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ICICI Securities Report
Gujarat State Petronet Ltd.'s Q4 FY21 standalone earnings per share was down 9% YoY, despite flat profit before tax, hit by 37% YoY rise in tax on a low base; 50% YoY fall in interest cost made up for volume fall.
Consolidated Q4 profit before tax was up 25% YoY on 45% surge in profit before tax of subsidiary Gujarat Gas Ltd., but earnings per share was up just 9% YoY on tax jump.
High spot liquefied natural gas and Covid-19 are headwinds, but rise in domestic gas Gujarat Gas use will support its margin and that Gujarat State Petronet transports will support its volumes.
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