GAIL Q1 Review - Doing Good, Expecting Even Better: Motilal Oswal
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Motilal Oswal Report
GAIL India Ltd. reported an Ebitda in line with our estimate, as better performance in gas trading and liquefied petroleum gas and liquid hydrocarbon business offsets lower profitability in the petchem segment (impacted due to the planned shutdown in Q1 FY22).
The management guided that the petchem plant is currently operating at over 100% utilisation and will achieve 100% utilisation in FY22, despite the lower utilisation rate in Q1.
In the current high spot liquefied natural gas price environment (Japan-Korea Marker forward curve at $15-16/ metric million British thermal unit, up from $10/mmbtu in Q1 FY22), GAIL expects the trading segment to do even better in Q2.
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