ICICI Direct's research report on Gujarat Gas
Gujarat Gas is one of India’s largest city gas distribution companies with highest sales volume among listed peers. Sales volume grew at 15% CAGR in FY17-22 driven by industrial PNG • The company benefitted from NGT order for Morbi industrial area.
Outlook
We upgrade our rating on the stock from HOLD to BUY. We value GGL at Rs 625 i.e. 26x P/E on FY24E EPS.
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