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Dolat Capital Report
Gujarat State Petronet Ltd. transmission volumes at 33.25 million metric standard cubic meter per day (de-growth of 13% YoY and of 9.6% sequentially) is above our estimates of 22 million metric standard cubic meter per day.
Tariffs were at Rs 1.5 per standard cubic meter per day (growth of 2% YoY and de-growth of 14.3% QoQ).
Revenue was ahead of our estimates. Refinery and Power sector considered as essential commodity, largest offtake were from those segments.
National Green Tribunal's March 06, 2019 order to ban the use of coal gasifiers in Morbi region, spurted Gujarat Gas Ltd. volumes from its industrial belt of Morbi in the previous quarters. However, due to shut down of non-essential industrial units, volumes from city gas distrubution business was low.
We expect Gujarat State Petronet transmission volumes to increase from H2 FY21 from Gujarat Gas volumes, other CGD projects and power sector.
Volumes can be subdued from CGD segment in H1 FY21 because of lower industrial activity due lockdown and slower revival of economy.
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