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Motilal Oswal Report
GAIL India Ltd. reported a beat on all our numbers, primarily driven by multi-quarter high profitability in the gas trading business. Operating performance for liquefied petroleum gas and liquid hydracarbon also improved on a YoY and QoQ basis.
The management guided that gas trading volumes would increase by 5- 6 million metric standard cubic meters per day in FY23. Commissioning and ramp up of various fertiliser plants are also expected by April-October 2022 which should aid volumes.
Also, lesser cargoes are now being sold outside of India (six cargoes in Q3 FY22 versus eight in Q2 FY22) on the back of improved demand from pre-commissioning and ramp-up at fertiliser plants in India.
GAIL remains confident about bringing all the cargoes to India over the next year – as the Sindri, Barauni, and Gorakhpur fertiliser plants get commissioned.
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