MOSL: GUJARAT GAS (Neutral)-EBITDA/scm in line, Morbi volumes at 5.2mmscmd
GUJARAT GAS: EBITDA/scm in line, Morbi volumes at 5.2mmscmd
(GUJGA IN, Mkt Cap USD2b, CMP INR205, TP INR189, 8% Downside, Neutral)
- GUJGA's reported EBITDA was at INR3.7b (v/s INR1.6b in 2QFY19) with PBT at INR2.6b. The company has adopted the new tax rate and measured its DTL during the quarter, which led to realization of deferred tax of INR3.0b. PAT was at INR5.2b versus INR0.4b in 2QFY19.
- For 1HFY20, EBITDA stood at INR8.4b (v/s INR4.1b in 1HFY19), supported by the NGT ban at Morbi volumes from 1QFY20. PBT stood at INR6.2b (v/s INR2.5b in 1HFY20), while PAT came in at INR7.5b (v/s INR1.6b in 1HFY20).
- EBITDA/scm was in line with our estimate at INR4.3 (v/s INR2.6 in 2QFY19). EBITDA/scm normalized (from highest ever in 1QFY20 at INR5.6), as the company took a PNG I/C price cut of INR2.5/scm during the start of the quarter. Spot LNG prices averaged USD5.1/mmbtu in 2QFY20 (v/s USD10.4 in 2QFY19 and USD5.4 in 1QFY20).
Gujarat Gas Ltd Formerly known as Gujarat Gas Company Limited. Gujarat Gas Company Limited is an India-based company. The Company is engaged in Natural Gas Business in Gujarat. Natural gas business involves distribution of gas from sources of supply to centers of demand and to the end customers. The Company has underground pipe lines consists of mild steel (ME) and polyethylene (PE). These lines gas is supplied to Residential, Industrial, Commercial and Compressed Natural Gas (CNG). The Company also supplies piped natural gas to customers and retails compressed natural gas. Gas is used by customers for applications, such as heating, cooling, power and process. The Company has two subsidiaries namely Gujarat Gas Financial Services Limited and Gujaratgas Trading Company Limited.
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