Gujarat State Petronet Q1 Review - Stellar Performance In A Difficult Quarter: Centrum Broking
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Centrum Broking Report
Gujarat State Petronet Ltd. reported volumes of 36.8 million metric standard cubic meter per day, ahead of our estimate of 35mmscmd, and up 11/9% YoY/QoQ.
Volumes remained strong despite the renewed Covid-19 restrictions and July has trended even higher at 39.4mmscmd.
However, Gujarat State Petronet's Ebitda/profit after tax declined 3/9% YoY to Rs 3.7/2.3 billion, despite a 13% YoY rise in revenue due to higher opex.
Revenue grew 14/13% YoY/QoQ to Rs 5.3 billion versus our estimate of Rs 4.9 billion due to higher volumes while tariffs remained flat YoY and QoQ at Rs 1.28/standard cubic meter.
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