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GUJ. STATE PETRONET 2022-23 Annual Report Analysis

Thu, 31 Aug

GUJ. STATE PETRONET has announced its results for the year ended March 2023. Let us have a look at the detailed performance review of the company during FY22-23.

GUJ. STATE PETRONET Income Statement Analysis

• Operating income during the year fell 0.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 4.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 21.0% in FY23 as against 20.1% in FY22.
• Depreciation charges increased by 7.1% and finance costs decreased by 37.3% YoY, respectively.
• Other income grew by 26.0% YoY.
• Net profit for the year grew by 5.0% YoY.
• Net profit margins during the year grew from 12.6% in FY22 to 13.3% in FY23.

GUJ. STATE PETRONET Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	176,597	175,698	-0.5%
Other income	Rs m	1,056	1,330	26.0%
Total Revenues	Rs m	177,653	177,028	-0.4%
Gross profit	Rs m	35,422	36,824	4.0%
Depreciation	Rs m	5,795	6,205	7.1%
Interest	Rs m	1,118	701	-37.3%
Profit before tax	Rs m	29,566	31,248	5.7%
Tax	Rs m	7,256	7,828	7.9%
Profit after tax	Rs m	22,310	23,420	5.0%
Gross profit margin	%	20.1	21.0
Effective tax rate	%	24.5	25.1
Net profit margin	%	12.6	13.3

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GUJ. STATE PETRONET Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 30 billion as compared to Rs 28 billion in FY22, thereby witnessing an increase of 7.1%.
• Current assets rose 75% and stood at Rs 31 billion, while fixed assets rose 5% and stood at Rs 142 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 173 billion as against Rs 153 billion during FY22, thereby witnessing a growth of 13%.

GUJ. STATE PETRONET Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	79,187	94,489	19.3
Current Liabilities	Rs m	28,185	30,181	7.1
Long-term Debt	Rs m	3,910	0	-100.0
Total Liabilities	Rs m	152,940	173,159	13.2
Current assets	Rs m	17,909	31,356	75.1
Fixed Assets	Rs m	135,031	141,803	5.0
Total Assets	Rs m	152,940	173,159	13.2

GUJ. STATE PETRONET Cash Flow Statement Analysis

• GUJ. STATE PETRONET's cash flow from operating activities (CFO) during FY23 stood at Rs 33 billion, an improvement of 21.5% on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -18 billion, an improvement of 33.5% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -8 billion, an improvement of 52% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 7 billion from the Rs -3 billion net cash flows seen during FY22.

GUJ. STATE PETRONET Cash Flow Statement 2022-23

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-22	Mar-23
Cash Flow from Operating Activities	Rs m	27,480	33,400	21.5%
Cash Flow from Investing Activities	Rs m	-13,594	-18,155	-
Cash Flow from Financing Activities	Rs m	-16,593	-8,046	-
Net Cash Flow	Rs m	-2,707	7,199	-

Current Valuations for GUJ. STATE PETRONET

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 41.5, an improvement from the EPS of Rs 39.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 275.8, stands at 7.2 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.6 times, while the price to sales ratio stands at 0.9 times.
• The company's price to cash flow (P/CF) ratio stood at 4.8 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*
Sales per share (Unadj.)	Rs	313.0	311.4
TTM Earnings per share	Rs	39.5	41.5
Diluted earnings per share	Rs	39.5	41.5
Price to Cash Flow	x	5.2	4.8
TTM P/E ratio	x	6.7	7.2
Price / Book Value ratio	x	2.2	1.5
Market Cap	Rs m	173,664	143,239
Dividends per share (Unadj.)	Rs	2.0	5.0

Ratio Analysis for GUJ. STATE PETRONET

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.0x during FY23, from 0.6x during FY22. The current ratio measures the company's ability to pay short-term and long-term obligations.

Interest Coverage Ratio: The company's interest coverage ratio improved and stood at 45.6x during FY23, from 27.4x during FY22. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company declined and down at 24.8% during FY23, from 28.2% during FY23. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

Return on Capital Employed (ROCE): The ROCE for the company declined and down at 33.8% during FY23, from 36.9% during FY22. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

Return on Assets (ROA): The ROA of the company declined and down at 13.9% during FY23, from 15.3% during FY22. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*
Current ratio	x	0.6	1.0
Debtors’ Days	Days	215	237
Interest coverage	x	27.4	45.6
Debt to equity ratio	x	0.0	0.0
Return on assets	%	15.3	13.9
Return on equity	%	28.2	24.8
Return on capital employed	%	36.9	33.8

To see how GUJ. STATE PETRONET has performed over the last 5 years, please visit here.

GUJ. STATE PETRONET Share Price Performance

Over the last one year, GUJ. STATE PETRONET share price has moved up from Rs 242.3 to Rs 275.8, registering a gain of Rs 33.6 or around 13.8%.

Meanwhile, the S&P BSE OIL & GAS Index is trading at Rs 18,693.3 (down 0.5%). Over the last one year it has moved down from 20,289.8 to 18,693.3, a loss of 1,597 points (down 7.9%).

Overall, the S&P BSE SENSEX is up 12.3% over the year.

(To know more, check out historical annual results for GUJ. STATE PETRONET and quarterly results for GUJ. STATE PETRONET)