Moneycontrol PRO

Gujarat Gas declines after CLSA retains 'sell' as profit misses estimates

The company reported net profit at Rs 381.90 crore in the June quarter, down 19.89 percent from a year ago, missing estimates. Core profit came in at Rs 625.61 crore, down 15.93 percent.

August 04, 2022 / 01:09 PM IST
The company reported quarterly net profit at Rs 381.90 crore in June 2022 down 19.89 percent from Rs 476.69 crore in June 2021. EBITDA came in at Rs 625.61 crore in June 2022 down 15.93 percent from Rs 744.16 crore in June 2021.

The company reported quarterly net profit at Rs 381.90 crore in June 2022 down 19.89 percent from Rs 476.69 crore in June 2021. EBITDA came in at Rs 625.61 crore in June 2022 down 15.93 percent from Rs 744.16 crore in June 2021.

 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Gujarat Gas share price was down five percent in afternoon on August 4, a day after the company rolled out its June quarter earnings, missing profit estimates.

CLSA has maintained a sell rating on the stock and has cut target to Rs 390 from Rs 450, a downside of 12 percent. The brokerage firm is of the view that eight percent miss on net profit was due to lower margin and volume while two percent volume miss was led by industrial and residential business. CLSA has also cut FY23/24 earnings per share (EPS) estimates by 20/12 percent.

Jefferies has a buy rating but has cut target to Rs 525 from Rs 700 per share. It is of the view that higher core profit margin led to a nine percent core profit beat while volumes missed estimates.

The company reported net profit at Rs 381.90 crore in the June quarter, down 19.89 percent from a year ago, missing estimates. Core profit came in at Rs 625.61 crore, down 15.93 percent.

The firm reported net sales at Rs 5,303.23 crore, up 72.97 percent.

Close
At 12:39 hrs Gujarat Gas was quoting at Rs 439.15, down Rs 23.50 or 5.08 percent, on BSE. It has touched an intraday high of Rs 463 and an intraday low of Rs 437.

Catch all the market action on our live blog

Disclaimer: The views and investment tips expressed by experts 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.
Moneycontrol News
first published: Aug 4, 2022 01:09 pm
Sections
ISO 27001 - BSI Assurance Mark