GUJARAT GAS LTD - Q4 FY 2020 RESULTS - NET SALES UP 40% YOY- NPT UP 115% YOY

GUJARAT GAS LTD

Q4 FY 2020 RESULTS

J N Singh is the  Chairman of Gujarat Gas. Majority shareholding is held by Gujarat state Petronet ltd.

Here is the analysis of Q4 Fy 20 results :

Gujarat Gas (in Rs. Cr.)	Mar '20	Dec '19	Sep '19	Jun '19	Mar '19	YOY	QOQ
Net Sales	2,666.63	2,564.25	2,512.91	2,614.61	1,907.55	39.79	3.99
P B T	323.08	263.25	261.44	360.24	150.91	114.09	22.73
Tax	71.66	66.85	-255.92	126.56	34.29	108.98	7.2
FINAL N P T	250.46	197.3	517.03	234.04	116.59	114.82	26.94
Equity	137.68	137.68	137.68	137.68	137.68	0	0
Basic EPS	3.64	2.87	7.51	3.4	1.69	115.38	26.83
MP	285.5
PE	19.6

PE 19.6 is based on Q4 EPS x 4

Volume  : 2,127,911   .Sufficient liquidity exists in the stock for free flow of BUYs and SELLs

52 Wk L/H   154.40   :  313.4

Will it surpass 52 W High? Who Knows. In a normal market, it may. Current Market is unpredictably swinging. Let Covid subside.

Government has taken several positive measures to uplift the economy as a whole. These will yield results within a year.

·       CASH FLOW from operating activities :

·       For p/e 31.3.2020       :1208.01 cr

·       For P/E 31.3.2019       :594.13

TECHNICAL RATING  : VERY BULLISH

Valuation

        Market Cap (Rs Cr.)  :    19,660.42

        P/E :                    18.47

        Book Value (Rs)  :  31.73

        Dividend (%)             :     50.00

        Industry P/E        :     28.94

        EPS (TTM)          :     15.46

        P/C                     :     14.54

        Price/Book          :     9.00

        Dividend Yield.(%)    :     0.35

        Face Value (RS)  :     2.00

        Deliverables (%) :     43.57

PEERS COMPARISON

Company Name :  Last Price :  52 Wk High   :  52 Wk Low  :  Market Cap : Sales Qtr           Net Profit Qtr

Gujarat Gas       285.60 :           313.45  :            154.40              19660.42 : 10,300.34 :   1,193.32

GAIL                 97.85    :           182.50             65.70                44382.41 : 75,126.30:    6,025.67

IGL                   488.75 :           534.40             284.55             34212.54 :   5,764.84     786.67

Mahanagar Gas: 1010.65  :         1246.80             666.40             9982.98     : 2,791.07     546.39

PERFORMANCE HIGH LIGHTS 

·       The Gas volumes increased by 55% in Q4 FY 20 and by 45% in FY 20 to corresponding periods of previous year.

·       Sales volume in total mmscm - Million Metric Standard Cubic Meter. (including Industrial, CNG, Domestic, Commercial) in Q4 FY 20 is 905 and in FY 20 is Rs.3454.

·       No supply loss to customers during lock down

·       Company has resumed full normal operations.

·       Gas Sales volume has started increasing in both industrial and CNG segments.

·       Company is currently flowing gas volumes close to 5.5 mmscmd. Million Metric Standard Cubic Meter Per Day.

·       The company has a comfortable liquidity position. 

·       It has not availed moratorium from term loan lenders

Share Holding Pattern in (%)

Standalone	March 2020	June 2019	March 2019	January 2019
Promoters	60.89	60.89	60.89	60.89
Pledged	0	0	0	0
FII/FPI	9.83	11.94	12.79	13.94
Total DII	23.91	21.91	20.89	19.86

Overall, the company has performed superbly in Q4 FY 20 and is expected to improve in coming quarters. 

Since, it is a Government owned company,, supply of raw materials and sale of finished materials – problems are virtually absent.

Being controlled by Gujarat Government, the government also is very much business minded and profitability seems assured.