Moneycontrol
Last Updated : Nov 05, 2018 10:54 AM IST | Source: Moneycontrol.com

Gujarat Gas slips 4% on weak Q2 show; Elara Capital maintains buy, cut target to Rs 916

Elara Capital has maintained buy call on Gujarat Gas but cut target to Rs 916 from Rs 1115 per share.

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Share price of Gujarat Gas slipped 4 percent intraday Monday as company has reported weak set of numbers for the quarter ended September 2018.

The company's Q2 profit fell 32.8 percent at Rs 41.07 crore versus Rs 61.08 crore, while revenue rose 41.2 percent at Rs 1,964.3 crore versus Rs 1,391.2 crore.

Its EBITDA fell 21.8 percent at Rs 160.4 crore versus Rs 205 crore and margin was down at 8.2 percent versus 14.7 percent, YoY.

Brokerage: IDFC Securities | Rating: Outperformer | Target: Rs 865

IDFC Securities has maintained outperformer rating on Gujarat Gas and cut target to Rs 865 from Rs 875. It see a potential upside of 37 percent.

There is a miss on margins, while growth prospects undiminished, it added.

Key positive is record volumes, while key negative is higher than expected gas costs drag margins.

Brokerage: Elara Capital | Rating: Buy | Target: Rs 916

Elara Capital has maintained buy call on Gujarat Gas but cut target to Rs 916 from Rs 1115 per share.

The higher gas cost was impacted the margins, while volume recovery beat our expectation, it added.

The firm cut target to factor lower margins on higher oil-linked gas cost.

The company board at its meeting held on November 03, 2018, has recommended the split/sub-division of equity shares of the company from face value of Rs 10 each to face value of Rs 2 each.

At 10:29 hrs Gujarat Gas was quoting at Rs 622, down Rs 10.25, or 1.62 percent on the BSE.

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First Published on Nov 5, 2018 10:54 am
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