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Gujarat State Petronet shares rise 5% despite weak Q2 show

Company reported 28.4 percent YoY fall in its Q2 profit at Rs 498.6 crore compared to Rs 696.2 crore.

November 12, 2020 / 12:19 PM IST
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Gujarat State Petronet share price rose nearly 5 percent intraday on November 12 despite the company's profit declining in the quarter ended September 2020.

The company reported a 28.4 percent YoY fall in its Q2 profit at Rs 498.6 crore compared to Rs 696.2 crore, while revenue declined to Rs 2,980.4 crore versus Rs 3,043.2 crore.

Earnings before interest, tax, depreciation and amortisation (EBITDA) was up 37.8 percent at Rs 1,117.9 crore and the margin was at 37.5 percent.

With both volume and tariff outlook looking strong, Dolat Capital expect robust revenue growth along with profitability to reach normalized levels from H2 FY21.

Investments in Gujarat Gas and Sabarmati Gas will reap benefits, while investments in a consortium for transnational pipelines is a concern in the medium-term.


Considering these factors, recommend buy with a target price of Rs 231, it added.

CLSA has maintained buy rating with a target at Rs 330 per share. The higher volume and other income have drive a beat.

Company's Q2 EBITDA was ahead of our estimates driven by higher volume & lower opex and raise FY21-22 EPS by 16-18%, said CLSA.


At 10:16 hrs Gujarat State Petronet was quoting at Rs 191, up Rs 4.90, or 2.63 percent on the BSE.

The share touched its 52-week high Rs 263.45 and 52-week low Rs 146.00 on 27 January 2020 and 24 March 2020, respectively.

Currently, it is trading 27.5 percent below its 52-week high and 30.82 percent above its 52-week low.
Moneycontrol News
first published: Nov 12, 2020 10:39 am

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