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GAIL
GAIL’s 2QFY2012 results were slightly above our expectations. The company’s top
line grew by robust 19.7% yoy to `9,699cr, above our estimate of `8,779cr,
mainly due to strong growth in the natural gas trading, petrochemical and LPG
segments. The company’s fuel subsidy burden stood at `567cr in 2QFY2012
compared to `347cr in 2QFY2011. Gross revenue of the natural gas trading,
petrochemical and LPG segments grew by 20.4%, 30.1% and 34.2% yoy to
`7,575cr, `938cr and `989cr, respectively. EBIT of the natural gas trading,
petrochemical and LPG segments grew by 78.9%, 48.8% and 101.0% yoy to
`287cr, `404cr and `352cr, respectively. However, EBIT of the natural gas
transmission and LPG transmission segments decreased by 22.8% and 8.2% yoy to
`556cr and `72cr, respectively. Consequently, GAIL’s EBITDA increased by 16.9%
yoy to `1,676cr in 2QFY2012. However, EBITDA margin contracted by 41bp yoy
to 17.3%. Tax rate decreased to 30.2% in 2QFY2012 compared to 37.8% in
2QFY2011. Consequently, net profit grew by 30.6% yoy to `1,094cr, slightly
above our estimate of `954cr. The company has planned a capex of `7,200cr and
aims to raise US$300mn through overseas borrowing. We maintain our Buy
recommendation on the stock; our target price is under review.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
GAIL
GAIL’s 2QFY2012 results were slightly above our expectations. The company’s top
line grew by robust 19.7% yoy to `9,699cr, above our estimate of `8,779cr,
mainly due to strong growth in the natural gas trading, petrochemical and LPG
segments. The company’s fuel subsidy burden stood at `567cr in 2QFY2012
compared to `347cr in 2QFY2011. Gross revenue of the natural gas trading,
petrochemical and LPG segments grew by 20.4%, 30.1% and 34.2% yoy to
`7,575cr, `938cr and `989cr, respectively. EBIT of the natural gas trading,
petrochemical and LPG segments grew by 78.9%, 48.8% and 101.0% yoy to
`287cr, `404cr and `352cr, respectively. However, EBIT of the natural gas
transmission and LPG transmission segments decreased by 22.8% and 8.2% yoy to
`556cr and `72cr, respectively. Consequently, GAIL’s EBITDA increased by 16.9%
yoy to `1,676cr in 2QFY2012. However, EBITDA margin contracted by 41bp yoy
to 17.3%. Tax rate decreased to 30.2% in 2QFY2012 compared to 37.8% in
2QFY2011. Consequently, net profit grew by 30.6% yoy to `1,094cr, slightly
above our estimate of `954cr. The company has planned a capex of `7,200cr and
aims to raise US$300mn through overseas borrowing. We maintain our Buy
recommendation on the stock; our target price is under review.
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