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Centrum Broking Report
GAIL India Ltd.'s adjusted Ebitda/profit after tax grew 2.6 times/2.3 times YoY to Rs 34.7/28.6 billion, well ahead of our estimates.
Sharply higher trading gains drove up segment EBIT 2.9x QoQ to Rs 10.8 billion, well ahead of our estimate of Rs 4.9billion. Other segments performed strongly as well, with 14% QoQ rise in gas transmission EBIT, and 2.6x QoQ rise in petchem EBIT. Strong performance of the gas trading segment was somewhat expected, but surprised on the extent of beat, and we believe momentum will continue, given that the differential has only widened in Q3.
GAIL stock trades at 7.9/7.5x FY23/24E earnings per share.
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