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Motilal Oswal Report
GAIL India Ltd. reported earnings came in higher than our estimates, led by continued outperformance in the petrochemical business (owing to multi-year high margin during Q4 FY21) and liquid hydrocarbon business (on the back of improvement in realisations).
The gas trading business turned profitable after reporting losses in three quarters of FY21 (in line with our estimates).
We expect gas trading and the liquid hydrocarbon business to do even better in the current high spot liquefied natural gas and brent price environment.
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