Gujarat State Petronet Ltd

About

Gujarat State Petronet Limited is a Public Limited Company incorporated under The Companies Act,1956. Further it is a Government Company u/s 2(45) under the Companies Act,2013.
Gujarat State Petronet Limited alongwith its subsidiaries is primarily engaged in transmission of Natural gas through pipeline. Further it is engaged in business of implementing and operating City Gas Distribution and generation of electricity through windmills. [1]

Key Points

Gas Transmission Business
The company is the second largest player in terms of gas transmission pipeline network operator in the country with its 2,694 km long pipeline network connecting various cities from Vapi to Jafrabad. GSPL has a well-established network in Gujarat having control over 25 out of 33 districts.[1][2]
During FY20, It commissioned the Pipavav- Gundala pipeline thereby providing natural gas connectivity to Projects at Dahej-SEZ, Gundala, Anjar. [3]

See full details
  • Market Cap 18,049 Cr.
  • Current Price 320
  • High / Low 383 / 177
  • Stock P/E 9.52
  • Book Value 113
  • Dividend Yield 0.63 %
  • ROCE 37.6 %
  • ROE 28.5 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 28.13% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 34.51%

Cons

Peer comparison

Sector: Gas Distribution Industry: Miscellaneous

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
2,500 2,456 2,297 3,021 3,043 3,027 3,152 1,505 2,980 3,283 3,767 3,425
1,820 1,779 1,713 2,149 2,232 2,282 2,366 979 1,862 2,263 2,865 2,324
Operating Profit 680 677 584 872 811 745 786 527 1,118 1,019 902 1,101
OPM % 27% 28% 25% 29% 27% 25% 25% 35% 38% 31% 24% 32%
Other Income 35 6 27 31 31 23 25 18 37 37 46 45
Interest 108 106 103 102 99 88 80 72 63 52 41 35
Depreciation 116 117 120 127 130 129 133 132 136 137 137 139
Profit before tax 491 460 388 674 613 552 598 341 957 867 770 972
Tax % 31% 32% 31% 35% -52% 26% 17% 27% 25% 25% 25% 25%
Net Profit 322 247 213 332 696 318 383 221 499 470 417 509
EPS in Rs 5.71 4.39 3.77 5.88 12.34 5.64 6.79 3.92 8.84 8.34 7.39 9.03

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
1,047 1,123 1,173 1,051 1,065 992 5,901 7,261 9,345 12,244 11,535 13,455
77 90 101 122 136 126 4,260 5,217 6,805 9,027 7,961 9,315
Operating Profit 969 1,034 1,072 929 928 866 1,642 2,044 2,540 3,217 3,574 4,140
OPM % 93% 92% 91% 88% 87% 87% 28% 28% 27% 26% 31% 31%
Other Income 43 45 66 57 42 94 118 122 135 108 130 165
Interest 99 130 126 142 118 80 278 242 427 369 227 190
Depreciation 153 182 186 184 189 183 436 447 468 518 542 549
Profit before tax 760 766 826 660 664 697 1,046 1,477 1,780 2,438 2,936 3,566
Tax % 34% 32% 35% 36% 38% 33% 31% 35% 33% 7% 25%
Net Profit 578 545 538 416 486 465 554 741 999 1,729 1,607 1,895
EPS in Rs 10.27 9.68 9.56 7.39 8.64 8.26 9.84 13.15 17.71 30.65 28.48 33.60
Dividend Payout % 10% 10% 10% 14% 14% 18% 15% 13% 11% 7% 7%
Compounded Sales Growth
10 Years:27%
5 Years:63%
3 Years:17%
TTM:25%
Compounded Profit Growth
10 Years:11%
5 Years:28%
3 Years:29%
TTM:17%
Stock Price CAGR
10 Years:12%
5 Years:17%
3 Years:22%
1 Year:64%
Return on Equity
10 Years:22%
5 Years:28%
3 Years:35%
Last Year:29%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
563 563 563 563 563 563 564 564 564 564 564
Reserves 1,515 1,998 2,472 2,823 3,217 3,423 3,962 1,865 2,731 4,320 5,827
Borrowings 1,478 1,396 1,610 1,429 1,157 1,067 2,989 5,386 4,579 3,629 1,923
629 616 765 811 931 785 4,293 4,148 4,587 4,837 5,855
Total Liabilities 4,186 4,573 5,410 5,625 5,868 5,838 11,808 11,963 12,461 13,350 14,169
3,182 3,140 3,254 3,205 3,169 3,123 8,069 8,208 8,897 9,256 9,497
CWIP 334 443 614 804 949 768 1,192 1,374 908 807 953
Investments 148 171 197 543 633 723 469 590 696 1,023 1,457
522 820 1,345 1,073 1,117 1,224 2,079 1,790 1,960 2,264 2,262
Total Assets 4,186 4,573 5,410 5,625 5,868 5,838 11,808 11,963 12,461 13,350 14,169

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
598 795 692 644 626 603 1,644 1,669 2,044 2,771 2,897
-562 -392 -367 -708 -201 -321 -835 -3,593 -612 -806 -1,080
30 -303 51 -338 -438 -297 -879 2,013 -1,382 -1,494 -2,096
Net Cash Flow 65 99 376 -402 -13 -15 -70 89 50 471 -279

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 24 26 79 86 52 56 28 25 27 20 29
Inventory Days
Days Payable
Cash Conversion Cycle 24 26 79 86 52 56 28 25 27 20 29
Working Capital Days -59 -29 19 45 9 45 -49 -42 -28 -24 -28
ROCE % 24% 22% 17% 16% 16% 21% 22% 28% 34% 38%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
37.65 37.65 37.64 37.64 37.64 37.64 37.64 37.63 37.63 37.63 37.63 37.63
16.31 17.05 16.52 15.42 15.52 15.87 15.75 15.54 15.58 15.94 17.16 17.46
20.82 20.41 20.97 22.81 22.94 22.89 22.89 22.66 19.96 20.01 19.05 19.05
10.98 10.98 10.98 10.98 10.98 10.98 10.98 10.98 10.98 10.98 10.98 10.98
14.23 13.92 13.88 13.15 12.92 12.62 12.74 13.19 15.85 15.44 15.18 14.88

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