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ICICI Securities Report
GAIL India Ltd.'s Q4 FY21 standalone profit before tax is up 6% YoY (earnings per share down 14% YoY on higher tax) driven by rise in petrochemical Ebitda.
Consolidated Q4 earnings is down 24% YoY. FY21 earnings is down 18% YoY hit mainly by gas marketing Ebitda in the red due to plunge in oil and spot liquefied natural gas prices.
We estimate FY22E gas marketing Ebitda to be up Rs 31 billion YoY as surge in oil and spot LNG versus modest rise in Henry Hub gas price would mean sale of Henry Hub-linked U.S. LNG at higher oil/spot LNG-linked prices.
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