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Gujarat Gas: Bottomline tumbles 70%
Mar 3, 2012

Gujarat Gas has announced its 4QCY11 and full year results. The company has reported a 27% YoY growth in the topline and 70% YoY decline in net profits . Here is our analysis of the results.

Performance summary
  • Net sales growth slows down to 27.2% YoY in the quarter from 29.1% YoY during 3QCY11. For the full year, the topline was up 31% YoY.
  • Operating profit registers a decline of 76.8% YoY during the quarter. The margins during the quarter stood at 4.6%, a steep decline from 18.0% in the previous quarter (3QCY11).For full year, the operating profits were down 4.5% YoY, with margins at 16.4%, down 6.1% (YoY)
  • Bottomline for the quarter tumbles by 70% YoY with net profit margins at 3.8% versus 12.3% in the previous quarter (3QCY11). For the full year, the bottomline registered a 6.1% YoY increase with margins at 11.3%, down from 13.9% last year.
  • The company has announced a special dividend of Rs 12 a share (2.8% dividend yield at current market price). This along with the interim dividend of Rs.10 during the year amounts to a total dividend of Rs 22 per share.
Consolidated financial snapshot
Rs m 4QCY10 4QCY11 Change 12mCY10 12mCY11 Change
Net Sales 5,043 6,415 27.2% 18,136 23,819 31.3%
Other operating income 92 95 3.2% 357 367 2.8%
Total operating income 5,135 6,510 26.8% 18,493 24,186 30.8%
Expenditure 3,842 6,211 61.6% 14,337 20,217 41.0%
Operating profit (EBDITA) 1,293 299 -76.8% 4,156 3,969 -4.5%
EBDITA margin (%) 25.2% 4.6%   22.5% 16.4%  
Other income 77 209 171.6% 224 565 152.3%
Interest 1 0 -21.0% 5 1 -67.7%
Depreciation 142 155 9.1% 542 602 11.1%
Profit before tax 1,227 353 -71.3% 3,833 3,931 2.5%
Profit before tax margins (%) 23.9% 5.4%   20.7% 16.3%  
Tax 402 102 -74.5% 1,243 1,182 -4.9%
Profit after tax/(loss) 825 250 -69.7% 2,590 2,748 6.1%
Net profit margin (%) 16.4% 3.9%   14.3% 11.5%  
Minority share 4 3 -5.7% 13 13 6.2%
Profit after tax for the Group 821 247 -70.0% 2,577 2,735 6.1%
Group PAT margins (%) 16.0% 3.8%   13.9% 11.3%  
No. of shares (m)         128  
Diluted earnings per share (Rs)*         21.3  
Price to earnings ratio (x)*         19.5  

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