|
Consolidated net sales (including
other operating income) of Gujarat Gas has declined 3.30% to Rs 3845.4
crore. For the quarter ended on 30th
September 2023, the Company`s sales volumes increased by 22% to 9.32 mmscmd
from 7.62 mmscmd during quarter ended on 30th September 2022. The industrial
sales volumes increased to 5.86 mmscmd for quarter ended 30th September2023
from 4.47 mmscmd for quarter ended 30th September 2022, which is an increase of
31%. Company has achieved average CNG sales of 2.62 mmscmd for quarter ended on
30th September 2023 (growth of 13% over same quarter previous year), on the
back of investments in CNG station infrastructure coupled with favourable
government policies.
During the quarter, the Company
added around 53,000 new domestic customers, 221 commercial customers and
commissioned 61 new industrial customers (with a cumulative volume close to
83,000 scmd). As on 30th September 2023, the company has a signed volume of
5,42,000 scmd yet to be commissioned. The company has embarked on major
digitization initiatives across various business processes viz. PNG & CNG,
LNG Tanker, Billing, Collection, Vendor invoice submission, Efiling etc.
Operating profit margin has declined
from 16.16% to 12.91%, leading to 22.73% decline in operating profit to Rs
496.62 crore. Raw material cost as a %
of total sales (net of stock adjustments) increased from 77.15% to 79.41%. Employee cost increased from 1.27% to
1.32%. Other expenses rose from 5.41%
to 6.36%.
Other income rose 51.81% to Rs 28.16
crore. PBIDT fell 20.64% to Rs 524.78
crore. Provision for interest fell
40.49% to Rs 7.79 crore.
PBDT fell 20.24% to Rs 516.99
crore. Provision for depreciation rose
10.82% to Rs 117.92 crore. Fixed assets
increased to Rs 7,974.99 crore as of 30 September 2023 from Rs 7,466.92 crore
as of 30 September 2022. Intangible
assets increased from Rs 450.75 crore to Rs 515.86 crore.
Profit before tax down 26.34% to Rs
399.07 crore. Share of profit/loss was
81.25% lower at Rs 0.09 crore. Provision
for tax was expense of Rs 102.91 crore, compared to Rs 137.86 crore. Effective tax rate was 25.78% compared to
25.42%.
Minority interest was nil in both
the periods. Net profit attributable to
owners of the company decreased 26.75% to Rs 296.25 crore.
Equity capital stood at Rs 137.68
crore as of 30 September 2023 to Rs 137.68 crore as of 30 September 2022. Per share face Value remained same at Rs
2.00.
Promoters’ stake was 60.89% as of 30
September 2023 compared to 60.89% as of 30 September 2022 .
For year-to-date (YTD) results analysis
Net sales (including other operating
income) of Gujarat Gas has declined 16.61% to Rs 7626.91 crore. Operating profit margin has declined from
13.66% to 11.60%, leading to 29.19% decline in operating profit to Rs 884.62
crore. Raw material cost as a % of total
sales (net of stock adjustments) increased from 80.53% to 80.61%. Employee cost increased from 1.07% to
1.35%. Other expenses rose from 4.74%
to 6.45%.
Other income rose 38.51% to Rs 52.01
crore. PBIDT fell 27.22% to Rs 936.63
crore. Provision for interest fell
43.10% to Rs 15.17 crore. Loan funds declined
from Rs 343.02 crore as of 30 September 2022 to Rs 154.54 crore as of 30
September 2023. Inventories declined
from Rs 65.47 crore as of 30 September 2022 to Rs 61.61 crore as of 30
September 2023. Sundry debtors were
higher at Rs 1,015.64 crore as of 30 September 2023 compared to Rs 890.27 crore
as of 30 September 2022. Cash and bank
balance rose to Rs 775.61 crore as of 30 September 2023 from Rs 404.62 crore as
of 30 September 2022. Investments rose
to Rs 162.03 crore as of 30 September 2023 from Rs 53.25 crore as of 30
September 2022 .
PBDT fell 26.88% to Rs 921.46
crore. Provision for depreciation rose
11.19% to Rs 233.03 crore. Fixed assets
increased to Rs 7,974.99 crore as of 30 September 2023 from Rs 7,466.92 crore
as of 30 September 2022. Intangible
assets increased from Rs 450.75 crore to Rs 515.86 crore.
