Girish Pai

Nirmal Bang

Equity Bottom-Up

<p>3QFY21 Result Update</p>
<h2>Gujarat State Petronet</h2>
<h3>Lower volume leads to miss on PAT</h3>
<p>GSPL’s 3QFY21 standalone result was a miss by 7.5%/5.2% vs NBIE estimate of revenue/standalone PAT.  This was due to 7.9% miss on volume. The YoY trend however witnessed a growth of 1.5%/11.4% in revenue/PAT. Revenue came in at Rs4.59bn, net of gas transmission charges. EBITDA was up 4.8% YoY, but 5.9% below NBIE estimate. Unit margins came in line with estimate. We remain positive on GSPL’s future prospects over the…</p>

<p><strong>Please read the First page in bold paragraph, We have cut our FY21E/FY22E/FY23E estimates by 6.4%/11.3%/9.7%. Rest of the report remains unchanged.</strong></p>
<p>3QFY21 Result Update</p>
<h2>Gujarat State Petronet</h2>
<h3>Lower volume leads to miss on PAT</h3>
<p>GSPL’s 3QFY21 standalone result was a miss by 7.5%/5.2% vs NBIE estimate of revenue/standalone PAT.  This was due to 7.9% miss on volume. The YoY trend however witnessed a growth of 1.5%/11.4% in revenue/PAT. Revenue came in at Rs4.59bn, net of gas transmission charges…</p>

<p>2QFY21 Result Update</p>
<h2>Gujarat State Petronet</h2>
<h3>Volume trending up</h3>
<p>GSPL’s 2QFY21 standalone result was a marginal miss –2.5%/1.4% vs NB estimate of revenue/standalone PAT. The YoY trend however is a dip of 6.5%40% in revenue/PAT. Revenue came in at Rs4.96bn, net of gas transmission charges. EBITDA was down 12.9% YoY and 6.8% below NBIE estimate. We remain positive on GSPL’s future prospects, especially from FY22. Key catalysts: (i) incremental supplies of 5-7mmscmd from the Mundra LNG terminal and…</p>

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<p>1QFY21 Result Update</p>
<h2>Gujarat State Petronet</h2>
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<p><strong>Volumes picking up post marginal beat</strong></p>
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<p>GSPL’s 1QFY21 standalone result was a marginal beat – 6.4%/3.8%/4.97% vs NB estimate of gas volume/revenue/standalone PAT. The YoY trend however is a dip of 13%/13.8%3.3% in volume/revenue/PAT. Revenue came in at Rs4.03bn net of gas transmission charges. EBITDA was down 13.9% YoY but was 5.6% above NBIE est. We remain positive on GSPL’s future prospects, especially from FY22. Key catalysts: i)…</p>
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India

Gujarat State Petronet Limited owns and operates a natural gas transmission network in India.  The Company serves the State of Gujarat and most of its customers are natural gas end-users.

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