According to Nomura the Q4 miss was driven by both lower volume and tariff.
Gujarat State Petronet (GSPL) share price rose 7 percent in the early trade on June 9 after the company posted robust numbers for the quarter ended March 2020.
The company reported 86 percent jump in March quarter net profit on a steady rise in revenue. Consolidated net profit of Rs 497.67 crore in January-March, 2020 compared with Rs 266.78 crore in the same period a year back.
Revenue rose to Rs 3,232.26 crore from Rs 2,379.79 crore.
For the full fiscal 2019-20, net profit rose to Rs 2,278.63 crore on a revenue of Rs 12,578.11 crore from Rs 1,198.39 crore on revenue of Rs 9,691.38 crore.
Nomura | Rating: Neutral | Target: Rs 240
According to Nomura, the Q4 miss was driven by both lower volume and tariff.
Its Q4 volumes were flat QoQ , while current volumes was back to pre-lockdown levels. The company's tariff was marginally lower, while other opex increased further sequentially, it added.
CLSA | Rating: Buy | Target: Cut to Rs 330 from Rs 360
CLSA feels that the volume may normalise soon.
The company's profit was 2% higher but EBITDA missed by 5%. The depressed LNG prices will delay volume impact of RIL’s petcoke gasifiers.
FY22 volume will see some impact due to slower growth elsewhere.
CLSA raised FY21 EPS estimate by 11% even as cut FY22 EPS by 8%.
At 09:29 hrs, Gujarat State Petronet was quoting at Rs 231.95, up Rs 10.55, or 4.77 percent on the BSE.
(With inputs from PTI)
