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ICICI Securities Report
GAIL India Ltd. has reported a second successive quarter of robust operational growth in Q1 FY23, with Ebitda of Rs 43.6 billion (up 81% YoY, 18% QoQ, 11% above estimates) and profit after tax of Rs 29.1 billion grew 91% YoY and 9% QoQ.
Beat on operational front versus our estimates was driven by
stronger trading segment Ebit and
marginal beat on transmission volumes, offset by weaker petchem volumes/margins and weak liquefied petroleum gas volumes.
Very high differentials between Asian LNG prices and U.S. Henry Hub benchmarks continue to drive trading gains for GAIL, albeit with the suspension of ~2 million tonne (~7 million metric standard cubic meter per day of gas supplies from Gazprom due to the ongoing geopolitical issues, both trading segment gains as well as gas availability for the petchem segment would be constrained over the rest of FY23E.
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