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Yes Securities Report
The resilient performance in Q3 FY24 showcased GAIL India Ltd.'s strength, with Ebitda/profit after tax soaring to Rs 38.2 billion/Rs 28.4 billion, up 14 times/11 times YoY, exceeding expectations.
The standout performers were natural gas trading and liquefied petroleum gas/liquefied hydrocarbon segments, while the unexpected Ebit profit in Petchem added to the positive narrative.
We give GAIL an 'Add' rating, with a revised 12-month target price of Rs 177 (versus 166 earlier).
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