Gujarat Gas: Fires on all cylinders - Views on News from Equitymaster

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Gujarat Gas: Fires on all cylinders

Oct 23, 2000

Gujarat Gas continues to maintain its sterling performance. The company for nine months ended 30th September '00 has reported a growth of 32% in topline.

(Rs m) 3QFY00 3QFY01 Change
Sales 602 760 26.2%
Other Income 42 38 -9.8%
Expenditure 460 560 21.9%
Operating Profit (EBDIT) 143 200 40.1%
Operating Profit Margin (%) 23.7% 26.3%  
Interest 29 27 -5.6%
Depreciation 30 29 -5.7%
Profit before Tax 126 182 44.8%
Tax 25 54 116.9%
Profit after Tax/(Loss) 101 128 26.9%
Net profit margin (%) 16.7% 16.8%  
No. of Shares (eoy) 13 13  
Earnings per share* 31.4 39.8  
*(annualised)      
P/E Ratio   14.7  

The company has reported strong operational performance. The OPM has increased by 260 basis points. The rise in OPM seems to be driven by higher realisations, which have resulted in strong topline growth.

Pre-tax profits are up substantially due to higher operating profits and a decline in depreciation and interest charges. However, tax liability has doubled YoY affecting PAT growth.

Over the last quarter the stock has steadily firmed up. At the end of 2QFY01 the stock was trading at Rs 432 on an annualised earnings multiple of 9. At Rs 585 the company is trading at a multiple of 14.7 on 3QFY01 annualised earnings.


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