MOSL: GUJARAT GAS (Sell)-EBITDA declined sharply led by higher gas cost-volume growth strong
​GUJARAT GAS: EBITDA declined sharply led by higher gas cost; volume growth strong
(GUJGA IN, Mkt Cap USD1.6b, CMP INR751, TP INR699, 7% Downside, Sell)
- ​GUJGA reported EBITDA of INR1.5b (-34% YoY, -14% QoQ), led by higher RM cost of INR11b (+9% YoY, +19% QoQ) and other expenses of INR1.1b (+11% YoY, +20% QoQ). Adj. PAT came in at INR331m (-64% YoY, -22% QoQ), led by lower interest cost of INR476m (-20% YoY, -12% QoQ).
- EBITDA/scm declined sharply: EBITDA/scm declined sharply to INR2.7 (-41% YoY, -23% QoQ), led by a sharp increase in LNG prices.
- PNG volumes strong: PNG – industrial/commercial volumes stood at 4.3mmscmd (+16% YoY, +16% QoQ) and PNG – household volumes at 0.6mmscmd (+2% YoY, +16% QoQ).
- CNG volumes up 8% YoY: CNG volumes stood at 1.2mmscmd (+8% YoY, +6% QoQ).
- Dividend declared: Management has recommended a dividend of INR3/share for FY17.
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.
Motilal Oswal Financial Services Ltd. is a reputed name in Financial Services and Online Trading with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance.
Motilal Oswal Securities is a group company of Motilal Oswal Financial Service Limited which started as a stock trading company and has blossomed into well diversified firm offering a range of financial products and services. Motilal Oswal has built a reputation as the source for best stock trading company and this has taken a wealth of experience, knowledge and expertise, constantly working in tandem, over the years.
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