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ICICI Securities Report
A series of amendments have been made to pipeline tariff regulations by the Petroleum and Natural Gas Regulatory Board last week, with changes made to volume, tax rate, opex, capacity etc.
Both the listed gas transmission players GAIL India Ltd. and Gujarat State Petronet Ltd. should largely benefit from these measures, in our view. For GSPL, in particular, the amendments related to capacity expansion, tax rate, slower ramp up and system use gas are welcome, given the apprehension investors have had for a long time on the extent of tariff cuts post FY23.
With these amendments in place, GSPL can see as much as 11-12% increase in FY24E earnings per share, while for GAIL the impact would be less than 2% as per rough estimates.
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