Gujarat Gas

Solid performance

Jun 06, 2020 11:06 IST capital market

Gujarat Gas reported Rs 2666.63 crore as consolidated sales, a growth of 40% for the quarter ended Mar20 compared to corresponding previous year period and net profit of Rs 250.46 crore up 115%. Transmission volume during the quarter was 905 mmscm- Industrial 700 mmscm, CNG 134 mscm, Domestic 60 mscm and Commercial 11 mscm.

Operating margins of the company rose 270 bps to 16%. Operating profits as a result rose 68% to Rs 426.66 crore. Interest cost was down 16% to Rs 42 crore while depreciation rose 11% to Rs 80.49 crore resulting 114% increase in PBT to Rs 323.08 crore.

Tax provisions rose 109% to Rs 71.66 crore leading a 116% growth in PAT to Rs 251.42 crore. Considering minority interest PAT was up 115% to Rs 250.46 crore.

For year ended Mar20 consolidated net sales rose 33% to Rs 10300.34 crore. Operating margins improved 320 bps 15.9% leading a 66% growth in operating profits to Rs 1634.27 crore. Other income fell 25% to Rs 83.89 crore. Interest cost fell 2% to Rs 192.17 crore while depreciation rose 10% to Rs 317.98 crore resulting 97% increase in PBT before EO to Rs 1208.01 crore.

The company had nil EO items during the quarter compared to EO expense of Rs 17.87 crore in FY19. Exceptional item pertains to balance provision of stamp duty as per the order of the Chief Controlling Revenue Authority (CCRA) for stamp duty levied of Rs. 42.87 crore with regards to the appeal filed against the order of Collector & Additional Superintendent of Stamps for adjudication of stamp duty pursuant to Composite Scheme of Amalgamation and Arrangement approved by Honble Gujarat High Court. The company had already provided Rs. 25 crore for the same in the financial year 2015-16.

Tax provision was Rs 9.16 crore compared to tax expense of Rs 177.17 crore. PAT was up 188% to Rs 1198.85 crore. Considering minority interest PAT was up 186% to Rs 1198.82 crore.

Transmission volume during FY20 was 3454 mmscm- Industrial 2662 mmscm, CNG 543 mscm, Domestic 208 mscm and Commercial 41 mscm.

Currently the shares of Gujarat Gas are quoting at around Rs 285 at BSE.

Gujarat Gas: Results

 

Particulars 2003 (3) 1903 (3) Var. (%) 2003 (12) 1903 (12) Var. (%)
Sales 2666.63 1907.55 40 10300.34 7754.41 33
OPM (%) 16.0 13.3 15.9 12.7
OP 426.66 254.14 68 1634.27 984.64 66
Other income 18.91 18.72 1 83.89 111.56 -25
PBIDT 445.57 272.86 63 1718.16 1096.20 57
Interest 42.00 49.72 -16 192.17 196.19 -2
PBDT 403.57 223.14 81 1525.99 900.01 70
Depreciation 80.49 72.23 11 317.98 288.01 10
PBT before EO 323.08 150.91 114 1208.01 612.00 97
EO 0.00 0.00 0.00 17.87
PBT after EO 323.08 150.91 114 1208.01 594.13
Tax expense 71.66 34.29 109 9.16 177.17 -95
PAT 251.42 116.62 116 1198.85 416.96 188
MI 0.96 0.03 999 0.03 -1.49 -102
PAT after MI 250.46 116.59 115 1198.82 418.45 186
EPS (Rs)* # # 17.4 6.3
* Annualised on current equity of Rs 137.68 crore. Face Value: Rs 2
# EPS not calculated due to seasonality of business
LP: Loss to Profit PL: Profit to Loss
EO: Extraordinary items
EPS excludes EO and relevant tax
Figures in Rs crore
Source: Capitaline Corporate Database

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