Gujarat Gas Ltd

₹ 493 -1.11%

31 Dec 10:09 a.m.

gujaratgas.com BSE: 539336 NSE: GUJGASLTD

About

Gujarat Gas Limited (GGL) is a government company u/s 2(45) of Companies Act 2013. Formerly Known as GSPC Distribution Networks Limited(GDNL), GGL is engaged in the business of Natural gas in India. The business of natural gas involves distribution of gas from sources of supply to centres of demand and to end customers. ^[1]
GGL caters to its customers by providing CNG and PNG connections in domestic, Industrial, Commercial and Non commercial segments in the areas of South & Central Gujarat and Saurashtra. ^[2]

Key Points

Part of GSPL^[1]
The company is a part of GSPL which has a strong presence in the natural gas value chain. It has Gujarat State Petroleum Corporation (GSPC) which is India's leading natural gas
trading company, Gujarat State Petronet Limited ( GSPL) which is India's second largest
natural gas transmission company and itself; Gujarat Gas Limited (GGL) which is India's leading City Gas Distribution (CGO) company.
GSPL is the holding company with a ~54% stake.

Website BSE NSE

Market Cap ₹ 33,924 Cr.
Current Price ₹ 493
High / Low ₹ 690 / 442
Stock P/E 27.7
Book Value ₹ 115
Dividend Yield 1.16 %
ROCE 20.5 %
ROE 15.0 %
Face Value ₹ 2.00

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Pros

Company is almost debt free.
Company has a good return on equity (ROE) track record: 3 Years ROE 21.0%
Company has been maintaining a healthy dividend payout of 24.9%

Cons

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Gas Distribution Industry: Miscellaneous

Part of BSE Allcap BSE 250 LargeMidCap Index Nifty MidSmallcap 400 Nifty Oil & Gas Nifty Midcap150 Quality 50 Nifty500 Multicap Infrastructure 50:30:20 Nifty 500 BSE 150 MidCap Index BSE Energy BSE 200 BSE 400 MidSmallCap Index Nifty LargeMidcap 250 BSE 500 BSE MidCap Nifty Total Market BSE Dollex 200 Nifty 500 Multicap 50:25:25 BSE PSU Nifty Midcap 150

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	3,625	5,144	4,669	5,170	3,976	3,684	3,929	3,782	3,845	3,929	4,134	4,450	3,782
	3,206	4,907	3,972	4,563	3,334	3,102	3,368	3,394	3,349	3,528	3,543	3,915	3,268
Operating Profit	419	237	697	607	643	582	560	388	497	401	591	536	514
OPM %	12%	5%	15%	12%	16%	16%	14%	10%	13%	10%	14%	12%	14%
	18	35	6	19	19	32	32	24	30	23	87	39	39
Interest	12	14	14	14	13	8	6	7	8	7	7	8	8
Depreciation	95	97	102	103	106	109	109	115	118	120	121	123	130
Profit before tax	330	162	587	509	542	497	477	289	401	296	550	443	415
Tax %	26%	25%	24%	25%	25%	25%	23%	26%	26%	26%	26%	26%	26%
	245	122	444	381	404	371	369	215	298	220	410	330	307
EPS in Rs	3.56	1.77	6.45	5.54	5.87	5.39	5.36	3.12	4.33	3.20	5.95	4.79	4.46
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013 14m	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	0	7,797	9,006	6,106	5,093	6,174	7,754	10,300	9,866	16,456	16,759	15,690	16,295
	2	7,216	7,894	5,367	4,331	5,261	6,758	8,652	7,761	14,354	14,338	13,787	14,254
Operating Profit	-2	581	1,112	739	762	913	997	1,649	2,105	2,103	2,422	1,904	2,042
OPM %		7%	12%	12%	15%	15%	13%	16%	21%	13%	14%	12%	13%
	2	107	101	10	17	28	93	82	68	77	98	161	187
Interest	3	314	334	250	218	206	208	205	134	82	67	54	30
Depreciation	0	283	238	245	257	272	288	318	344	385	428	474	494
Profit before tax	-3	92	641	254	303	463	594	1,208	1,695	1,713	2,025	1,536	1,705
Tax %	22%	69%	31%	26%	28%	37%	30%	1%	25%	25%	25%	26%
	-4	28	444	188	220	291	417	1,193	1,268	1,286	1,525	1,143	1,267
EPS in Rs	-0.01	0.06	0.99	2.74	3.19	4.23	6.06	17.33	18.42	18.68	22.16	16.60	18.40
Dividend Payout %	0%	436%	16%	18%	19%	19%	17%	7%	11%	11%	30%	34%

