Prabhudas Lilladher's research report on GAIL (India)
We lower our FY21-22E earnings to incorporate lower LPG realization and gas trading earnings. We expect GAIL’s capex trajectory to pick up as all businesses ex-pipeline operate at near peak levels.
Outlook
DOWNGRADE to “ACCUMULATE” with revised DCF-based PT of Rs108 (Rs115) on rollover.
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