GAIL India share price up 2% on improved Q4 numbers; JPMorgan raises target price
The company posted a 28.3 percent rise in Q4 net profit at Rs 1,908 crore against Rs 1,487.3 crore in Q3FY21.
June 10, 2021 / 12:14 PM IST
GAIL India share price jumped more than 2 percent intraday on June 10, a day after the state-run company posted a 28.3 percent rise in net profit at Rs 1,908 crore in the March quarter against Rs 1,487.3 crore in the previous quarter.
The company's revenue was down at Rs 15,449 crore against Rs 15,454.3 crore. Earnings before interest, tax, depreciation and amortization (EBITDA) was up 28.4 percent at Rs 2,465 crore and the margin was up at 16 percent (QoQ)
Broking house JPMorgan has kept an "overweight" rating and raised the target price to Rs 197 a share.
A strong fourth quarter was in-line, while near-term oil price strength should support the earnings. The gas trading segment reported EBITDA after loss for 3 quarters.
Jefferies has maintained the "hold" rating with the target at Rs 150 per share.
The EBITDA was missed by 10 percent while transmission put up a strong show with a 1 percent year on year increase in volume.
The petchem volumes and realisations surprised positively, the brokerage said, raising the FY22 EPS estimate by 6 percent.
At 1144 hours, GAIL India was quoting at Rs 163.15, up Rs 0.95, or 0.59 percent, on the BSE.
The share touched a 52-week high of Rs 170 on June 9, 2021 and a 52-week low of Rs 81.25 on October 14, 2020. It is trading 4.03 percent below its 52-week high and 100.8 percent above its 52-week low.