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Motilal Oswal Report
Spot liquefied natural gas prices have risen to $34/metric million British thermal unit from $19/ mmBtu in CY21, making alternate fuels such as liquefied petroleum gas more attractive in Morbi, Gujarat.
However, we highlight that over the long term, LNG would continue to remain cheaper than LPG, except during the summer season.
Further, increased availability of domestic gas over the few months is likely to help Gujarat Gas Ltd. reduce its sourcing cost, thereby help improve its margins.
Gujarat Gas trades at 20 times FY24 earnings per share of Rs 25. We expect its volume to register a compound annual growth rate of 13% over FY22-24E.
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