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Nirmal Bang Report
Gujarat State Petronet Ltd.'s Q2 FY22 standalone net revenue/profit after tax were a beat by 8.2%/23.8%% versus our estimates.
This was due to higher other income, lower depreciation at profit before tax level and reduced other expense above Ebitda.
Gujarat State Petronet's revenue came in at Rs 4.97 billion, net of gas transmission charges. Unit Ebitda margin at Rs 1.12/standard cubic meter was 2.1% above our estimate.
We are cutting earnings per share estimates for FY22E/FY23E/FY24E by 5.7%/5.5%/6.3% based on 4% cut in volume on concerns about lower gas demand amid high gas prices.
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