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Motilal Oswal Report
Gujarat Gas Ltd. continues to surprise on volumes growth (11.4 million metric standard cubic meter per day) and margin (Rs 5.8/ standard cubic meter), clocking better than expected Q3 FY21 earnings.
Realization remained strong at Rs 26.9/scm (down 8% YoY, down 3% QoQ), while opex was down 11% YoY at Rs 1.5/scm (down 7% QoQ).
As per our interaction with the management, Morbi volumes stood ~7mmscmd in Q3 FY21 (versus ~6.3mmscmd in Q2 FY21).
At present, total volumes are above 11.5mmscmd.
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