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GAIL reported 2Q profits of Rs10.9bn (up 19% y/y; 11% q/q) slightly
ahead of our and street estimates, with better than expected performance
from the petrochemical and LPG segments. Gas volumes were marginally
higher.
Gas transmission volumes stable, margins lower: Gas transmission
volumes were stable q/q, at 119mmscmd. However, gas transmission
EBITDA was 10% lower sequentially. Gas trading volumes were also
stable, at 84mmscmd, with a similar 8% sequential drop in EBITDA.
GAIL brought in 4 LNG cargos during the quarter, and expects to bring
in a similar number for the December quarter as well.
Petrochemicals stages smart recovery: Petchem volumes were at
129KMT for the quarter (up 47% q/q), with petchem EBITDA rising
56%. EBITDA/MT rose to ~$757 (from $726).
LPG benefits from lower subsidy: LPG contribution rose with a lower
sequential subsidy, with EBITDA rising 49% sequentially.
Subsidy as expected: Subsidies came in at Rs5.6 bn. The upstream
sector has borne ~33% of subsidies for the quarter.
Project update: The Dabhol LNG terminal is expected to be
commissioned in the March quarter. GAIL continues to work on the
expansion of its pipeline network, and expects to exit FY12 with a
nameplate capacity of ~220mmscmd.
Retain rating, estimates: Our estimates are subject to review following
further analysis and inputs from GAIL management conference call in
the coming days. As such, we retain our Overweight rating, and Mar-12
price target of Rs535.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
GAIL reported 2Q profits of Rs10.9bn (up 19% y/y; 11% q/q) slightly
ahead of our and street estimates, with better than expected performance
from the petrochemical and LPG segments. Gas volumes were marginally
higher.
Gas transmission volumes stable, margins lower: Gas transmission
volumes were stable q/q, at 119mmscmd. However, gas transmission
EBITDA was 10% lower sequentially. Gas trading volumes were also
stable, at 84mmscmd, with a similar 8% sequential drop in EBITDA.
GAIL brought in 4 LNG cargos during the quarter, and expects to bring
in a similar number for the December quarter as well.
Petrochemicals stages smart recovery: Petchem volumes were at
129KMT for the quarter (up 47% q/q), with petchem EBITDA rising
56%. EBITDA/MT rose to ~$757 (from $726).
LPG benefits from lower subsidy: LPG contribution rose with a lower
sequential subsidy, with EBITDA rising 49% sequentially.
Subsidy as expected: Subsidies came in at Rs5.6 bn. The upstream
sector has borne ~33% of subsidies for the quarter.
Project update: The Dabhol LNG terminal is expected to be
commissioned in the March quarter. GAIL continues to work on the
expansion of its pipeline network, and expects to exit FY12 with a
nameplate capacity of ~220mmscmd.
Retain rating, estimates: Our estimates are subject to review following
further analysis and inputs from GAIL management conference call in
the coming days. As such, we retain our Overweight rating, and Mar-12
price target of Rs535.
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