Compounded Sales Growth
10 Years:	7%
5 Years:	15%
3 Years:	17%
TTM:	7%

Compounded Profit Growth
10 Years:	44%
5 Years:	21%
3 Years:	-5%
TTM:	-2%

Stock Price CAGR
10 Years:	%
5 Years:	14%
3 Years:	-8%
1 Year:	3%

Return on Equity
10 Years:	23%
5 Years:	25%
3 Years:	21%
Last Year:	15%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	0.05	138	138	138	138	138	138	138	138	138	138	138	138
Reserves	344	1,498	1,853	1,372	1,507	1,709	2,046	3,153	4,311	5,462	6,858	7,552	7,802
	1,500	3,301	3,226	2,357	2,359	2,328	2,213	2,055	983	629	152	150	146
	6	1,717	1,679	2,184	2,345	2,459	2,730	2,551	3,077	3,327	3,747	3,819	4,314
Total Liabilities	1,850	6,654	6,896	6,050	6,348	6,633	7,127	7,897	8,509	9,555	10,895	11,658	12,399
	0	4,473	4,487	4,673	4,903	5,094	5,290	5,585	6,040	6,631	7,338	7,763	7,983
CWIP	0	270	357	468	506	478	489	569	731	992	983	918	883
Investments	1,848	841	1,099	122	68	16	16	17	20	22	30	135	135
	3	1,069	953	787	871	1,045	1,333	1,725	1,717	1,909	2,544	2,842	3,398
Total Assets	1,850	6,654	6,896	6,050	6,348	6,633	7,127	7,897	8,509	9,555	10,895	11,658	12,399

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	-0	412	1,094	637	701	785	964	1,422	1,659	1,662	2,378	1,634
	-1,848	-1,491	-365	375	-458	-430	-612	-467	-612	-1,294	-1,041	-879
	1,848	1,097	-563	-1,224	-255	-273	-349	-502	-1,318	-628	-678	-514
Net Cash Flow	0	18	166	-212	-13	82	3	453	-272	-260	658	241

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	26	15	18	25	23	24	18	29	21	22	24
Inventory Days	2	2	3	4	4	4	2	3
Days Payable	28	21	19	30	23	21	16	23
Cash Conversion Cycle	-1	-4	2	-1	5	7	4	8	21	22	24
Working Capital Days	-84	-81	-85	-66	-55	-45	-38	-43	-23	-32	-34
ROCE %	12%	19%	12%	14%	17%	19%	29%	34%	31%	31%	21%

Shareholding Pattern

Numbers in percentages

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	60.89%	60.89%	60.89%	60.89%	60.89%	60.89%	60.89%	60.89%	60.89%	60.89%	60.89%	60.89%
	7.72%	5.98%	5.18%	5.03%	5.17%	4.67%	4.47%	3.80%	3.34%	3.72%	4.31%	4.51%
	8.03%	9.53%	10.01%	13.03%	12.55%	13.28%	13.28%	13.09%	13.98%	15.04%	14.75%	14.38%
	0.00%	0.00%	0.00%	7.08%	7.01%	7.01%	7.01%	7.01%	7.01%	7.01%	7.01%	7.01%
	23.36%	23.60%	23.91%	13.96%	14.38%	14.15%	14.34%	15.20%	14.78%	13.32%	13.04%	13.20%
No. of Shareholders	1,81,316	1,86,495	1,96,557	1,91,278	1,85,090	1,80,747	1,84,281	2,11,378	2,13,432	1,78,664	1,74,549	1,72,026

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	60.89%	50.41%	60.89%	60.89%	60.89%	60.89%	60.89%	60.89%	60.89%
	15.37%	14.22%	12.79%	9.83%	8.64%	5.98%	4.67%	3.72%	4.51%
	2.31%	2.69%	3.94%	7.03%	7.38%	9.53%	13.28%	15.04%	14.38%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	7.01%	7.01%	7.01%
	21.43%	32.69%	22.38%	22.24%	23.09%	23.60%	14.15%	13.32%	13.20%
No. of Shareholders	26,710	29,718	33,741	67,310	87,044	1,86,495	1,80,747	1,78,664	1,72,026

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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