Gujarat State Petronet Ltd

₹ 287 -0.54%

05 Dec 10:31 a.m.

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]

Website BSE NSE

Market Cap ₹ 16,213 Cr.
Current Price ₹ 287
High / Low ₹ 311 / 249
Stock P/E 10.6
Book Value ₹ 176
Dividend Yield 1.75 %
ROCE 26.6 %
ROE 18.9 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company is almost debt free.
Company has a good return on equity (ROE) track record: 3 Years ROE 22.8%

Cons

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Gas Distribution Industry: Miscellaneous

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
	2,980	3,283	3,767	3,425	4,085	5,490	4,990	5,536	4,312	3,998	4,270	4,108	4,265
	1,862	2,263	2,865	2,324	3,280	4,907	4,000	4,563	3,329	3,149	3,425	3,387	3,351
Operating Profit	1,118	1,019	902	1,101	805	583	990	974	983	849	845	721	914
OPM %	38%	31%	24%	32%	20%	11%	20%	18%	23%	21%	20%	18%	21%
	37	37	46	45	45	67	11	54	24	42	45	40	55
Interest	63	52	41	35	27	25	24	21	20	15	13	15	14
Depreciation	136	137	137	139	143	146	151	151	155	158	157	161	165
Profit before tax	957	867	770	972	680	479	826	855	833	718	719	586	789
Tax %	25%	25%	25%	25%	25%	27%	23%	24%	25%	26%	24%	26%	25%
	716	650	578	728	513	351	639	648	621	530	543	434	590
EPS in Rs	8.84	8.34	7.39	9.03	7.06	5.22	7.72	8.39	7.73	6.37	6.61	5.94	8.06
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
	1,123	1,173	1,051	1,065	992	5,901	7,261	9,345	12,244	11,535	17,991	18,117	16,642
	90	101	122	136	126	4,260	5,217	6,805	9,027	7,961	14,491	14,437	13,313
Operating Profit	1,034	1,072	929	928	866	1,642	2,044	2,540	3,217	3,574	3,500	3,680	3,329
OPM %	92%	91%	88%	87%	87%	28%	28%	27%	26%	31%	19%	20%	20%
	45	66	57	42	94	118	122	135	108	130	148	136	182
Interest	130	126	142	118	80	278	242	427	369	227	112	70	58
Depreciation	182	186	184	189	183	436	447	468	518	542	579	621	641
Profit before tax	766	826	660	664	697	1,046	1,477	1,780	2,438	2,936	2,957	3,125	2,812
Tax %	32%	35%	36%	38%	33%	31%	35%	33%	7%	25%	25%	25%
	545	538	417	488	465	718	958	1,190	2,279	2,192	2,231	2,342	2,097
EPS in Rs	9.68	9.56	7.39	8.64	8.26	9.84	13.15	17.71	30.65	28.48	29.04	29.09	26.98
Dividend Payout %	10%	10%	14%	14%	18%	15%	13%	11%	7%	7%	7%	17%

Compounded Sales Growth
10 Years:	31%
5 Years:	20%
3 Years:	14%
TTM:	-18%

Compounded Profit Growth
10 Years:	12%
5 Years:	17%
3 Years:	-2%
TTM:	-8%

Stock Price CAGR
10 Years:	17%
5 Years:	10%
3 Years:	9%
1 Year:	11%

Return on Equity
10 Years:	22%
5 Years:	27%
3 Years:	23%
Last Year:	19%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	563	563	563	563	563	564	564	564	564	564	564	564	564
Reserves	1,998	2,472	2,823	3,217	3,423	3,962	1,865	2,731	4,320	5,827	7,355	8,885	9,392
	1,396	1,610	1,429	1,157	1,067	2,989	5,386	4,579	3,629	2,003	713	149	145
	616	765	811	931	785	4,293	4,148	4,587	4,837	5,775	6,662	7,718	7,863
Total Liabilities	4,573	5,410	5,625	5,868	5,838	11,808	11,963	12,461	13,350	14,169	15,294	17,316	17,965
	3,140	3,254	3,205	3,169	3,123	8,069	8,208	8,897	9,256	9,497	9,946	10,481	10,568
CWIP	443	614	804	949	768	1,192	1,374	908	807	953	1,245	1,409	1,715
Investments	171	197	543	633	723	469	590	696	1,023	1,457	1,670	1,621	1,885
	820	1,345	1,073	1,117	1,224	2,079	1,790	1,960	2,264	2,262	2,433	3,805	3,796
Total Assets	4,573	5,410	5,625	5,868	5,838	11,808	11,963	12,461	13,350	14,169	15,294	17,316	17,965

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	795	692	644	626	603	1,644	1,669	2,044	2,771	2,897	2,748	3,340
	-392	-367	-708	-201	-321	-835	-3,593	-612	-806	-1,080	-1,359	-1,815
	-303	51	-338	-438	-297	-879	2,013	-1,382	-1,494	-2,096	-1,659	-805
Net Cash Flow	99	376	-402	-13	-15	-70	89	50	471	-279	-271	720

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	26	79	86	52	56	28	25	27	20	30	21	23
Inventory Days
Days Payable
Cash Conversion Cycle	26	79	86	52	56	28	25	27	20	30	21	23
Working Capital Days	-127	-65	-91	-84	-57	-60	-113	-75	-61	-28	-19	-25
ROCE %	24%	22%	17%	16%	15%	19%	20%	25%	30%	31%	28%	27%

Shareholding Pattern

Numbers in percentages

	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
	37.63%	37.63%	37.63%	37.63%	37.63%	37.63%	37.63%	37.63%	37.63%	37.63%	37.63%	37.63%
	15.94%	17.16%	17.46%	17.47%	16.61%	16.21%	16.54%	17.31%	17.28%	16.72%	16.55%	16.00%
	20.01%	19.05%	19.05%	20.03%	21.61%	22.25%	21.78%	24.19%	24.27%	24.88%	25.20%	25.17%
	10.98%	10.98%	10.98%	10.98%	10.98%	10.98%	10.98%	2.01%	2.01%	2.01%	2.01%	2.01%
	15.44%	15.18%	14.88%	13.89%	13.17%	12.93%	13.07%	18.85%	18.82%	18.75%	18.62%	19.19%
No. of Shareholders	1,30,459	1,33,778	1,39,409	1,54,526	1,54,125	1,55,457	1,58,030	1,64,830	1,63,688	1,59,984	1,59,401	1,68,296

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
	37.67%	37.65%	37.64%	37.64%	37.63%	37.63%	37.63%	37.63%
	17.21%	16.63%	16.52%	15.75%	17.16%	16.21%	16.72%	16.00%
	19.26%	19.51%	20.97%	22.89%	19.05%	22.25%	24.88%	25.17%
	10.99%	10.99%	10.98%	10.98%	10.98%	10.98%	2.01%	2.01%
	14.87%	15.22%	13.88%	12.74%	15.18%	12.93%	18.75%	19.19%
No. of Shareholders	1,26,645	1,29,898	1,22,444	1,12,586	1,33,778	1,55,457	1,59,984	1,68,296

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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