Oil & Gas Sector Earnings Review - Gujarat Gas Stood Out In Q3 With Strong Growth And A Big Beat: ICICI Securities
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ICICI Securities Report
Q3 FY21 earnings per share of all seven oil and gas companies was up YoY; EPS rise of Indian Oil Corporation Ltd. and Gujarat Gas Ltd. was the steepest at 145-99% YoY while that of Mahanagar Gas Ltd. and Indraprastha Gas Ltd. was weakest at 17-23% YoY.
Gujarat Gas stood out, given the big beat on volumes and margins (8-44% above our estimate), which drove Ebitda and earnings per share beat of 56-79%.
Key trends emerging from Q3 FY21 results were YoY rise in industrial gas volumes versus fall in compressed natural gas,
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