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 FY22/23E earnings by 7%/3% to factor improvement in margins.
Gujarat Gas Ltd. reported strong results with Ebitda/profit after tax of Rs 7.2 billion (up 30% QoQ; our estimate Rs 4.9 billion) and Rs 4.8 billion (up 36% QoQ; our estimate Rs 3 billion) respectively, due to record margins of Rs 7.9/ standard cubic meter (Q4 FY21 Rs 5.1).
We remain constructive on Gujarat Gas volume prospects as imposition of 200-350% import duty on Chinese imports to U.S. has helped domestic exporters in Morbi, which is India’s ceramic hub and accounts for ~60% of the company's volumes.
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