BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Prabhudas Lilladher Report
We increase our FY22E estimates of GAIL India Ltd. by 10% to factor in strong inventory gain trends in H1 even as we leave FY23/24E earnings largely unchanged.
The company reported higher than expected results with Ebitda/profit after tax of Rs 34.7 billion (up 44%QoQ; our estimate: Rs 27.0 billion) and Rs 28.6 billion (up 87%QoQ; our estimate: Rs 17.9 billion) due to-
higher than expected inventory gains and
increased petrochemical volumes post maintenance shutdown.
Recovery in commodity prices in-line with recovering economy, augurs well for GAIL. Also, commissioning of new pipelines over next one year will augment volumes and profits, in our view.
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