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Beat on EBITDA & PAT as strong margin offsets volume weakness * In 2QFY25, Gujrat Gas (GUJGA) reported EBITDA and PAT at 10%/17% above our estimates. The overall volume was down 4% vs our estimate, though this was offset by the EBITDA/scm margin coming in at INR6.4 (our est: INR5.6). The beat at the EBITDA level appears to be largely driven by gas cost optimization, as gross margin expanded from INR8.6/scm in 1QFY25 to INR10.4/scm in 2QFY25. In 3QFY25, we expect a sharp recovery in vol...
Company Update : Gujarat Gas Ltd - Motilal Oswal Financial Services
Gujarat Gas' Q2FY25 results were disappointing, volumes negatively surprised on weaker Morbi demand offset by an improved EBITDA spread. Volumes at 8.75mmscmd versus our expectations of 9.48mmscmd with Morbi contributing 2.9mmscmd and CNG declined from its peak at 2.93mmscmd, while the EBITDA spread of Rs 6.4/scm was higher than anticipated. The trending volumes are morbi are up ~3.5mmscmd but the sector is affected by factors - geopolitical situations globally; propane competition, shipp...
Sell Gujarat Gas Ltd For Target Rs. 462 By Yes Securities Ltd
Merger to unlock value for GUJGA and GUJS Gujarat Gas has announced a scheme of amalgamation and arrangement, under which Gujarat State Petroleum Corp. (GSPC), Gujarat State Petronet (GUJS) and GSPC Energy (GEL) will merge with Gujarat Gas. This will be followed by the merged entity de-merging the transmission business into a new entity, GSPL Transmission Limited (GTL). Gujrat Gas management expects to complete the transactions by Aug’25. Based on the proposed share swap, we see ~...
Buy Gujarat Gas Ltd Target Rs.715 By Motilal Oswal Financial Services Ltd
Gujarat Gas (GGL) reported a slight 2% miss on Q1FY25 EBITDA at Rs5.4bn, due to 3% lower unit gross margin, partly offset by 1% higher volumes at 11.0mmscmd (up 13% QoQ). Morbi volume rose 36% QoQ to 5.2mmscmd on favorable economics vs. propane. EBITDA/scm fell 20% QoQ to Rs5.4 (up 16% YoY, a 3% miss). The mgmt indicated current Morbi volumes to be down 30- 40% due to the weak ceramic outlook, seasonality, and cheaper propane. FY25 volume growth guidance is muted at 5-7% vs 10% typically targ...
Sell Gujarat Gas Ltd For Target Rs. 500 By Emkay Global Financial Services
In line EBITDA and PAT, industrial volumes better than expected but EBITDA spreads lower Our View Gujarat Gas' Q1FY25 results were in line, volumes positively surprise driven by Morbi cluster demand and EBITDA spreads weaker. Volumes at 10.98mmscmd versus our expectations of 10.45mmscmd with Morbi contributing 5.21mmscmd and CNG hitting new peak at 3mmscmd, while the EBITDA spread of Rs 5.4/scm was lower than anticipated. The trending volumes are morbi are down 30-40% over Q1FY25 an...
Reduce Gujarat Gas Ltd For Target Rs. 600 By Yes Securities
Veerhealth Care is currently trading at Rs. 23.85, up by 0.85 points or 3.70% from its previous closing of Rs. 23.00 on the BSE. The scrip opened at Rs. 23.00 and has touched a high and low of Rs. 24.00 and Rs. 23.00 respectively. So far 23569 shares were traded on the counter. The BSE group 'X' stock of face value Rs. 10 has touched a 52 week high of Rs. 30.10 on 23-Feb-2024 and a 52 week low of Rs. 13.60 on 13-Dec-2023. Last one week high and low of the scrip stood at Rs. 2...
Veerhealth Care soars on purchasing additional land in Gujarat
Gujarat Gas Ltd * GUJGASLTD has witnessed a breakout from its two year consolidation phase which strong volumes. * Stock have rebounded higher finding support around the neckline of the breakout which also coincides with short term moving average. * Thus following price action and volume activity, price looks set to resume its upmove and surpass its previous swing high. * Traders can consider fresh longs in the mentioned range BUYGujarat Gas Ltd. CMP 590...
