Gujarat Gas: Continuing strength - Views on News from Equitymaster

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Gujarat Gas: Continuing strength

May 3, 2001

Gujarat Gas has reported a healthy topline growth for the quarter ended March '01. However, compared to the topline growth witnessed in FY01(25.5%), turnover growth for the recent quarter could signal a slow down in sales. This could be due to the supply constraints in the business, as availability of gas is the sales driver.

(Rs m) 1QFY01 1QFY02 Change
Sales 705 826 17.2%
Other Income 35 30 -15.4%
Expenditure 526 592 12.5%
Operating Profit (EBDIT) 179 235 31.1%
Operating Profit Margin (%) 25.4% 28.4%
Interest 27 27 -2.9%
Depreciation 29 28 -3.1%
Profit before Tax 158 209 33.0%
Tax 32 58 79.7%
Profit after Tax/(Loss) 126 152 21.0%
Net profit margin (%) 17.8% 18.4%
No. of Shares (eoy) 13 13
Earnings per share* 39.2 47.4
P/E Ratio 12.2
*(annualised)

Operating profits have improved significantly, which could have been led by better volumes and realisations. With sales growing at a faster tick as compared to costs the OPM has increased by 300 basis points. Compared to the full year, FY01, the OPM has increased by 50 basis points.

The company has managed to keep its interest costs under check. This could indicate better working capital management. The tax liability has increased considerably as compared to 1QFY01. This is because the effective tax rate has increased from 20% to 27%.

The stock has come down over the last two months along with the market. At the current price of Rs 576 the company trades on a multiple of 12.2x 1QFY02 annualised earnings.

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