MOSL: GUJARAT STATE PETRONET (Neutral)-Record high volumes drive beat
GUJARAT STATE PETRONET: Record high volumes drive beat
(GUJS IN, Mkt Cap USD1.7b, CMP INR210, TP INR210, 0% Upside, Neutral)
Standalone net sales were 9% higher than our estimate at INR5.1b (+31% YoY, +18% QoQ), primarily due to higher-than-expected transmission volumes. Revenue from Gas transportation was up 32% YoY to INR5b. EBITDA was higher 17% YoY to INR4.0b (+18% QoQ), with EBITDA margin at 78.4% (v/s 87.9% in 1QFY19 and 75.9% in 4QFY19). PAT was higher 43% YoY to INR2.1b, led by lower interest cost (-17% YoY, -5% QoQ) in 1QFY20.
** Transmission volume for the quarter was 9% higher than estimate at 38.2mmscmd (v/s 36.5mmscmd in 1QFY19 and 32.4mmscmd in 4QFY19).
** Implied tariff was marginally lower than estimate at INR1,459/scm (v/s INR1,179/scm in 1QFY19 and INR1,488/scm in 4QFY19).
Gujarat State Petronet Limited (GSPL) is a natural gas infrastructure and transmission company engaged in gas transportation business. The Company is engaged in transmission of natural gas through pipelines on an open access basis from supply points to demand centers. It also generates electricity through windmills. Its segments include Gas Transportation and Windmill. It develops energy transportation infrastructure and connects natural gas supply sources, including liquefied natural gas (LNG) terminals to various markets. It has set up a 52.5 megawatt (MW) Wind Power Project at Maliya Miyana (District-Rajkot), Gorsar, and Adodar (District-Porbandar). Its subsidiaries include GSPL India Gasnet Limited, which is engaged in development of Mehsana-Bhatinda and Bhatinda-Jammu-Srinagar pipeline projects, and GSPL India Transco Limited, which is engaged in the development of Mallavaram-Bhopal-Bhilwara-Vijaipur Pipeline Project. It serves various industries, such as power and fertilizer.
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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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