Gujarat State Petronet Ltd.    
08 Feb 2019
152.65
0.13%
Motilal Oswal
8 February 2019 Transmission volumes of 34.5mmscmd were higher than our estimate of 33mmscmd. Implied tariff was marginally lower at INR1,420/mscm. Driven by higher other expenditure of INR804m (+90% YoY, +31% QoQ), EBITDA came in lower than our estimate at INR3.5b (+19% YoY, -32% QoQ). 2QFY19 included the retrospective impact of tariff revision from 1QFY19. PAT in the quarter came in at Transmission volume stood at 34.5mmscmd, as against 33.5mmscmd in 3QFY18 and 35mmscmd in 2QFY19. Implied transmission tariff stood at INR1,420/mscm, as against INR1,123/mscm in 3QFY18 and INR1,810/mscm in 2QFY19. Implied tariff in 2QFY19 included the retrospective impact of tariff hike. We model (a) transmission tariff of INR1,445/mscm in FY20/21 v/s actual INR1,410 in 3QFY19 and (b) volumes of 30/31mmscmd in FY20/21 v/s 35mmscmd in FY19. The lower volume can be ascribed to the possible start- up of RILs petcoke gasifier, which could take away 5-7mmscmd of volumes. In 9MFY19, EBITDA stood at INR12.1b (+41% YoY), driven by tariff revision.
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ICICI Securities Limited decreased Hold price target of Gujarat State Petronet Ltd. to 180.0 on 12 Feb, 2019.
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