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HDFC Securities Institutional Equities
Our 'Buy' recommendation on GAIL India Ltd. with a target price of Rs 145 is based on-
an increase in gas transmission volume to 129 million metric standard cubic metre per day by FY25 on the back of an increase in domestic gas production,
completion of major pipelines in eastern and southern India, and
expectation of improvement in earnings from the petchem segment.
GAIL's Q2 FY24 reported Ebitda/profit after tax at Rs 35/24 billion, came in above our estimates, driven by an improvement in natural gas transmission volumes and higher marketing margins.
Depreciation at Rs 7.5 billion (+21% YoY, +18% QoQ) came above expectation.
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