Highlights 23 percent sequential fall in revenue Morbi shutdown and fuel switching lead to industrial volume fall Fourth quarter of sequential volume de-growth EBITDA of 9.2/scm in Q2 unlikely to sustain Valuation unattractive Gujarat Gas (CMP: Rs 503.55; Market capitalisation: Rs 34,664 crore) has reported a decline in revenues due to a steep drop in industrial volumes and a dip in realisations, while relief in gas cost helped it to beat margin expectations. A 49 percent year-on-year (YoY) and 32 percent sequential fall in industrial volumes indicate...
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