Muted volume outlook in near term…
About The Stock
Gujarat Gas is one of India’s largest city gas distribution companies with highest sales volume among listed peers.
- Sales volume grew at 15% CAGR in FY17-22 driven by industrial PNG
- The company benefitted from NGT order for Morbi industrial area
Gujarat Gas (GGL) reported results that were higher than estimates on the profitability front driven by gross margins.
- Revenue was up 36.2% YoY to ₹ 4669.4 crore (estimate: ₹ 4798.7 crore) driven by higher realisation
- Gross margin was at ₹ 10.7/scm, up ₹ 3.6/scm YoY as higher realisation offset surge in gas costs. Subsequently, EBITDA was at ₹ 697.4 crore, up 25.8% YoY (estimate: ₹ 288.9 crore)
- PAT was at ₹ 444.3 crore, up 27% YoY (estimate: ₹ 152.5 crore)
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