Buy Gujarat Gas target of Rs 666: Prabhudas Lilladher

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Prabhudas Lilladher's research report on Gujarat Gas

We change our FY22/23E earnings by -4%/+3% to factor in near term volume impact due to pandemic concerns and even increase our FY23E estimates. We remain constructive on GGAS volume prospects as imposition of 200- 350% import duty on Chinese imports to US has helped domestic exporters in Morbi, which is India’s ceramic hub and accounts for over 60% of GGAS volumes.

Outlook

After sharp run up in stock price (up 53% in las six months) we had put the rating under review but we like the business and rate ‘BUY’ with a DCF based TP of Rs666 on rollover as we increase medium term volume and margin assumptions.

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