|
Gujarat Gas consolidated net sales increased 6.64% to Rs
3929.1 crore in Q3FY24 compared to Q3FY23. Sales volumes increased by 26% to
9.16 mmscmd during Q3FY24 from 7.29 mmscmd during Q3FY23. The industrial sales
volumes increased to 5.53 mmscmd from 4.05 mmscmd, an increase of 36%. The
company has achieved the highest ever average CNG sales of 2.78 mmscmd for
quarter
ended on 31 st December 2023 (growth of 14% over same
quarter previous year), on the back of investments in CNG station
infrastructure coupled with favourable government policies
Operating profit margin has declined from 15.81% to 10.20%,
leading to 31.19% decline in operating profit to Rs 400.68 crore. Raw material cost as a % of total sales (net
of stock adjustments) increased from 76.78% to 82.04%. Employee cost decreased from 1.32% to
1.22%. Other expenses rose from 6.11%
to 6.55%.
Other income fell 28.04% to Rs 23.02 crore. PBIDT fell 31.03% to Rs 423.7 crore. Provision for interest fell 5.76% to Rs 7.2
crore.
PBDT fell 31.35% to Rs 416.5 crore. Provision for depreciation rose 9.88% to Rs
120.07 crore.
Profit before tax down 40.40% to Rs 296.43 crore. Share of profit/loss was 119.35% higher at Rs
0.68 crore. Provision for tax was
expense of Rs 76.09 crore, compared to Rs 126.14 crore. Effective tax rate was 25.61% compared to
25.34%.
Minority interest was nil in both the periods. Net profit attributable to owners of the
company decreased 40.52% to Rs 221.02 crore.
Promoters’ stake was 60.89% as of 31 December 2023 compared
to 60.89% as of 31 December 2022.
During the quarter, the Company added -38,000 new domestic
customers, 197 commercial customers and commissioned 69 new industrial
customers. Volume of 1,16,000 scmd is added due to commissioning of new
industrial customers. Moreover, as on 31 st December 2023, the company has a
signed volume of 8,23,000 scmd which will be commissioned in coming days.
During the quarter, Company has contracted -0.50 mmscmd of
domestic gas under auction from one of the upstream suppliers for 4 years.
The company has launched Full Dealer Owned Dealer Operated
(FDODO) scheme to fast track development of CNG stations infrastructure. It
plans to add more than 200 CNG stations in next 2-3 years under the scheme.
For year-to-date
(YTD) results analysis
Net sales (including other operating income) of Gujarat Gas
has declined 9.94% to Rs 11556.01 crore.
Operating profit margin has declined from 14.28% to 11.12%,
leading to 29.83% decline in operating profit to Rs 1,285.30 crore. Raw material cost as a % of total sales (net
of stock adjustments) increased from 79.45% to 81.09%. Employee cost increased from 1.14% to 1.30%. Other expenses rose from 5.14% to
6.48%.
Other income rose 7.89% to Rs 75.03 crore. PBIDT fell 28.45% to Rs 1360.33 crore. Provision for interest fell 34.78% to Rs
22.37 crore.
PBDT fell 28.33% to Rs 1337.96 crore. Provision for depreciation rose 10.75% to Rs
353.1 crore.
Profit before tax down 36.38% to Rs 984.86 crore. Share of profit/loss was 3.82% higher at Rs
1.63 crore. Provision for tax was
expense of Rs 253.27 crore, compared to Rs 391.76 crore. Effective tax rate was 25.67% compared to
25.28%.
Minority interest was nil in both the periods. Net profit attributable to owners of the
company decreased 36.68% to Rs 733.22 crore.
Promoters’ stake was 60.89% as of 31 December 2023 ,compared
to 60.89% as of 31 December 2022.
The scrip trades at
around Rs 559
|
Gujarat Gas : Consolidated Results
|
|
Particulars
|
2312
(03)
|
2212
(03)
|
Var.(%)
|
2312
(09)
|
2212
(09)
|
Var.(%)
|
2303
(12)
|
2203
(12)
|
Var.(%)
|
|
Net
Sales
|
3,929.10
|
3,684.29
|
7
|
11,556.01
|
12,830.83
|
-10
|
16,759.40
|
16,456.22
|
2
|
|
OPM
(%)
|
10.2
|
15.8
|
|
11.1
|
14.3
|
|
14.3
|
12.6
|
|
|
OP
|
400.68
|
582.32
|
-31
|
1,285.30
|
1,831.67
|
-30
|
2,391.99
|
2,076.30
|
15
|
|
Other
Inc.
|
23.02
|
31.99
|
-28
|
75.03
|
69.54
|
8
|
101.33
|
90.87
|
12
|
|
PBIDT
|
423.7
|
614.31
|
-31
|
1,360.33
|
1,901.21
|
-28
|
2,493.32
|
2,167.17
|
15
|
|
Interest
|
7.2
|
7.64
|
-6
|
22.37
|
34.3
|
-35
|
40.35
|
56.82
|
-29
|
|
PBDT
|
416.5
|
606.67
|
-31
|
1,337.96
|
1,866.91
|
-28
|
2,452.97
|
2,110.35
|
16
|
|
Depreciation
|
120.07
|
109.27
|
10
|
353.1
|
318.84
|
11
|
428.26
|
384.91
|
11
|
|
PBT
|
296.43
|
497.4
|
-40
|
984.86
|
1548.07
|
-36
|
2024.71
|
1725.44
|
17
|
|
Share
of Profit/(Loss) from Associates
|
0.68
|
0.31
|
119
|
1.63
|
1.57
|
4
|
2.86
|
1.62
|
77
|
|
PBT
before EO
|
297.11
|
497.71
|
-40
|
986.49
|
1549.64
|
-36
|
2027.57
|
1727.06
|
17
|
|
EO
Income
|
0
|
0
|
-
|
0
|
0
|
-
|
0
|
-11.9
|
-
|
|
PBT
after EO
|
297.11
|
497.71
|
-40
|
986.49
|
1549.64
|
-36
|
2027.57
|
1715.16
|
18
|
|
Taxation
|
76.09
|
126.14
|
-40
|
253.27
|
391.76
|
-35
|
499.19
|
427.79
|
17
|
|
PAT
|
221.02
|
371.57
|
-41
|
733.22
|
1157.88
|
-37
|
1528.38
|
1287.37
|
19
|
|
Minority
Interest (MI)
|
0
|
0
|
-
|
0
|
0
|
-
|
0
|
0
|
-
|
|
Net
profit
|
221.02
|
371.57
|
-41
|
733.22
|
1157.88
|
-37
|
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
|
.
|