Profit before tax down 34.48% to Rs
688.43 crore. Share of profit/loss was
24.60% lower at Rs 0.95 crore. Provision
for tax was expense of Rs 177.18 crore, compared to Rs 265.62 crore. Effective tax rate was 25.70% compared to
25.25%.
Minority interest was nil in both
the periods. Net profit attributable to
owners of the company decreased 34.86% to Rs 512.20 crore.
Equity capital stood at Rs 137.68
crore as of 30 September 2023 to Rs 137.68 crore as of 30 September 2022. Per share face Value remained same at Rs
2.00.
Promoters’ stake was 60.89% as of 30
September 2023 ,compared to 60.89% as of 30 September 2022.
Cash flow from operating activities
decreased to Rs 661.88 crore for YTD ended September 2023 from Rs 1,396.11
crore for YTD ended September 2022. Cash
flow used in acquiring fixed assets during the YTD ended September 2023 stood
at Rs 465.25 crore, compared to Rs 566.22 crore during the YTD ended September
2022.
The scrip trades at
around Rs 420
|
Gujarat Gas : Consolidated Results
|
|
Particulars
|
2309
(03)
|
2209
(03)
|
Var.(%)
|
2309
(06)
|
2209
(06)
|
Var.(%)
|
2303
(12)
|
2203
(12)
|
Var.(%)
|
|
Net
Sales
|
3,845.40
|
3,976.46
|
-3
|
7,626.91
|
9,146.54
|
-17
|
16,759.40
|
16,456.22
|
2
|
|
OPM
(%)
|
12.9
|
16.2
|
|
11.60
|
13.7
|
|
14.27
|
12.6
|
|
|
OP
|
496.62
|
642.74
|
-23
|
884.62
|
1,249.35
|
-29
|
2,391.99
|
2,076.30
|
15
|
|
Other
Inc.
|
28.16
|
18.55
|
52
|
52.01
|
37.55
|
39
|
101.33
|
90.87
|
12
|
|
PBIDT
|
524.78
|
661.29
|
-21
|
936.63
|
1,286.90
|
-27
|
2,493.32
|
2,167.17
|
15
|
|
Interest
|
7.79
|
13.09
|
-40
|
15.17
|
26.66
|
-43
|
40.35
|
56.82
|
-29
|
|
PBDT
|
516.99
|
648.2
|
-20
|
921.46
|
1,260.24
|
-27
|
2,452.97
|
2,110.35
|
16
|
|
Depreciation
|
117.92
|
106.41
|
11
|
233.03
|
209.57
|
11
|
428.26
|
384.91
|
11
|
|
PBT
|
399.07
|
541.79
|
-26
|
688.43
|
1050.67
|
-34
|
2024.71
|
1725.44
|
17
|
|
Share
of Profit/(Loss) from Associates
|
0.09
|
0.48
|
-81
|
0.95
|
1.26
|
-25
|
2.86
|
1.62
|
77
|
|
PBT
before EO
|
399.16
|
542.27
|
-26
|
689.38
|
1051.93
|
-34
|
2027.57
|
1727.06
|
17
|
|
EO
Income
|
0
|
0
|
-
|
0
|
0
|
-
|
0
|
-11.9
|
-
|
|
PBT
after EO
|
399.16
|
542.27
|
-26
|
689.38
|
1051.93
|
-34
|
2027.57
|
1715.16
|
18
|
|
Taxation
|
102.91
|
137.86
|
-25
|
177.18
|
265.62
|
-33
|
499.19
|
427.79
|
17
|
|
PAT
|
296.25
|
404.41
|
-27
|
512.2
|
786.31
|
-35
|
1528.38
|
1287.37
|
19
|
|
Minority
Interest (MI)
|
0
|
0
|
-
|
0
|
0
|
-
|
0
|
0
|
-
|
|
Net
profit
|
296.25
|
404.41
|
-27
|
512.2
|
786.31
|
-35
|
1528.38
|
1287.37
|
19
|
|
EPS
(Rs)*
|
#
|
#
|
|
#
|
#
|
|
22.2
|
18.8
|
|
|
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
|
.
|