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Last Updated : May 13, 2019 04:28 PM IST | Source: Moneycontrol.com

Hold Gujarat State Petronet; target of Rs 180: ICICI Direct

ICICI Direct recommended hold rating on Gujarat State Petronet with a target price of Rs 180 in its research report dated May 13, 2019.

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ICICI Direct's research report on Gujarat State Petronet


Gujarat State Petronet (GSPL) reported its Q4FY19 results, which were below our estimates on the profit front on account of higher than estimated other expenses and lower volumes. Revenues increased 23.8% YoY to Rs 433.9 crore, below our estimate of Rs 467.1 crore due to lower-than-expected volumes, which was at 32.4 mmscmd vs. our estimate of 35 mmscmd. Increase in other expenses by 77.1% YoY to Rs 89.6 crore (our estimate: Rs 57.4 crore) led to EBITDA at Rs 329.3 crore, below our estimate of Rs 397.7 crore. Subsequently, PAT was at Rs 153.3 crore, below our estimate of Rs 200.2 crore.


Outlook


We value GSPL on an SOTP basis with investments at ~Rs 91 per share and standalone business at ~Rs 89 per share to arrive at a target price of Rs 180 with HOLD recommendation.


For all recommendations report, click here


Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies 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.



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First Published on May 13, 2019 04:28 pm
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