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Prabhudas Lilladher Report
Our channel checks in Morbi suggests that-
Gujarat Gas Ltd.'s gas sales volumes have nearly doubled from Q3 FY23 lows of ~2 million metric standard cubic metre per day as gas prices have become cheaper to competing propane by Rs 0.5-1/standard cubic metre, however, industrial gross margins are likely to be at ~Rs 2.7/scm,
85% of players have dual fuel (propane/Gujarat Gas) capacity and they switch for cheaper option daily,
dealer off-take of ceramic products remain low, due to high price volatility,
domestic demand remains sluggish, while export growth is healthy due to falling gas and freight cost.
We maintain our volumes and earnings for Gujarat Gas and expect high competition to keep margins/volumes in check.
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