Gujarat Gas Q4 Review - Prodigy Of The Gas Business; Faith Remains Intact: Motilal Oswal
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Motilal Oswal Report
Gujarat Gas Ltd. reported a beat on our numbers, driven by better-than estimated Ebitda/standard cubic meter (Rs 5.1) and volume growth (up 22% YoY to 12.1 million metric standard cubic meter per day).
Morbi volumes stood at 7.3mmscmd (up 33% YoY), while compressed natural gas achieved highest ever quarterly volumes.
Pivotal was addition of 150 new CNG stations in FY21 totaling to 559 CNG outlets (versus Indraprastha Gas Ltd.’s 573 stations).
The company indicated total volumes in Q1 FY22-to-date stands at ~10mmscmd (with the recent month’s volumes at ~9mmsmcd) – amid the second Covid-19 wave impact.
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