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Guj Gas: Extraordinary gains - Views on News from Equitymaster
 
 
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  • Mar 7, 2001

    Guj Gas: Extraordinary gains

    Gujarat Gas continues to maintain its sterling performance. The company has clocked a revenue growth of 26% for FY01.

    (Rs m) FY00 FY01 Change
    Sales 2,349 2,947 25.5%
    Other Income 100 137 36.5%
    Expenditure 1,784 2,126 19.1%
    Operating Profit (EBDIT) 564 821 45.6%
    Operating Profit Margin (%) 24.0% 27.9%  
    Interest 91 109 20.3%
    Depreciation 100 111 10.0%
    Profit before Tax 473 739 56.0%
    Extraordinary items (201) (54) -73.0%
    Tax 100 233 132.7%
    Profit after Tax/(Loss) 172 451 162.0%
    Net profit margin (%) 7.3% 15.3%  
    No. of Shares (eoy) 13 13  
    Earnings per share 13 35  
    P/E Ratio   18  

    The company has further strengthened its operating performance by greater control on costs. The company has reported a sharp growth in operating performance. This was mainly driven by a 390 basis points increase in the OPM.

    The post tax profits are up sharply. This is due to the occurrence of high extraordinary expenses in the previous year. Adjusting for these expenses for both the years the bottomline shows a growth of 27%. Extraordinary expenses includes writing off of Rs 30.4 m advanced towards Petroleum Infrastructure Ltd. a JV with Bharat Petroleum (BPCL), which is being wound up.

    At Rs 623 the company is trading at a multiple of 18x FY01 eps.

     

     

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