Stock of the day : Gujarat Gas Ltd. For Target Rs.620 - Religare Broking
Stronger performance on higher EBITDA spreads Our View Gujarat Gas' Q4FY24 results exceeded expectations due to higher EBITDA spreads and fall in gas costs. Volumes met estimates at 9.69mmscmd, while the EBITDA spread of Rs 6.7/scm was materially higher than anticipated. This stronger performance stemmed primarily from lower gas costs despite price cuts and limited availability of priority allocated gas. We retain our Add rating on the stock with a revised target price of Rs 600/sha...
ADD Gujarat Gas Ltd.For Target Rs. 600 - Yes Securities
Volume outlook stays positive * Gujarat Gas’s (GUJGA’s) EBITDA was above our estimate at INR5.9b as both margins and volumes were on the higher side. EBITDA/scm for the quarter stood at INR6.7/scm. Total volumes stood at 9.7mmscmd. * Management emphasized its confidence in achieving an annualized volume CAGR of ~10% p.a., despite experiencing a recent shortfall in APM allocation of 20-30%. Its optimism stems from 1) positive response received to the new pricing scheme aimed ...
Buy Gujarat Gas Ltd. For Target Rs. 650 - Motilal Oswal Financial Services
Earnings beat driven by higher volume & margin; maintain BUY JM Financial Institutional Securities Limited JM Financial Research is also available on: Bloomberg - JMFR , Thomson Publisher & Reuters, S&P Capital IQ, FactSet and Visible Alpha Please see Appendix I at the end of this report for Important Disclosures and Disclaimers and Research Analyst Certification. Gujarat Gas’ (GGas) 4QFY24 standalone EBITDA, at INR 5.9bn, was significantly higher than JMFe/consensus of ...
Buy Gujrat Gas Ltd. For Target Rs.615 - JM Financial Services
We downgrade Gujarat Gas Limited (GGL) to SELL from Reduce, with an unchanged Dec-24E DCF-based TP of Rs440 primarily due to uncertain Morbi volume outlook and volatile margin profile amid expensive valuations (trading at ~27x Dec-25E EPS vs. peers at ~15x). GGL reported a 20% miss in Q3FY24 EBITDA of Rs4bn due to 6% lower-than-expected volumes at 9.2mmscmd (down 2% QoQ). Morbi volumes fell 7% QoQ to 3.7mmscmd. EBITDA/scm fell 18% QoQ to Rs4.8 (15% miss). Mgmt. indicated current Morbi volumes...
Sell Gujarat Gas Ltd For Target Rs.440 - Emkay Global Financial Services
Lower-than-expected margin drives miss * GUJGA’s EBITDA came in below our estimate at INR4b in 3QFY24 as both margin and volumes were weak. EBITDA/scm stood at INR4.8 and total volumes came in at 9.2mmscmd. * The management highlighted that they are expecting an increase in demand from rural areas specially in the outskirts of Ahmedabad and Thane areas. GUJGA has been able to capture significant CNG volumes from rural areas and that there is a significant demand for CNG in newer G...
Buy Gujarat Gas Ltd For Target Rs.675 - Motilal Oswal Financial Services
During Q4, Gujarat Gas (GujGas) reported significant beat supported by robust sequential expansion in EBITDA/scm. 41.0% QoQ surge in EBITDA/scm at Rs6.7/scm led to EBITDA/ PAT surging by 47.5%/85.7% QoQ. Overall volumes jumped 5.8% QoQ and 9.4% YoY at 9.7mmscmd. YoY volume growth was supported by surge in CNG volumes while QoQ volumes benefitted from growth in both industrial and CNG volumes. During FY24, the company reported 11.6% YoY jump in overall volumes, however 29.9% YoY decline in EBI...
Sell Gujarat Gas Ltd For Target Rs.460- Centrum Broking Ltd
During Q4, Gujarat Gas (GujGas) reported significant beat supported by robust sequential expansion in EBITDA/scm. 41.0% QoQ surge in EBITDA/scm at Rs6.7/scm led to EBITDA/ PAT surging by 47.5%/85.7% QoQ. Overall volumes jumped 5.8% QoQ and 9.4% YoY at 9.7mmscmd. YoY volume growth was supported by surge in CNG volumes while QoQ volumes benefitted from growth in both industrial and CNG volumes. During FY24, the company reported 11.6% YoY jump in overall volumes, however 29.9% YoY...
