. GUJARAT STATE PETRONET: Volume dip offset by strong tariff (GUJS IN, Mkt Cap USD1.7b, CMP INR238, TP INR319, 34% Upside, Buy GUJS reported an in line 1QFY23, with lower-than-estimated volumes offset by strong tariffs of INR1523/scm, led by use-or-pay contracts as well as change in volume mix on HP/LP networks. High spot LNG prices, at USD42/mmbtu, in Jul'22 remain a concern over the strong volume offtake in 2QFY23 as well. Moreover, the shutdown of several Ceramic units, given the high i...
The independent financial analyst theScreener just lowered the general evaluation of GUJARAT STATE PETRONET (IN), active in the Pipelines industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as moderately risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Neutral. As of the analysis date February 22, 2022, the clo...
GUJARAT STATE PETRONET: Volumes strong, to be even stronger from here on (GUJS IN, Mkt Cap USD2.5b, CMP INR325, TP INR450, 39% Upside, Buy) GUJS reported numbers in line with our estimates, with volumes at 37.5mmscmd (improves QoQ - supported by growth in CGDs and the Fertilizer sector). We continue to remain optimistic about volume growth for the company as CGD volumes grow further on the back of festive season demand and economy opening up to its fullest, and higher offtake from the ra...
GUJARAT STATE PETRONET: Volume recovery ahead of our estimate (GUJS IN, Mkt Cap USD2.5b, CMP INR325, TP INR500, 54% Upside, Buy) GUJS reported a marginally higher (+5%) transmission volume than our estimate at 36.8mmscmd (+11% YoY and +9% QoQ), with implied tariff at INR1,282/mscm. Demand recovery from the refining/petchem segment offsets weak demand from CGDs, while demand from the Power sector recovered QoQ. Volumes in Jul’21 have recovered further to 39.4mmscmd. The management expects...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
A director at Gujarat State Petronet Ltd. sold 10,000 shares at 333.010INR and the significance rating of the trade was 55/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two ...
GUJARAT STATE PETRONET: Transmission volume exceeds expectations (GUJS IN, Mkt Cap USD1.9b, CMP INR238, TP INR288, 21% Upside, Buy) Higher-than-expected volume offset the lower implied transmission tariff and led to in-line EBITDA in 3QFY20. The QoQ decline in volume was primarily led by the refinery/petrochemical segments. We expect low LNG prices to spurt demand, especially from the power segment post monsoon. The company is a direct beneficiary of the upcoming LNG terminals in Gujara...
GUJARAT STATE PETRONET: Transmission volume growth continues (GUJS IN, Mkt Cap USD1.7b, CMP INR213, TP INR256, 20% Upside, Buy) Standalone net sales were 6% higher than our est. at INR5.4b (-10% YoY), led primarily by higher than expected transmission volume and marginal improvement in implied tariff. Revenue in 2QFY19 included one-time retrospective adjustment in tariff; resulting in gas transportation in the quarter declining 10% YoY at INR5.3b. EBITDA was down 15% YoY at INR4.4b and PBT do...
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 int...
Gujarat State Petronet: Hurt by multi-quarter-low volumes, higher expenditure (GUJS IN, Mkt Cap USD1.4b, CMP INR175, TP INR191, 9% Upside, Downgrade to Neutral) Volumes declined 5% YoY (-6% QoQ) to 32.4mmscmd in 4QFY19. EBITDA came in muted at INR3.3b (+14% YoY, -7% QoQ) owing to higher total expenditure of INR359/mscm (v/s INR199/mscm in 4QFY18 and INR317/mscm in 3QFY19). PAT declined 3% YoY (-12% QoQ) to INR1.5b, led by a higher tax rate. For FY19, EBITDA stood at INR15.4b (v/s INR11.5b i...
Q3FY19 highlights Gujarat State Petronet’s (GSPL) reported earnings were impacted by higher costs and lower than estimated volumes, despite an upward revision in tariffs in Q2. Adj EBITDA/PAT of Rs3.5bn/Rs1.7bn were well below IDFCe of Rs4.1bn/ Rs2.3bn. This impact was on account of higher other expenses which grew 2x yoy, +35% qoq, includes higher SUG charges of Rs0.3bn for Q3. 9MFY19 EBITDA of Rs10.9bn vs 9MFY18 EBITDA of Rs8.8bn. 9MFY19 other expenses grew 2x yoy again driven by higher ...
Gujarat State Petronet: Higher other expenditure comes in as a dampener (GUJS IN, Mkt Cap USD1.3b, CMP INR167, TP INR209, 25% Upside, Buy) 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 ...
