GUJ. STATE PETRONET 2023-24 Annual Report Analysis

Mon, 2 Sep

GUJ. STATE PETRONET has announced its results for the year ended March 2024. Let us have a look at the detailed performance review of the company during FY23-24.

GUJ. STATE PETRONET Income Statement Analysis

• Operating income during the year fell 5.0% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 5.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 20.8% in FY24 as against 21.0% in FY23.
• Depreciation charges increased by 7.0% and finance costs decreased by 19.4% YoY, respectively.
• Other income grew by 40.2% YoY.
• Net profit for the year declined by 6.8% YoY.
• Net profit margins during the year declined from 13.3% in FY23 to 13.1% in FY24.

GUJ. STATE PETRONET Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	175,698	166,921	-5.0%
Other income	Rs m	1,330	1,865	40.2%
Total Revenues	Rs m	177,028	168,785	-4.7%
Gross profit	Rs m	36,824	34,686	-5.8%
Depreciation	Rs m	6,205	6,638	7.0%
Interest	Rs m	701	565	-19.4%
Profit before tax	Rs m	31,248	29,347	-6.1%
Tax	Rs m	7,828	7,510	-4.1%
Profit after tax	Rs m	23,420	21,837	-6.8%
Gross profit margin	%	21.0	20.8
Effective tax rate	%	25.1	25.6
Net profit margin	%	13.3	13.1

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GUJ. STATE PETRONET Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 30 billion as compared to Rs 30 billion in FY23, thereby witnessing an increase of 0.2%.
• Current assets rose 28% and stood at Rs 40 billion, while fixed assets rose 6% and stood at Rs 150 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 191 billion as against Rs 173 billion during FY23, thereby witnessing a growth of 10%.

GUJ. STATE PETRONET Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	94,489	108,249	14.6
Current Liabilities	Rs m	30,181	30,251	0.2
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	173,159	190,558	10.0
Current assets	Rs m	31,356	40,108	27.9
Fixed Assets	Rs m	141,803	150,450	6.1
Total Assets	Rs m	173,159	190,558	10.0

GUJ. STATE PETRONET Cash Flow Statement Analysis

• GUJ. STATE PETRONET's cash flow from operating activities (CFO) during FY24 stood at Rs 28 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -21 billion, an improvement of 18.0% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -5 billion, an improvement of 32% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 1 billion from the Rs 7 billion net cash flows seen during FY23.

GUJ. STATE PETRONET Cash Flow Statement 2023-24

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-23	Mar-24
Cash Flow from Operating Activities	Rs m	33,400	28,034	-16.1%
Cash Flow from Investing Activities	Rs m	-18,155	-21,422	-
Cash Flow from Financing Activities	Rs m	-8,045	-5,473	-
Net Cash Flow	Rs m	7,199	1,139	-84.2%

Current Valuations for GUJ. STATE PETRONET

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 38.7, an decline from the EPS of Rs 41.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 457.0, stands at 11.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.4 times, while the price to sales ratio stands at 1.5 times.
• The company's price to cash flow (P/CF) ratio stood at 6.6 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Sales per share (Unadj.)	Rs	311.4	295.8
TTM Earnings per share	Rs	41.5	38.7
Diluted earnings per share	Rs	41.5	38.7
Price to Cash Flow	x	5.0	6.6
TTM P/E ratio	x	6.4	11.3
Price / Book Value ratio	x	1.5	1.7
Market Cap	Rs m	143,239	186,768
Dividends per share (Unadj.)	Rs	5.0	5.0

Ratio Analysis for GUJ. STATE PETRONET

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.3x during FY24, from 1.0x during FY23. 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 52.9x during FY24, from 45.6x during FY23. 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 20.2% during FY24, from 24.8% during FY24. 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 27.6% during FY24, from 33.8% during FY23. 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 11.8% during FY24, from 13.9% during FY23. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Current ratio	x	1.0	1.3
Debtors’ Days	Days	237	251
Interest coverage	x	45.6	52.9
Debt to equity ratio	x	0.0	0.0
Return on assets	%	13.9	11.8
Return on equity	%	24.8	20.2
Return on capital employed	%	33.8	27.6

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 277.5 to Rs 457.0, registering a gain of Rs 179.5 or around 64.7%.

Meanwhile, the S&P BSE OIL & GAS Index is trading at Rs 33,123.2 (up 0.4%). Over the last one year it has moved up from 18,788.0 to 33,123.2, a gain of 14,335 points (up 76.3%).

Overall, the S&P BSE SENSEX is up 27.0% over the year.

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