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Prabhudas Lilladher Report
We increase our FY22E estimates of GAIL India Ltd. by 10% to factor in strong inventory gain trends in H1 even as we leave FY23/24E earnings largely unchanged.
The company reported higher than expected results with Ebitda/profit after tax of Rs 34.7 billion (up 44%QoQ; our estimate: Rs 27.0 billion) and Rs 28.6 billion (up 87%QoQ; our estimate: Rs 17.9 billion) due to-
higher than expected inventory gains and
increased petrochemical volumes post maintenance shutdown.
Recovery in commodity prices in-line with recovering economy, augurs well for GAIL. Also, commissioning of new pipelines over next one year will augment volumes and profits, in our view.
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