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Reliance Securities Report
GAIL India Ltd.’s gas transmission volume is expected to increase to 121 million metric standard cubic meters a day( mmscmd) in FY23 from 108mmscmd in FY20 on the back of-
1) incremental rise in consumption by five upcoming fertilizer plants; (2) ramp-up by new city gas distribution players in recently won geographical areas and (3) jump in domestic gas production from Krishna Godavari (KG) fields to approximately 45mmscmd.
Tariff revision as recently proposed by the Petroleum and Natural Gas Regulatory Board (PNGRB) is expected to benefit new pipelines and will not materially impact returns on GAIL’s existing pipeline network.
Our calculation suggests, every 10% rise/fall in gas pipeline tariffs will increase/decrease GAIL’s Ebitda by 5.7% in FY23E.
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