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Buy Gujarat Gas; target of Rs 655: ICICI Direct

ICICI Direct is bullish on Gujarat Gas recommended buy rating on the stock with a target price of Rs 655 in its research report dated Jun 03, 2021.

June 10, 2021 / 12:19 PM IST
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ICICI Direct's research report on Gujarat Gas

Gujarat Gas’ Q4FY21 results were ahead of our estimates on the operational and profitability front. Revenues increased 28.6% YoY to Rs 3428.9 crore (our estimate: Rs 3465.1 crore) as sales volume jumped 22% YoY during the quarter. Sales volume at 12.1 mmscmd was above estimate of 11.7 mmscmd. Realisation was at Rs 31.4/scm (our estimate: Rs 32.9/scm). Gross margins at Rs 7/scm were in line with expectations. EBITDA was at Rs 554.3 crore (up 29.9% YoY) above our estimate of Rs 507.3 crore on account of better operating leverage. Subsequently, reported PAT increased 42.3% YoY to Rs 349.9 crore, above our estimate of Rs 302 crore.


We maintain BUY rating on Gujarat Gas with a revised TP of Rs 655 (26x FY23E EPS, earlier TP Rs 505/share).

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

Broker Research
first published: Jun 4, 2021 11:26 am

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