Q2FY19 highlights Recurring EBITDA of Rs4bn grew 33% yoy, driven by continued strength in transmission volumes to 35 mmscmd (+11% yoy, IDFCe 36 mmscmd) and sharply higher transmission tariff, with GSPL accounting for all of H1FY19 tariffs in this quarter. Adj PAT of Rs2.3bn was up 32% yoy, ahead of IDFCe Rs1.6bn. Reported EBITDA/PAT of Rs5.2bn/Rs3.1bn, up 73/77% yoy, helped by the higher tariffs of Q1 also accounted for in this Qtr (~Rs1.2bn) Continued delay in RIL Petcoke gasifier and hi...
Q2FY19 highlights Recurring EBITDA of Rs4bn grew 33% yoy, driven by continued strength in transmission volumes to 35 mmscmd (+11% yoy, IDFCe 36 mmscmd) and sharply higher transmission tariff, with GSPL accounting for all of H1FY19 tariffs in this quarter. Adj PAT of Rs2.3bn was up 32% yoy, ahead of IDFCe Rs1.6bn. Reported EBITDA/PAT of Rs5.2bn/Rs3.1bn, up 73/77% yoy, helped by the higher tariffs of Q1 also accounted for in this Qtr (~Rs1.2bn) Continued delay in RIL Petcoke gasifier and hi...
Q1FY19 highlights Reported EBITDA of Rs3.4bn grew 24% yoy, driven by continued strength in transmission volumes to 36.5 mmscmd (+36% yoy, IDFCe 36 mmscmd). The continued strength in RIL/Power sector offtake has driven the volume uptick. Higher tax rate of 41% and a shrp uptick in interest costs (due to GGL stake buy) has however dragged net earnings down to Rs1.4bn, down 5% yoy Beat vs IDFce EBITDA of Rs3.2bn, driven by slight beat in volumes and also blended tariffs of Rs1.14/scm vs estim...
Gujarat State Petronet: Strong transmission volumes drive earnings (GUJS IN, Mkt Cap USD1.6b, CMP INR195, TP INR196, 1% Upside, Neutral) Reported revenue increased 32% YoY (+12% QoQ) to INR3.9b, ahead of our estimate of INR3.6b, primarily led by higher-than-expected transmission volumes of 36.5mmscmd (est. of 34mmscmd). EBITDA of INR3.4b (+24% YoY, +19% QoQ) exceeded our estimate of INR3b, led by lower O&M expense of INR143/mscm (-28% QoQ). Reported PAT of INR1.4b (-5% YoY, -8% QoQ) missed ...
Q4FY18 highlights Reported EBITDA/PAT of Rs2.9bn/Rs1.6bn grew 45/24% yoy respectively, driven by continued strength in transmission volumes to 34.1 mmscmd (+48% yoy, IDFCe 34 mmscmd). The continued strength in RIL/Power sector offtake has driven the volume uptick. FY18 average volumes at 31.5 mmscmd up 26.5% yoy. However numbers were below IDFCe EBITDA/PAT of Rs3bn/1.8bn, primarily due to higher interest cost (GGL stake buy) and higher opex (Higher SUG charges). FY18 EBITDA/PAT of Rs11.7b...
Q4FY18 highlights Reported EBITDA/PAT of Rs2.9bn/Rs1.6bn grew 45/24% yoy respectively, driven by continued strength in transmission volumes to 34.1 mmscmd (+48% yoy, IDFCe 34 mmscmd). The continued strength in RIL/Power sector offtake has driven the volume uptick. FY18 average volumes at 31.5 mmscmd up 26.5% yoy. However numbers were below IDFCe EBITDA/PAT of Rs3bn/1.8bn, primarily due to higher interest cost (GGL stake buy) and higher opex (Higher SUG charges). FY18 EBITDA/PAT of Rs11.7b...
Gujarat State Petronet: EBITDA below estimate; strong transmission volumes (GUJS IN, Mkt Cap USD1.7b, CMP INR174, TP INR187, 8% Upside, Neutral) Reported revenue rose 43% YoY (flat QoQ) to INR3.5b, falling short of our estimate of INR3.6b, primarily due to lower-than-expected transmission volumes of 34.1mmscmd (est. of 35mmscmd). EBITDA of INR2.9b (+44% YoY, -3% QoQ) was below our estimate of INR3.1b due to higher O&M expenses of INR164/mscm (+1% YoY, +20% QoQ). Reported PAT stood at INR1.6...
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