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ICICI Securities Report
Gujarat Gas Ltd.’s Q1 FY21 earning per share was down 75% YoY, hit by plunge in volumes and Ebitda margin contraction on a high base.
All volumes except domestic piped natural gas volumes plunged due to the Covid-19 triggered lockdown during the quarter.
Industrial volumes are down 60% YoY to 2.86 million metric standard cubic meter per day (mmscmd), while compressed natural gas volumes are down 54% YoY to 0.68 mmscmd.
Ebitda margin is down YoY but at a four-quarter high. Industrial gas volumes are already back to pre-lockdown levels, much before expectation.
Current volumes are higher than FY20 average volumes but below the Q4 FY20 peak.
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