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Results
07-May-24
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Analysis
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Gujarat Gas
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Reduction in spot gas prices and increase in volumes led to increase in profits
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Consolidated net sales (including
other operating income) of Gujarat Gas has increased 5.23% to Rs 4134.18 crore.
The company`s sales volumes increased by 9% to 9.69 mmscmd for the quarter
ended on 31 st March 2024 from 8.86 mmscmd during quarter ended on 31 st March
2023. The industrial sales volumes increased to 5.80 mmscmd for quarter ended
31 st March 2024 from 5.36 mmscmd for quarter ended 31 st March 2023, an
increase of 8%.
Operating profit margin has jumped
from 14.26% to 14.30%, leading to 5.49% rise in operating profit to Rs 591.08
crore. Raw material cost as a % of total
sales (net of stock adjustments) decreased from 78.38% to 77.02%. Employee cost decreased from 1.26% to
1.16%. Other expenses rose from 6.09%
to 7.51%.
Other income fell 2.23% to Rs 31.08
crore. PBIDT rose 5.08% to Rs 622.16
crore. Provision for interest rose
14.71% to Rs 6.94 crorePBDT rose 4.98% to Rs 615.22 crore. Provision for depreciation rose 10.77% to Rs
121.2 crore.
Profit before tax grew 3.65% to Rs
494.02 crore. Share of profit/loss was
27.13% lower at Rs 0.94 crore. Provision
for tax was expense of Rs 140.17 crore, compared to Rs 107.43 crore. Effective tax rate was 25.46% compared to
22.48%.
Minority interest was nil in both
the periods. Net profit attributable to
owners of the company increased 10.79% to Rs 410.48 crore. Reduction in spot
gas prices and increase in volumes led to increase in profits.
The Compressed Natural Gas (CNG)
category continues to witness strong momentum, as the consumer are benefitting
from favourable government policies which has supported in terms of volume
growth.
During the quarter, the company
added more than 50,800 new domestic customers, 271 commercial customers and
commissioned 76 new industrial customers. Volume of 2,79,000 scmd is added due
to commissioning of new industrial customers. Moreover, as on 31 st March 2024,
the company has a signed volume of 7,70,000 scmd which will be commissioned in
coming days.
During FY 2023-24, Company added
close to 1,87,000 new domestic customers.
Equity capital stood at Rs 137.68
crore as of 31 March 2024 to Rs 137.68 crore as of 31 March 2023. Per share face Value remained same at Rs
2.00.
Promoters’ stake was 60.89% as of 31
March 2024 ,compared to 60.89% as of 31 March 2023.
Full year results analysis
Net sales (including other operating
income) of Gujarat Gas has declined 6.38% to Rs 15690.19 crore. Operating
profit margin has declined from 14.27% to 11.96%, leading to 21.56% decline in
operating profit to Rs 1,876.38 crore.
Raw material cost as a % of total sales (net of stock adjustments)
increased from 79.20% to 80.02%.
Employee cost increased from 1.17% to 1.27%. Other expenses rose from 5.36% to
6.75%.
Other income rose 4.72% to Rs 106.11
crore. PBIDT fell 20.49% to Rs 1982.49
crore. Provision for interest fell
27.36% to Rs 29.31 crore. Loan funds
declined from Rs 152.32 crore as of 31 March 2023 to Rs 150.26 crore as of 31
March 2024. Inventories declined from Rs
61.18 crore as of 31 March 2023 to Rs 58.67 crore as of 31 March 2024. Sundry debtors were higher at Rs 1,029.84
crore as of 31 March 2024 compared to Rs 1,021.15 crore as of 31 March 2023. Cash and bank balance rose to Rs 926.12 crore
as of 31 March 2024 from Rs 680.98 crore as of 31 March 2023. Investments rose to Rs 135.07 crore as of 31
March 2024 from Rs 30.41 crore as of 31 March 2023 .
PBDT fell 20.37% to Rs 1953.18
crore. Provision for depreciation rose
10.75% to Rs 474.3 crore. Fixed assets
increased to Rs 8,124.97 crore as of 31 March 2024 from Rs 7,819.11 crore as of
31 March 2023. Intangible assets
increased from Rs 501.67 crore to Rs 555.81 crore.
Profit before tax down 26.96% to Rs
1,478.88 crore. Share of profit/loss was
10.14% lower at Rs 2.57 crore. Provision
for tax was expense of Rs 393.44 crore, compared to Rs 499.19 crore. Effective tax rate was 25.60% compared to
24.62%.
Minority interest was nil in both
the periods. Net profit attributable to
owners of the company decreased 25.17% to Rs 1,143.70 crore.
Equity capital stood at Rs 137.68
crore as of 31 March 2024 to Rs 137.68 crore as of 31 March 2023. Per share face Value remained same at Rs
2.00.
Promoters’ stake was 60.89% as of 31
March 2024 ,compared to 60.89% as of 31 March 2023.
Cash flow from operating activities decreased to Rs 1,634.04
crore for year ended March 2024 from Rs 2,375.49 crore for year ended March
2023. Cash flow used in acquiring fixed
assets during the year ended March 2024 stood at Rs 837.14 crore, compared to
Rs 1,086.73 crore during the year ended March 2023.
The scrip trades at around Rs 543
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Gujarat Gas : Consolidated Results
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Particulars
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2403
(03)
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2303
(03)
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Var.(%)
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2403
(12)
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2303
(12)
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Var.(%)
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Net
Sales
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4,134.18
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3,928.57
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5
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15,690.19
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16,759.40
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-6
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OPM
(%)
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14.3
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14.3
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12.0
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14.3
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OP
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591.08
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560.32
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5
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1,876.38
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2,391.99
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-22
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Other
Inc.
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31.08
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31.79
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-2
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106.11
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101.33
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5
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PBIDT
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622.16
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592.11
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5
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1,982.49
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2,493.32
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-20
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Interest
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6.94
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6.05
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15
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29.31
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40.35
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-27
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PBDT
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615.22
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586.06
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5
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1,953.18
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2,452.97
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-20
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Depreciation
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121.2
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109.42
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11
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474.3
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428.26
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11
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PBT
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494.02
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476.64
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4
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1478.88
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2024.71
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-27
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Share
of Profit/(Loss) from Associates
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0.94
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1.29
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-27
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2.57
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2.86
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-10
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PBT
before EO
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494.96
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477.93
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4
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1481.45
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2027.57
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-27
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EO
Income
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55.69
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0
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-
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55.69
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0
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-
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PBT
after EO
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550.65
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477.93
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15
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1537.14
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2027.57
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-24
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Taxation
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140.17
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107.43
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30
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393.44
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499.19
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-21
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PAT
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410.48
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370.5
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11
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1143.7
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1528.38
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-25
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Minority
Interest (MI)
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0
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0
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-
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0
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0
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-
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Net
profit
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410.48
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370.5
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11
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1143.7
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1528.38
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-25
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EPS
(Rs)*
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#
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#
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16.0
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22.2
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Notes
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*
EPS is on current equity of Rs 137.68 crore, Face value of Rs 2, Excluding
extraordinary items.
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#
EPS is not annualised
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bps
: Basis points
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EO
: Extraordinary items
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Figures
in Rs crore
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Source:
Capitaline Corporate Database
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