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Motilal Oswal Report
Gujarat State Petronet Ltd. reported an in line Q1 FY23, with lower-than-estimated volumes offset by strong tariffs of Rs 1523/standard cubic meter, led by use-or-pay contracts as well as change in volume mix on high pressure/low pressure networks.
High spot liquefied natural gas prices, at $42/metric million British thermal unit, in July 2022 remain a concern over the strong volume offtake in Q2 FY23 as well. Moreover, the shutdown of several ceramic units, given the high inventory, will impact volume in the near term.
We remain optimistic about volume growth as long-term growth is expected from city gas distributions, and the fertilizer and refining sectors.
Gujarat State Petronet' phase I of the Mehsana-Bhatinda pipeline has already turned cash flow profitable. Phase II is expected to be commissioned by the end of FY23, following which total volumes through this pipeline should reach 9.5- 10 million metric standard cubic meter per day.
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