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Yes Securities Report
GAIL India Ltd.'s Q3 FY22 operating profit at Rs 42.8 billion (up 120% YoY; up 22% QoQ), stood above our and street estimates on stronger natural gas trading and petrochemical margins.
Strong spot liquefied natural gas prices environment, improved attractiveness for GAIL's contracted LNG cargoes, helping the company score better marketing margins.
Of the 22 U.S. cargoes imported during the quarter, only six were sold outside India (versus 14 in Q1 and eight in Q2), as a result the trading margins also improved sharply to $0.76/metric million British thermal unit (Q2: $0.47/mmbtu; Q1: USD 0.17/mmbtu).
Going ahead the prognosis appears healthy as transmission and trading volumes are likely to improve further with full commissioning of Gorakhpur, Barauni and Sindri fertilizer plants over April-December 2022.
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