GAIL (India) Ltd. share price target

ICICI Securities Ltd | Retail Equity Research Gail India reported a decent set of Q3FY18 numbers that were largely in line with our estimates on the profitability front. While the natural gas trading, transmission and petchem segment performance was broadly as per our estimates, LPG/LLH segment results came in slightly below our estimates. Revenues were at | 14414.3 crore and came in above our estimate of | 13480.3 crore EBITDA increased 14.1% YoY to | 1969.9 crore and came in below...

Gas transmission volume stood at 109mmscmd (+6% YoY, +3% QoQ), led by increased off take from power plants due to the lack of coal supply. Implied tariff stood at INR1,325/mscm (+9% YoY, -2% QoQ) due to increased share of higher tariff zone during the quarter. EBIT stood at INR6.3b (+8% YoY, -21% QoQ). While petchem sales stood at 176kmt (+21% YoY, +1% QoQ), realization declined to USD1,265/MT (-11% YoY, -1% QoQ). EBIT stood at INR940m (-30% YoY, +6% QoQ). Due to higher availability of rich gas, LPG/liq. HC sales stood at 326tmt(+10% YoY, -2% QoQ). Realization was USD557/mt (+40% YoY, +34% QoQ). EBIT stood at INR6.6b (+76% YoY, +44% QoQ).

GAIL came out with strong set of numbers in Q2FY18 where EBITDA is in line with our expectation while PAT is 8% ahead of our expectation due to higher other income. Gas transmission/trading/LHC segment surprised positively while Petchem profit was a drag due to higher gas cost. The company has entered into different contract to swap its over 60% of high cost US LNG, which is starting from Feb-2018. Also, GAIL witnessed strong demand from...

ICICI Securities Ltd | Retail Equity Research Gail India reported a mixed set of Q2FY18 numbers. The financials were mainly supported by better-than-expected performance of natural gas transmission and trading segment on both volumes and...

In-line EBITDA; Transmission/trading above est.; Petchem disappoints 2QFY18 EBITDA stood at INR20.7b (in-line; +37% YoY, +9% QoQ), led by higher gas transmission/trading earnings, partly offset by lower petrochemical earnings. Reported PAT of INR13.1b (+42% YoY, +28% QoQ) was ahead of our...

GAIL has asked for unified tariff of INR57/mmBtu to take care of lower capacity utilization, to improve RoE, and to ensure lower tariffs for new pipelines like Jagdishpur-Haldia-Bokaro-Dhamra....

ff Following a disappointing performance in 1QFY18 due to GST overhang, Emami has posted an encouraging set of numbers in 2QFY18. Domestic business grew by 14% YoY with underlying witnessed 10% YoY growth in volume....

Q1FY18 adj. PAT at Rs 9.2 bn was in line with our estimate. Reported PAT at Rs 10.3 bn benefited from one-time reversal of excess provision towards gratuity liability. Gas transmission volume stood at 100 mmscmd in Q1, and the management expects it to remain at this level through FY18.

GAIL (India) Ltd Q1FY18 results comment Revenue decreased by 15.21% to Rs. 11406.47 Cr in Q1FY18 when compared to the previous quarter.

GAIL's result came slightly below our expectation (after adjusting reversal of employee cost of Rs1,590 mn) where petchem and gas trading profits disappointed, partially offset by strong profit from LHC segment. The company has entered into different contract to swap its high cost US LNG long term contract but management declined to provide volume details. Out of the total...