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Gujarat Gas consolidated net sales
declined 15.87% to Rs 3928.57 crore in Q4FY23 compared to Q4FY22. Operating profit margin has declined from
14.94% to 14.26%, leading to 19.66% decline in operating profit to Rs 560.32
crore. Raw material cost as a % of total
sales (net of stock adjustments) decreased from 79.66% to 78.38%. Employee cost increased from 1.05% to 1.26%. Other expenses rose from 4.35% to
6.09%.
Other income rose 79.91% to Rs 31.79
crore. PBIDT fell 17.20% to Rs 592.11
crore. Provision for interest fell
58.13% to Rs 6.05 crore.
PBDT fell 16.35% to Rs 586.06
crore. Provision for depreciation rose
7.21% to Rs 109.42 crore.
Profit before tax down 20.37% to Rs
476.64 crore. Share of profit/loss was
1,512.50% higher at Rs 1.29 crore.
Provision for tax was expense of Rs 107.43 crore, compared to Rs 142.38
crore. Effective tax rate was 22.48%
compared to 24.27%.
Minority interest was nil in both
the periods. Net profit attributable to
owners of the company decreased 16.63% to Rs 370.50 crore.
For the quarter ended 31 st March
2023, the company reported a smart recovery in total gas sales volume. The
company sold 8.86 mmscmd of volume as compared to 7.29 mmscmd registered in the
preceding quarter, an increase of 22%. This was due to the sharp correction in
the spot LNG prices, which the company decided to pass on to its industrial
customers to improve their competitiveness.
The company registered average gas
volumes of8.86 mmscmd for the quarter – 5.36 mmscmd for Industrial, 2.53 mmscmd
for CNG, 0.83 mmscmd for PNG- domestic and 0.14 for PNG- commercial. The
Compressed Natural Gas (CNG) category continues to witness strong momentum, as
the consumer started to benefit from favourable government policies announced
to protect the interest of CNG and residential Piped Natural Gas (PNG) users.
The central government implemented APM gas policy capping the price of APM gas
at $6.5 Immbtu whereas the state government reduced VAT from 15% to 5% thereby
making CNG/PNG more affordable.
During the year, the company added
close to 1,80,000 new domestic customers, 102 CNG stations, 1200+ commercial
& industrial customers (with a cumulative volume close to 7,00,000 scmd) in
FY 22-23. Similarly, for the quarter, the company connected over 50,000 new
domestic customers, added 60 CNG stations and commissioned 400+ commercial
& industrial customers.
Equity capital stood at Rs 137.68
crore as of 31 March 2023 to Rs 137.68 crore as of 31 March 2022. Per share face Value remained same at Rs
2.00.
Promoters’ stake was 60.89% as of 31
March 2023 compared to 60.89% as of 31 March 2022.
Full year results analysis
Net sales of Gujarat Gas have
increased 1.84% to Rs 16759.4 crore.
Operating profit margin has jumped from 12.62% to 14.27%, leading to
15.20% rise in operating profit to Rs 2,391.99 crore. Raw material cost as a % of total sales (net
of stock adjustments) decreased from 81.66% to 79.20%. Employee cost increased from 1.16% to 1.17%. Other expenses rose from 4.57% to
5.36%.
Other income rose 11.51% to Rs
101.33 crore. PBIDT rose 15.05% to Rs
2493.32 crore. Provision for interest
fell 28.99% to Rs 40.35 crore. Loan
funds declined from Rs 628.85 crore as of 31 March 2022 to Rs 152.32 crore as
of 31 March 2023. Inventories rose to Rs
61.18 crore as of 31 March 2023 from Rs 53.39 crore as of 31 March 2022. Sundry debtors were higher at Rs 1,021.15
crore as of 31 March 2023 compared to Rs 930.05 crore as of 31 March 2022. Cash and bank balance rose to Rs 680.98 crore
as of 31 March 2023 from Rs 21.13 crore as of 31 March 2022. Investments rose to Rs 30.41 crore as of 31
March 2023 from Rs 22.39 crore as of 31 March 2022 .
PBDT rose 16.24% to Rs 2452.97
crore. Provision for depreciation rose
11.26% to Rs 428.26 crore. Fixed assets
increased to Rs 7,819.11 crore as of 31 March 2023 from Rs 7,193.19 crore as of
31 March 2022. Intangible assets
increased from Rs 430.31 crore to Rs 501.67 crore.
Profit before tax grew 17.34% to Rs
2,024.71 crore. Share of profit/loss was
76.54% higher at Rs 2.86 crore.
Provision for tax was expense of Rs 499.19 crore, compared to Rs 427.79
crore. Effective tax rate was 24.62%
compared to 24.94%.
Minority interest was nil in both
the periods. Net profit attributable to
owners of the company increased 18.72% to Rs 1,528.38 crore.
Equity capital stood at Rs 137.68
crore as of 31 March 2023 to Rs 137.68 crore as of 31 March 2022. Per share face Value remained same at Rs
2.00.
Promoters’ stake was 60.89% as of 31 March 2023 compared to
60.89% as of 31 March 2022.
The scrip trades at around Rs 463.
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Gujarat Gas : Consolidated Results
|
|
Particulars
|
2303
(03)
|
2203
(03)
|
Var.(%)
|
2303
(12)
|
2203
(12)
|
Var.(%)
|
|
Net
Sales
|
3,928.57
|
4,669.39
|
-16
|
16,759.40
|
16,456.22
|
2
|
|
OPM
(%)
|
14.3
|
14.9
|
|
14.3
|
12.6
|
|
|
OP
|
560.32
|
697.43
|
-20
|
2,391.99
|
2,076.30
|
15
|
|
Other
Inc.
|
31.79
|
17.67
|
80
|
101.33
|
90.87
|
12
|
|
PBIDT
|
592.11
|
715.1
|
-17
|
2,493.32
|
2,167.17
|
15
|
|
Interest
|
6.05
|
14.45
|
-58
|
40.35
|
56.82
|
-29
|
|
PBDT
|
586.06
|
700.65
|
-16
|
2,452.97
|
2,110.35
|
16
|
|
Depreciation
|
109.42
|
102.06
|
7
|
428.26
|
384.91
|
11
|
|
PBT
|
476.64
|
598.59
|
-20
|
2024.71
|
1725.44
|
17
|
|
Share
of Profit/(Loss) from Associates
|
1.29
|
0.08
|
999
|
2.86
|
1.62
|
77
|
|
PBT
before EO
|
477.93
|
598.67
|
-20
|
2027.57
|
1727.06
|
17
|
|
EO
Income
|
0
|
-11.9
|
-
|
0
|
-11.9
|
-
|
|
PBT
after EO
|
477.93
|
586.77
|
-19
|
2027.57
|
1715.16
|
18
|
|
Taxation
|
107.43
|
142.38
|
-25
|
499.19
|
427.79
|
17
|
|
PAT
|
370.5
|
444.39
|
-17
|
1528.38
|
1287.37
|
19
|
|
Minority
Interest (MI)
|
0
|
0
|
-
|
0
|
0
|
-
|
|
Net
profit
|
370.5
|
444.39
|
-17
|
1528.38
|
1287.37
|
19
|
|
EPS
(Rs)*
|
#
|
#
|
|
22.2
|
18.8
|
|
|
Notes
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|
*
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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