Girish Pai

Nirmal Bang

Equity Bottom-Up

<p>3QFY21 Result Update</p>
<h2>GAIL</h2>
<h3>Petchem steals the show in the mixed bag result</h3>
<p>GAIL’s 3QFY21 standalone result was mixed with 16.5% revenue beat getting offset by 26.6% miss on COGS resulting in 613 bps/336bps miss on gross/EBITDA margin. The segment earnings saw Petchem beat getting surpassed by the miss on gas  marketing/LPG &amp;HC leading to 8.3% miss on EBITDA. Higher other income, lower depreciation and tax rate reversed the EBITDA miss into 13.3% beat in PAT at Rs14.87bn. The Gas Marketing segment…</p>

<p>Company Update</p>
<h2>GAIL</h2>
<h3>Raise TP on unified tariff, petchem gains; retain BUY</h3>
<p>Event update: The unified tariff regulation notified by the PNGRB last week is designed to be revenue neutral for existing pipelines of natural gas transportation as explained in the new regulation. And this view has been echoed by industry executives during our channel checks. We agree with the regulations’ primary rationale to help deliver gas at a uniform tariff across India and expand the gas market. And the proposal…</p>

<p>2QFY21 Result Update</p>
<h2>GAIL</h2>
<h3>Petchem, Gas Transmission drive hefty beat</h3>
<p>GAIL’s 2QFY21 results were spectacular, with revenue miss of 16%/7.8% vs NBIE/consensus estimate at Rs136.43bn and PAT beat of 76.7%/14.5% vs NBIE/consensus estimate at Rs12.39bn. This was driven by the beat in Petchem and Gas Transmission segments as well as other income. The Gas Marketing segment reported EBITDA loss at Rs3.35bn vs profit of Rs2.54bn/loss of Rs5.17bn YoY/QoQ. According to GAIL all segments (except Gas…</p>

<p>1QFY21 Result Update</p>
<h2>GAIL</h2>
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<h3>Gas trading loss looms large in massive miss</h3>
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<p>GAIL’s 1QFY21 results were disastrous, with revenue beat of 25.16%/(13.3%) at Rs120.87bn and PAT miss of 76.61%/75.5% at Rs2.56bn vs NBIE/street estimates. The gas marketing segment reported EBITDA loss at Rs5.17bn vs profit of Rs8.61bn/Rs6.31bn YoY/QoQ. During the concall, the management reported a revival across all segments to near pre- covid volumes that could still be at risk from future lockdowns, which is…</p>
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India

GAIL India Limited processes and distributes natural gas and liquefied petroleum gas. The Company is a Government of India undertaking.

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