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Dolat Capital Report
Gujarat State Petronet Ltd. transmission volumes at 29.3 million metric standard cubic meter per day (de-growth of 13.5% YoY and of 8.3% sequentially) below our estimates of 37 mmscmd.
Tariffs were at Rs 1.62/standard cubic meter (growth of 7.4% YoY and de-growth of 16.7% QoQ).
Revenues below our estimates. Volumes have seen a hit across segments especially the city gas distribution sector due to third wave of Covid and higher spot gas prices.
Due to National Green Tribuna's March 06, 2019 order to ban the use of coal gasifiers in Morbi region, spurted Gujarat Gas volumes from its industrial belt of Morbi in the previous quarters, however with industrial units running below full capacity due to higher gas prices, sales from the CGD sector have reduced.
We expect Gujatar State Petronet's transmission volumes to increase from FY23 from Gujarat Gas volumes, other CGD projects and power sector.
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