Gujarat Gas Ltd

Gujarat Gas Ltd

₹ 590 2.25%
04 Mar 4:01 p.m.
About

Gujarat Gas Limited (GGL) is a government company u/s 2(45) of Companies Act 2013. Formerly Known as GSPC Distribution Networks Limited(GDNL), GGL is engaged in the business of Natural gas in India. The business of natural gas involves distribution of gas from sources of supply to centres of demand and to end customers. [1]
GGL caters to its customers by providing CNG and PNG connections in domestic, Industrial, Commercial and Non commercial segments in the areas of South & Central Gujarat and Saurashtra. [2]

Key Points

Part of GSPL[1]
The company is a part of GSPL which has a strong presence in the natural gas value chain. It has Gujarat State Petroleum Corporation (GSPC) which is India's leading natural gas
trading company, Gujarat State Petronet Limited ( GSPL) which is India's second largest
natural gas transmission company and itself; Gujarat Gas Limited (GGL) which is India's leading City Gas Distribution (CGO) company.
GSPL is the holding company with a ~54% stake.

  • Market Cap 40,580 Cr.
  • Current Price 590
  • High / Low 621 / 397
  • Stock P/E 36.8
  • Book Value 103
  • Dividend Yield 1.13 %
  • ROCE 31.2 %
  • ROE 24.2 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 26.8%
  • Company has been maintaining a healthy dividend payout of 17.2%

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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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
2,833 3,434 3,011 3,625 5,144 4,669 5,170 3,976 3,684 3,929 3,782 3,845 3,929
2,219 2,882 2,288 3,206 4,907 3,972 4,563 3,334 3,102 3,368 3,394 3,349 3,528
Operating Profit 614 553 723 419 237 697 607 643 582 560 388 497 401
OPM % 22% 16% 24% 12% 5% 15% 12% 16% 16% 14% 10% 13% 10%
19 19 22 18 36 6 20 19 32 33 25 28 24
Interest 24 18 16 12 14 14 14 13 8 6 7 8 7
Depreciation 87 88 91 95 97 102 103 106 109 109 115 118 120
Profit before tax 522 466 638 330 163 587 510 542 498 478 290 399 297
Tax % 25% 25% 25% 26% 25% 24% 25% 25% 25% 22% 26% 26% 26%
391 348 477 245 123 444 382 404 372 370 216 296 221
EPS in Rs 5.68 5.06 6.92 3.57 1.79 6.46 5.55 5.87 5.40 5.38 3.14 4.30 3.21
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
9,006 6,106 5,093 6,174 7,754 10,300 9,866 16,456 16,759 15,485
7,894 5,367 4,331 5,261 6,758 8,652 7,761 14,354 14,338 13,639
Operating Profit 1,112 739 762 913 997 1,649 2,105 2,103 2,422 1,846
OPM % 12% 12% 15% 15% 13% 16% 21% 13% 14% 12%
101 12 18 29 95 82 70 79 101 110
Interest 334 250 218 206 208 205 134 82 67 28
Depreciation 238 245 257 272 288 318 344 385 428 463
Profit before tax 641 256 305 464 596 1,208 1,698 1,715 2,028 1,464
Tax % 31% 26% 28% 37% 30% 1% 25% 25% 25%
447 190 221 292 418 1,199 1,270 1,287 1,528 1,104
EPS in Rs 0.99 2.76 3.20 4.25 6.08 17.41 18.45 18.70 22.20 16.03
Dividend Payout % 15% 18% 19% 19% 16% 7% 11% 11% 30%
Compounded Sales Growth
10 Years: %
5 Years: 22%
3 Years: 18%
TTM: -12%
Compounded Profit Growth
10 Years: %
5 Years: 39%
3 Years: 8%
TTM: -32%
Stock Price CAGR
10 Years: %
5 Years: 37%
3 Years: 4%
1 Year: 16%
Return on Equity
10 Years: %
5 Years: 29%
3 Years: 27%
Last Year: 24%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 138 138 138 138 138 138 138 138 138 138
Reserves 1,872 1,386 1,526 1,729 2,068 3,180 4,340 5,492 6,890 6,948
3,226 2,357 2,359 2,328 2,213 2,055 983 629 152 155
1,679 2,189 2,353 2,467 2,739 2,553 3,079 3,329 3,747 4,076
Total Liabilities 6,915 6,069 6,375 6,662 7,158 7,925 8,539 9,587 10,927 11,316
4,487 4,673 4,903 5,094 5,290 5,585 6,040 6,631 7,338 7,491
CWIP 357 468 506 478 489 569 731 992 983 1,000
Investments 1,118 144 92 41 42 43 48 52 63 162
953 784 875 1,049 1,337 1,728 1,719 1,912 2,544 2,663
Total Assets 6,915 6,069 6,375 6,662 7,158 7,925 8,539 9,587 10,927 11,316

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
1,094 637 701 785 964 1,420 1,659 1,662 2,375
-365 375 -458 -430 -612 -466 -614 -1,294 -1,039
-563 -1,224 -251 -273 -349 -502 -1,318 -628 -678
Net Cash Flow 166 -212 -9 82 3 451 -273 -260 658

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 15 18 25 23 24 18 29 21 22
Inventory Days 2 3 4 4 4 2 3
Days Payable 21 19 30 23 21 16 23
Cash Conversion Cycle -4 2 -1 4 7 4 8 21 22
Working Capital Days -81 -85 -67 -55 -45 -38 -43 -23 -32
ROCE % 12% 13% 17% 19% 29% 34% 31% 31%

Shareholding Pattern

Numbers in percentages

Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
60.89% 60.89% 60.89% 60.89% 60.89% 60.89% 60.89% 60.89% 60.89% 60.89% 60.89% 60.89%
8.64% 8.17% 7.86% 7.72% 5.98% 5.18% 5.03% 5.17% 4.67% 4.47% 3.80% 3.34%
7.38% 7.90% 8.07% 8.03% 9.53% 10.01% 13.03% 12.55% 13.28% 13.28% 13.09% 13.98%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 7.08% 7.01% 7.01% 7.01% 7.01% 7.01%
23.09% 23.04% 23.18% 23.36% 23.60% 23.91% 13.96% 14.38% 14.15% 14.34% 15.20% 14.78%
No. of Shareholders 87,0441,09,8101,65,7231,81,3161,86,4951,96,5571,91,2781,85,0901,80,7471,84,2812,11,3782,13,432

* 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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