Gujarat State Petronet - In-Line Q3, Steady Growth Ahead: Centrum Broking
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Centrum Broking Report
Gujarat State Peronet Ltd. reported volumes at 39.4 million metric standard cubic meter per day, slightly below our estimate 41 mmscmd, up up 7% YoY/up 18% QoQ.
Nine months average volumes stand at 37.5 mmscmd down 1.7% YoY implying faster recovery in volume from being down 6% in H1 FY21 versus H1 FY20.
Reported Ebitda/profit after tax at Rs 4/Rs 2.5 billion (5/11% YoY), broadly in line with our estimate Ebitda/PAT of Rs 4/Rs 2.5 billion.
Revenue of Rs 5.8 billion (down 7/25% YoY/QoQ), slightly below our estimate Rs 6 billion due to lower than expected volumes.
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