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Consolidated Standalone

Guj. State Fin. Corp

₹27.9 1.2 | 4.4%

Market Cap ₹249 Cr.

Stock P/E -2.1

P/B -0.1

Current Price ₹27.9

Book Value ₹ -326.3

Face Value 10

52W High ₹40

Dividend Yield 0%

52W Low ₹ 5.9

Edit Ratio

Guj. State Fin. Corp Research see more...

Overview Inc. Year: 1960Industry: Finance Term Lending

Gujarat State Financial Corporation Limited (GSFC) is a financial institution established by the State Government of Gujarat in 1961 under the State Financial Corporations Act, 1951. Company was founded by Shri Chandulal Jethalal Jaiswal, who is also the promoter of the company. The current chairman of the corporation is Shri Manoj Kumar Das, IAS, and the current managing director is Dr. Rahul B Gupta, IAS. The corporation has a board of directors consisting of seven members, including nominees of the state government and SIDBI. The corporation’s portfolio includes various sectors such as agro and food processing, engineering, chemicals, textiles, pharmaceuticals, plastics, etc. The corporation has financed 47,331 units and disbursed Rs. 3,300 crore, generating employment for over 6,00,000 persons. Many financed units have also graduated from small to medium and large scale.

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Guj. State Fin. Corp Share Price

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Quarterly Price

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Peer Comparison

Guj. State Fin. Corp Quarterly Results

#(Fig in Cr.) Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Jun 2023 Sep 2023 Dec 2023
Operating Revenue 1 0 0 0 0 0 0 3 1 0
Other Income 3 2 2 2 2 2 3 3 3 3
Total Income 3 3 3 2 2 2 3 6 4 3
Total Expenditure 1 2 1 1 1 1 1 1 3 -1
Operating Profit 2 1 1 1 1 2 2 5 2 4
Interest Expense 33 34 34 33 34 34 34 34 35 35
Depreciation 0 0 0 0 0 0 0 0 0 0
Profit Before Tax -31 -33 -32 -32 -32 -33 -29 -28 -31 -30
Provision for Tax 0 0 0 0 0 0 0 0 0 0
Profit After Tax -31 -33 -32 -32 -32 -33 -29 -28 -31 -30
Adjustments 0 0 0 0 0 -0 0 0 0 0
Profit After Adjustments -31 -33 -32 -32 -32 -33 -29 -28 -31 -30
Adjusted Earnings Per Share -3.5 -3.7 -3.6 -3.6 -3.6 -3.7 -3.3 -3.2 -3.5 -3.4

Guj. State Fin. Corp Profit & Loss

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
Operating Revenue 25 18 41 34 17 18 21 19 14 11 14 4
Other Income 6 7 0 2 1 0 1 0 1 1 1 12
Total Income 31 25 42 35 18 18 22 19 14 11 14 16
Total Expenditure 32 19 18 19 11 7 8 7 5 5 4 4
Operating Profit -0 6 24 17 7 11 14 13 9 6 11 13
Interest Expense 146 115 118 121 124 126 128 130 132 134 136 138
Depreciation 0 0 0 0 1 0 0 0 0 0 0 0
Profit Before Tax -113 -113 -95 -105 -117 -116 -115 -117 -123 -128 -125 -118
Provision for Tax 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Tax -113 -113 -95 -105 -117 -116 -115 -117 -123 -128 -125 -118
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments -113 -113 -95 -105 -117 -116 -115 -117 -123 -128 -125 -118
Adjusted Earnings Per Share -12.7 -12.7 -10.6 -11.8 -13.1 -13 -12.9 -13.2 -13.8 -14.3 -14 -13.4

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 27% -10% -5% -6%
Operating Profit CAGR 83% -5% 0% 0%
PAT CAGR 0% 0% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 316% 113% 93% 24%
ROE Average 0% 0% 0% 0%
ROCE Average 0% 0% 0% 0%

