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Centrum Broking Report
Gujarat State Petronet Ltd. reported volumes of 33.3 million metric standard cubic meter per day (mmscmd) beat our estimate 32.5 mmscmd, however declined 13/10% YoY/QoQ, due to Covid-19 lockdown.
While offtake from city gas distribution/fertiliser/refining/petrochemicals/others segments remained weak, offtake from power grew sharply offsetting this weakness to some extent.
With a recovery in volumes expected over H2 FY21E and strong tariffs, we remain positive on earnings prospects over FY20-22E, with the value boost from subsidiary Gujarat Gas Ltd. an important support to overall value.
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