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HDFC Securities Report
GAIL India Ltd.’s 1QFY21 EBITDA/APAT was 47/52% below estimates as the company reported an operating loss of Rs 5bn in the NG marketing business vs our expectation of a profit of Rs 4bn.
Takeaways from the earnings call: Capacity utilisation in 1Q declined across segments: natural gas transmission 45% (vs. 53% QoQ), petchem 76% (vs. 86% QoQ), LPG transmission 99% (vs. 109% QoQ), polymers 66% (vs. 103% QoQ), liquid hydrocarbon 76% (vs. 85% QoQ). Demand for gas has recovered in 2Q.
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