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Motilal Oswal Report
GAIL India Ltd. reported a 31%/33% beat on Ebitda/profit after tax in Q1 FY23 as strong gains in the trading business offset other weak segments.
GAIL's operating performance in the transmission and petrochemicals segment decreased on a YoY and QoQ basis.
Gazprom triggered the force majeure clause on ~2.5 million metric tonne of volume (~14 mmt of its total liquefied natural gas portfolio), which will ultimately mean higher gas prices. As a few consumers may not be able to afford higher gas prices, it may result in slightly lower offtake till the time the situation persists.
While gas trading volumes remained strong in Q1 (up 5% YoY), this segment will remain soft in Q2 FY23, led by loss of volumes due to supply issues from Gazprom.
Commissioning of the new fertilizer plant at Sindri, Barauni, and Gorakhpur will boost demand and aid profitability from CY23.
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