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Motilal Oswal Report
We attended GAIL India Ltd.'s analyst meet in Delhi on March 22, 2023. Below are the key highlights from the meeting:
Management highlighted that owing to supply disruptions from Gazprom Marketing and Singapore and record high liquefied natural gas prices, performance was adversely impacted across all segments in FY23. The company's PATA plant was operating at just 50% capacity and had to shut down briefly in October 2022.
However, the supply situation now seems to be improving with Germany's Sefe (formerly GMTS) nominating two cargos each in March and April.
Additionally, GAIL purchased 122 million metric standard cubic metre per day of gas from Indian Gas Exchange (at $16-17/metric million British thermal unit) and will also be bringing eight liquefied natural gas cargos from the U.S.
Recently approved tariff hike, LNG prices cooling off to ~$12/mmBtu, and improvement in gas supply should improve performance going forward.
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