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Centrum Broking Report
GAIL India Ltd.'s adjusted Ebitda/profit after tax of Rs 24/15 billion declined 6/20% QoQ even as YoY performance looks outsized due to a lower base (Ebitda/profit after tax up 3.9/6 times YoY).
Earnings missed estimates of Rs 31.8 billion Ebitda and Rs 21.7 billion profit after tax primarily due to higher than estimated impact of the planned maintenance shutdown of the petchem segment in Q1.
Other than petchem, GAIL India's most other segments delivered a strong Q1, with gas trading and the liquefied petroleum gas plus liquid hydrocarbon segment delivering strong growth.
Gas transmission saw some impact of the second wave of Covid-19, but Q2 onwards, most operational metrics look decidedly better.
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