Beats estimates on nil subsidy payment… • Gail :: ICICI Securities, PDF link

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Beats estimates on nil subsidy payment…
• Gail reported its Q2FY15 results with revenues at | 14129.7 crore,
below our estimate of | 15418.3 crore mainly due lower volumes in
the natural gas marketing & transmission services segment
• EBITDA at | 2022.2 crore came above our estimate of | 1813.2 crore
on account of nil subsidy in the current quarter vs. our estimate of
| 300 crore as final subsidy intimation letter is pending from the
government. Hence, LPG and liquid hydrocarbons profitability was
much above our estimates. Petrochemicals reported disappointing
numbers while gas transmission profits were impacted by one-offs
• Consequently, PAT during the quarter increased 42.3% YoY to
| 1302.9 crore, above our estimate of | 1117.7 crore

LINK
'http://content.icicidirect.com/mailimages/IDirect_GAIL_Q2FY15.pdf