87
OP	421.02	733.02	-43	1,143.90	918.76	25	2,087.82	1,634.27	28
Other Inc.	19.21	20.79	-8	40.49	35.71	13	74.16	83.89	-12
PBIDT	440.23	753.81	-42	1,184.39	954.47	24	2,161.98	1,718.16	26
Interest	12.27	33.87	-64	28.14	73.97	-62	116.31	192.17	-39
PBDT	427.96	719.94	-41	1,156.25	880.5	31	2,045.67	1,525.99	34
Depreciation	93.68	85.62	9	184.21	167.87	10	340.84	317.98	7
PBT	334.28	634.32	-47	972.04	712.63	36	1704.83	1208.01	41
Share of Profit/(Loss) from Associates	0.06	0.69	-91	0.57	1.08	-47	2.11	-0.03	LP
PBT before EO	334.34	635.01	-47	972.61	713.71	36	1706.94	1207.98	41
EO Income	0	0	-	0	0	-	0	0	-
PBT after EO	334.34	635.01	-47	972.61	713.71	36	1706.94	1207.98	41
Taxation	85.21	159.53	-47	246.79	179.15	38	429.22	9.16	999
PAT	249.13	475.48	-48	725.82	534.56	36	1277.72	1198.82	7
Minority Interest (MI)	0	0	-	0	0	-	0	0	-
Net profit	249.13	475.48	-48	725.82	534.56	36	1277.72	1198.82	7
EPS (Rs)*	#	#		#	#		18.56	17.41	7
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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