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ICICI Securities Report
Gujarat State Petronet Ltd.’s Q2 FY22 standalone earnings per share is up 21% YoY driven by surge in other income and plunge in interest cost.
Consolidated Q2 EPS is down 20% YoY on 48% YoY fall in EPS of subsidiary Gujarat Gas Ltd.
Surge in spot liquefied natural gas would hit volumes of Gujarat Gas and Gujarat State Petronet and margins of Gujarat Gas in FY22E.
Gujarat Gas hiking gas price by 75% for industrial consumers would limit hit to its FY22E and boost its FY23E margin. Interest cost cut and other income upgrade has boosted Gujarat State Petronet’s FY22-FY23E standalone EPS.
Factoring changes in Gujarat Gas’ EPS has led to 9% cut in Gujarat State Petronet’s FY22E consolidated EPS and 4% upgrade in its FY23E EPS.
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