Guj. State Fin. Corp Balance Sheet

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Shareholder's Funds -1660 -1773 -1868 -1973 -2090 -2205 -2320 -2438 -2561 -2688 -2814
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 662 662 662 662 662 662 662 662 662 662 662
Current Liability 3 8 3 3 3 3 3 3 3 3 3
Other Liabilities & Provisions 1078 1193 1311 1431 1554 1680 1808 1938 2070 2204 2340
Total Liabilities 83 90 108 123 129 139 153 165 174 180 190
Loans 0 0 0 0 0 0 0 0 0 0 0
Investments 5 5 3 2 2 2 2 1 2 2 2
Fixed Assets 3 3 4 4 5 4 4 3 3 3 2
Other Loans 2 5 2 1 1 1 1 1 1 1 1
Other Non Current Assets 0 4 3 7 6 5 6 7 6 5 6
Current Assets 73 73 97 108 115 127 141 153 163 169 179
Total Assets 83 90 108 123 129 139 153 165 174 180 190

Guj. State Fin. Corp Cash Flow

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Opening Cash & Cash Equivalents 39 69 73 97 108 3 3 1 1 1 1
Cash Flow from Operating Activities 121 -16 -2 1 -2 3 5 2 -1 -14 -8
Cash Flow from Investing Activities -121 5 25 11 9 -2 -7 -2 1 9 9
Cash Flow from Financing Activities 29 16 0 0 0 0 0 0 0 0 0
Net Cash Inflow / Outflow 30 5 23 12 7 1 -2 -0 0 -4 1
Closing Cash & Cash Equivalent 69 73 97 108 115 3 1 1 1 -3 2

Guj. State Fin. Corp Ratios

# Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Earnings Per Share (Rs) -12.7 -12.66 -10.64 -11.78 -13.15 -12.96 -12.89 -13.18 -13.79 -14.34 -14.04
CEPS(Rs) -12.68 -12.62 -10.59 -11.73 -13.09 -12.91 -12.84 -13.14 -13.76 -14.31 -14.01
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) -186.8 -199.46 -210.1 -221.88 -235.03 -247.99 -260.88 -274.06 -287.85 -302.2 -316.24
Net Profit Margin -451.54 -625.7 -229.04 -311.5 -686.5 -653.54 -545.52 -614.15 -890.29 -1202.84 -909.22
Operating Margin 129.88 13.62 56.65 47.77 38 59.16 62.63 65.66 65.02 55.83 76.1
PBT Margin -451.54 -625.53 -229.04 -311.5 -686.5 -653.54 -545.52 -614.15 -890.29 -1202.84 -909.22
ROA(%) -166.68 -130.45 -95.82 -90.9 -92.88 -85.93 -78.51 -73.77 -72.44 -72.19 -67.59
ROE(%) 0 0 0 0 0 0 0 0 0 0 0
ROCE(%) 0 0 0 0 0 0 0 0 0 0 0
Price/Earnings(x) 0 0 0 0 0 0 0 0 0 0 0
Price/Book(x) -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 -0 -0.01 -0.01 -0.03 -0.02
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 24.29 33.36 14.27 17.21 33.67 31.65 25.26 27.23 38.48 53.96 38.93
EV/Core EBITDA(x) -2109.15 106.04 24.74 35.09 81.96 51.22 39.11 40.29 57.11 92.16 49.93
Interest Earned Growth(%) -4.49 -28.07 129.63 -18.57 -49.36 3.56 19.12 -9.18 -27.8 -23.04 29.54
Net Profit Growth 45.83 0.33 15.94 -10.74 -11.61 1.41 0.57 -2.24 -4.66 -3.98 2.08
EPS Growth(%) 45.83 0.33 15.94 -10.74 -11.61 1.41 0.57 -2.24 -4.67 -3.98 2.08
Interest Coverage(x) % 0.22 0.02 0.2 0.13 0.05 0.08 0.1 0.1 0.07 0.04 0.08

Guj. State Fin. Corp Shareholding Pattern

# Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Promoter 83.95 83.95 83.95 83.95 83.95 83.95 83.95 83.95 83.95 83.95
FII 0 0 0 0 0 0 0 0 0 0
DII 5.64 5.64 5.64 5.64 5.64 5.64 5.64 5.64 5.64 5.64
Public 10.41 10.41 10.41 10.41 10.41 10.41 10.41 10.41 10.41 10.41
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Stock is trading at -0.1 times its book value
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 0% over the last 3 years.

* 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.

Guj. State Fin. Corp News

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