Sell Gujarat Gas Ltd. For Target Rs.460 By Centrum Broking Ltd
Gujarat Gas Ltd Buy Gujarat Gas Ltd CMP 565.40 Range 563-566 SL 550; Target 600 Please refer disclaimer at https://www.religareonline.com/disclaimer SEBI Registration number is INZ000174330
Stock of the day : Gujarat Gas Ltd For Target Rs.600 - Religare Broking
Prime Minister Narednra Modi on February 25 will dedicate to the nation Sudarshan Setu -- the country’s longest cable-stayed bridge -- which will connect Okha mainland and Beyt Dwarka island. As per PMO statement, the 2.32 Km long bridge has been built at a cost of around Rs 980 crores is among the Rs 52,525 crore worth infrastructure projects that PM Modi will inaugurate and lay the foundation stones during his two-day Gujarat trip. “Sudarshan Setu boasts a unique design, f...
PM Narednra Modi to throw open India`s longest cable-stayed bridge in Gujarat on Feb 25
Gujarat Gas is currently trading at Rs. 585.20, up by 4.05 points or 0.70% from its previous closing of Rs. 581.15 on the BSE. The scrip opened at Rs. 589.65 and has touched a high and low of Rs. 589.65 and Rs. 576.60 respectively. So far 19820 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 589.65 on 01-Feb-2024 and a 52 week low of Rs. 397.20 on 26-Oct-2023. Last one week high and low of the scrip stood at Rs....
Gujarat Gas gains on inking MoU with Hindustan Petroleum Corporation
CNG pivotal to growth; Morbi volumes slack Morbi cluster: Morbi accounts for ~43% of GUJGA volumes, but its contribution to EBITDA is only ~10-15%. The industrial volumes tend to fluctuate in this region due to price volatility of alternate fuels (propane). Propane prices have soared internationally taking the price in Morbi region to Rs 44/scm (in comparison, PNG price is Rs 45.6/scm while price for non-ceramic customers is Rs 47.4/scm) Morbi ceramic cluster has total volume capacity of 8...
Add Gujarat Gas Ltd For Target Rs.605 - Yes Securities Ltd
Higher-than-expected margin drives beat * Gujarat Gas (GUJGA)’s 2QFY24 EBITDA, at INR5b, beat our estimate due to 39% higher-than-estimated EBITDA/scm. The 2Q EBITDA/scm was at INR5.8. Total volumes, at 9.3mmscmd, came in line with our estimate. * Morbi volumes stood flat sequentially at ~4mmscmd in 2QFY24, and management expects the volumes to remain at similar levels over the next few months. The total market size of Morbi stood at ~8.0-8.5mmscmd. * GUJGA aims to strike a bal...
Buy Gujarat Gas Ltd For Target Rs.485 - Motilal Oswal Financial Services Ltd
Gujarat Gas (GGL) posted a margin-driven earnings beat in Q2FY24, while volume was flattish QoQ at 9.3mmscmd (a 4% miss) on range-bound Morbi volume. EBITDA/scm rose 25% QoQ to Rs5.8 — a 30% beat on 3% higher realizations. EBITDA/PAT was 25/38% above our estimate at Rs5/3bn. Mgmt. indicated that current Morbi volume stands at ~4mmscmd, and should remain range-bound for coming few months, though eventual outlook depends on gas vs propane economics. Mgmt. maintains EBITDA/scm at Rs4.5-5.5...
Hold Gujarat Gas Ltd For Target Rs.440 - Emkay Global
Robust quarter driven by recovery in volume and margins Gujarat Gas’ (GGas) 2QFY24 standalone EBITDA was INR 5.0bn, slightly above JMFe of INR 4.9bn but significantly above consensus of INR 3.8bn due to higher-than-expected volume while margin was a tad lower. Volume was 4.7% above JMFe at 9.2mmscmd in 2QFY24 (up 2.2% QoQ) due to higher volume in the key industrial segment. EBITDA margin recovered to INR 5.8/scm (from INR 4.6/scm in 1QFY24) aided by lower gas cost and some price hike...
Buy Gujarat Gas Ltd For Target Rs.550 - JM Financial Institutional Securities
Indian city gas distributor Gujarat Gas posted a more than 26% drop in second-quarter profit on Thursday, hurt by lower selling prices and steep competition. Standalone net profit after tax fell to 2.98 billion rupees ($35.82 million) in the three months ended Sept. 30 from 4.04 billion rupees a year earlier. Revenue from operations dropped more than 2% to 39.91 billion rupees. For further results highlights, click [FWN3C33J0] KEY CONTEXT City gas distributors have cut th...
India`s Gujarat Gas posts 26% drop in Q2 profit on lower selling prices
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