Feb 19, 2013, 03.17 PM | Source: Moneycontrol.com
Angel Broking maintained neutral rating on GAIL India in its February 14, 2013 research report.
, Angel Broking |
“GAIL India’s top line grew by 10.8percent yoy to Rs12,474cr (above our estimate of Rs11,986cr), mainly due to higher-thanexpected sales in the natural gas trading segment, which grew by 10.6percent yoy Rs10,118cr respectively. The company’s fuel subsidy burden stood at Rs700cr in 3QFY2013.”
“EBITDA increased by 16.4percent yoy: GAIL’s EBITDA improved by 13.7percent yoy to Rs2,002cr in 3QFY2013 and EBITDA margin improved by 41bp yoy to 16.0percent, mainly due to better petrochemical and LPG segment EBIT which grew by 13.4percent and 93.8percent yoy to Rs439cr and Rs592cr, respectively. Higher other income boosts PAT: Other income increased by 622.2percent yoy to Rs154cr, leading the net profit to increase by 17.7percent yoy to Rs1,285cr (above our estimate of Rs1,147cr).”
“Over the past one year, gas production from the KG basin has declined significantly. Further, we do not expect any meaningful increase in the production at KG D6 over the coming two years. Hence, we expect utilization levels for GAIL’s pipelines to remain low during FY2013-14. Moreover, a cap on the gas marketing margin (which is currently under review by the Petroleum and Natural Gas Regulatory Board (PNGRB)) would remain an overhang on the stock. Hence, we maintain our neutral rating on the stock,” says Angel Broking research report.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
To read the full report click here
Gas subsidy auction for power plants likely in few weeks
Buy GAIL India ltd; target of Rs 428: Emkay
Emkay is bullish on GAIL (India) Ltd and has reco
Go long in GAIL India on dips, says Simi Bhaumik
Simi Bhaumik of simibhaumik.com recommends going l
Buy GAIL; target of Rs 409: KRChoksey
KRChoksey is bullish on GAIL has recommended buy r
6 stocks that should do well today
Ashish Kyal of wavesstrategy.com advises buying TV
GAIL Q3 net profit rises 10% to Rs 664.26 crore
Turnover fell 10 percent to Rs 13,451.58 crore in
Modi to kick-start Make in India Week in Mumbai today
On his arrival at the airport today, Prime Ministe
TIME Magazine to hand out 'Make in India Awards'
The stage is set for the Make in India week which