Gujarat Gas Ltd.

NSE: GUJGASLTD | BSE: 539336 | ISIN: INE844O01030 |Industry: Integrated Oil & Gas
|Expensive Performer

Gujarat Gas Ltd.    
08 Feb 2019
Motilal Oswal
8 February 2019 GUJGA reported significantly higher EBIDTA of INR3.2b (v/s INR2b a year ago, more than double QoQ) as against our estimate of INR1.8b. PAT came in at INR1.4b (v/s our estimate of INR576m; doubled YoY), primarily due to lower raw material cost. EBITDA/scm increased to INR5.3 (v/s our estimate of INR2.9, INR2.6 in 2QFY19), however, the street has reservations about sustainability of EBIDTA/scm above INR5. We model EBITDA/scm of INR3.9/4.0 for FY20/21. PNG industrial/commercial volumes stood at 4.6mmscmd (+2% YoY, -3% QoQ), while PNG household volumes were at 0.5mmscmd (+4% YoY, +2% QoQ).
Gujarat Gas Ltd. is trading below it's 30 day SMA of 178.84
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