Gujarat Energy (GUJENERGY) Q4 20/21 earnings summary

Executive summary

• FY21 PBT reached a record ₹1,704.70 crore standalone, up 41% YoY; annual gas volumes were 9.39 MMSCMD vs 9.44 MMSCMD despite COVID-19 disruption.

• Q4 FY21 gas sales exceeded 12 MMSCMD, with volume growth of 22% YoY; uninterrupted supply continued through lockdowns.

• Standalone total comprehensive income rose to ₹1,278.07 crore from ₹1,189.62 crore; proposed final dividend was ₹2 per share.

Financial highlights

• Standalone revenue from operations was ₹10,042.28 crore vs ₹10,526.49 crore; total income was ₹10,116.31 crore vs ₹10,610.15 crore.

• Standalone profit before interest, depreciation and tax was ₹2,161.85 crore vs ₹1,717.93 crore; PBT was ₹1,704.70 crore vs ₹1,207.78 crore.

• Standalone PAT was ₹1,275.50 crore vs ₹1,193.32 crore; EPS was ₹18.53 vs ₹17.33. No exceptional items were recorded.

• Operating cash flow was ₹1,655.18 crore vs ₹1,421.90 crore; capex payments were ₹751.32 crore vs ₹595.55 crore.

Outlook and guidance

• Focus remains on deeper PNG and CNG penetration in existing areas and faster network rollout in newly acquired geographies to support future revenue and profit growth.

• India’s target is to increase natural gas to 15% of the primary energy mix by 2030 from 6%; sector expansion and new CGD bidding rounds may create growth opportunities.

• Demand was expected to rise steadily as the economy reopened; definitive COVID-19 effects remained uncertain, particularly following the second wave.