Gujarat Energy (GUJENERGY) Q4 18/19 earnings summary

Executive summary

• FY19 revenue from operations rose 25.60% to ₹7,962.48 crore; PAT increased 43.13% to ₹417.03 crore, with growth across residential, commercial and CNG volumes.

• India’s largest city gas distribution operator served 1.35M+ residential customers, 12,300+ commercial customers and 3,500+ industrial units through 344 CNG stations and ~23,200 km of pipelines.

Financial highlights

• Revenue from operations ₹7,962.48 crore vs ₹6,339.35 crore YoY; total income ₹8,073.76 crore vs ₹6,375.03 crore.

• PBDIT ₹1,078.05 crore, up 15.83%; PBT ₹593.85 crore, up 28.31%, after ₹17.87 crore exceptional stamp-duty expense; pre-exceptional PBT was ₹611.72 crore.

• PAT ₹417.03 crore vs ₹291.36 crore; total comprehensive income ₹414.97 crore vs ₹251.24 crore; EPS ₹6.06 vs ₹4.23.

• Operating cash flow was ₹956.13 crore; investing cash outflow ₹604.19 crore and financing cash outflow ₹349.42 crore.

Outlook and guidance

• FY19-20 outlook was positive as the economic weakness seen at end-2018 appeared to have bottomed; gas share target is 15% of India’s energy mix by 2022, from 6%.

• Priorities include deeper PNG household, commercial and CNG penetration, plus faster network rollout in newly licensed areas across Punjab, Haryana, Rajasthan and Madhya Pradesh.