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Nirmal Bang Report
Gujarat State Petronet Ltd.’s Q4 FY22 standalone revenue (net of transmission charges)/profit after tax were 17.2%/16% beat versus our estimates.
This was driven by 8.7% beat in volume – 29.27 metric million standard cubic meter per day. Revenue came in at Rs 3.67 billion, net of gas transmission charges.
Gujarat State Petronet's unit Ebitda margin at Rs 1.16/standard cubic meter was 4.6% above our estimate.
Key catalysts:
revival of momentum in high-growth city gas distribution segment and also refining; beaten down power segment could revive once liquefied natural gas prices cool off,
incremental supplies of 5-7 mmscmd from Mundra and other new liquefied natural gas terminals.
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