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Prabhudas Lilladher Report
We change our FY22/23E earnings of Gujarat Gas Ltd. by down 4%/up 3% to factor in near term volume impact due to pandemic concerns and even increase our FY23E estimates.
We remain constructive on the company's volume prospects as imposition of 200- 350% import duty on Chinese imports to U.S. has helped domestic exporters in Morbi, which is India's ceramic hub and accounts for over 60% of the company volumes.
The company reported results higher than our estimates with Ebitda of Rs 5.5 billion (down 10% QoQ; our estimate Rs 5.2 billion) and profit after tax of Rs 3.5 billion (down 11% QoQ; our estimate Rs 3.2 billion).
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