External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Our BUY recommendation on GAIL with a target price of INR 145 is based on (1) an increase in gas transmission volume to 129mmscmd by FY25 on the back of an increase in domestic gas production, (2) completion of major pipelines in eastern and southern India, and (3) expectation of improvement in earnings from the petchem segment</li><li>Q2FY24 reported EBITDA/PAT at INR 35/24bn, came in above our estimates, driven by an improvement in natural gas transmission volumes and higher marketing margins</li><li>Depreciation at INR 7.5bn (+21% YoY, +18% QoQ) came above expectation.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Our BUY recommendation on GAIL with a target price of INR 145 is based on (1) an increase in gas transmission volume to 129mmscmd by FY25 on the back of an increase in domestic gas production, (2) completion of major pipelines in eastern and southern India, and (3) expectation of improvement in earnings from the petchem segmentQ2FY24 reported EBITDA/PAT at INR 35/24bn, came in above our estimates, driven by an improvement in natural gas transmission volumes and higher marketing marginsDepreciation at INR 7.5bn (+21% YoY, +18% QoQ) came above expectation.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gail (Q2FY24): Transmission and Trading Segments Outperform. Maintain BUY

<ul><li>Our BUY recommendation on GAIL with a target price of INR 137 is based on (1) an increase in gas transmission volume to 127mmscmd by FY25 on the back of an increase in domestic gas production, (2) completion of major pipelines in eastern and southern India, and (3) expectation of improvement in earnings from the petchem segment</li><li>Q1FY24 reported EBITDA/PAT at INR 24/14bn, came in below our estimates, impacted by weak earnings from the LPG and Liquid Hydro Carbon (LHC) segment</li><li>However, sharp pick-up in natural gas transmission volumes, higher tariff and higher gas marketing volumes supported earnings</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Our BUY recommendation on GAIL with a target price of INR 137 is based on (1) an increase in gas transmission volume to 127mmscmd by FY25 on the back of an increase in domestic gas production, (2) completion of major pipelines in eastern and southern India, and (3) expectation of improvement in earnings from the petchem segmentQ1FY24 reported EBITDA/PAT at INR 24/14bn, came in below our estimates, impacted by weak earnings from the LPG and Liquid Hydro Carbon (LHC) segmentHowever, sharp pick-up in natural gas transmission volumes, higher tariff and higher gas marketing volumes supported earningsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GAIL (Q1FY24): Earnings Supported by Transmission Segment. Maintain BUY

<ul><li>Our BUY recommendation on GAIL with a target price of INR 125 is based on (1) an increase in gas transmission volume to 123mmscmd by FY25 on the back of an increase in domestic gas production, (2) completion of major pipelines in eastern and southern India, and (3) expectation of improvement in earnings from the petchem segment</li><li>Q4FY23 reported EBITDA/PAT at INR 3.1/6bn, well below our estimates, impacted by one-offs amounting to INR 12bn in the gas transmission segment and inventory loss of INR 2.3bn in the marketing segment</li><li>Higher-than-expected other income of INR 10.1bn in Q4 supported earnings.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Our BUY recommendation on GAIL with a target price of INR 125 is based on (1) an increase in gas transmission volume to 123mmscmd by FY25 on the back of an increase in domestic gas production, (2) completion of major pipelines in eastern and southern India, and (3) expectation of improvement in earnings from the petchem segmentQ4FY23 reported EBITDA/PAT at INR 3.1/6bn, well below our estimates, impacted by one-offs amounting to INR 12bn in the gas transmission segment and inventory loss of INR 2.3bn in the marketing segmentHigher-than-expected other income of INR 10.1bn in Q4 supported earnings.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gail (Results Review 4QFY23): Earnings Impacted by One-Offs

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>GAIL 4QFY22 standalone revenue at Rs269.62bn was above NBIE estimate by 23.7%, but gross contribution was only a tad below our estimate - COGS at Rs212.88bn was higher than our estimate by 32.3%. Revenue beat of 5.6% vs consensus.</li></ul><div><div><div><div><ul><li>GAIL 4QFY22 Standalone EBITDA at Rs37.15bn missed our estimate by 10.9% due to employee cost/other expenses coming in 23.8%/29% above our estimates. EBITDA was a 6.4% miss vs street estimate.</li></ul><div><div><div><div><ul><li>PAT of Rs26.83bn was a miss of 13.9% vs our estimate due to other income coming in 25.5% lower than our estimate at Rs4.2bn. PAT was a 10.1% miss vs street estimate.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

GAIL 4QFY22 standalone revenue at Rs269.62bn was above NBIE estimate by 23.7%, but gross contribution was only a tad below our estimate - COGS at Rs212.88bn was higher than our estimate by 32.3%. Revenue beat of 5.6% vs consensus.GAIL 4QFY22 Standalone EBITDA at Rs37.15bn missed our estimate by 10.9% due to employee cost/other expenses coming in 23.8%/29% above our estimates. EBITDA was a 6.4% miss vs street estimate.PAT of Rs26.83bn was a miss of 13.9% vs our estimate due to other income coming in 25.5% lower than our estimate at Rs4.2bn. PAT was a 10.1% miss vs street estimate.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GAIL - Growth in Gas Volume the Key Catalyst

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Gail India is a gas utility company with various business segments such as gas transmission &amp; trading, LPG, LLH and petrochemicals.</li><li>It operates a natural gas pipeline network of 13700 km as of end of FY21</li><li>Target Price and Valuation: We roll over valuations to FY24E and value Gail at Rs 180/share based on SoTP method</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Gail India is a gas utility company with various business segments such as gas transmission &amp; trading, LPG, LLH and petrochemicals.It operates a natural gas pipeline network of 13700 km as of end of FY21Target Price and Valuation: We roll over valuations to FY24E and value Gail at Rs 180/share based on SoTP methodContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GAIL: Gas Trading Segment Continues to Drive Earnings

India

GAIL is an Indian state-owned energy corporation primarily involved in the trade, transmission, production, and distribution of natural gas, as well as LPG and other liquid hydrocarbons. The company also has diversified interests in petrochemicals, city gas distribution, renewable energy, and exploration and production activities. GAIL is headquartered in New Delhi, India, and was founded in August 1984.

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GAIL (GAIL IN)

Gail (Q2FY24): Transmission and Trading Segments Outperform. Maintain BUY

Q2FY24 reported EBITDA/PAT at INR 35/24bn, came in above our estimates, driven by an improvement in natural gas transmission volumes and higher...

HDFC Securities

GAIL (Q1FY24): Earnings Supported by Transmission Segment. Maintain BUY

Q1FY24 reported EBITDA/PAT at INR 24/14bn, came in below our estimates, impacted by weak earnings from the LPG and Liquid Hydro Carbon (LHC) segment

HDFC Securities

Gail (Results Review 4QFY23): Earnings Impacted by One-Offs

Our BUY recommendation on GAIL with a target price of INR 125 is based on (1) an increase in gas transmission volume to 123mmscmd by FY25 on the...

HDFC Securities

GAIL - Growth in Gas Volume the Key Catalyst

We maintain BUY on GAIL after cutting our SOTP-based target price (TP) from Rs189 to Rs168. This follows 21% increase in FY23E and 3.9% cut in...

Nirmal Bang

GAIL: Gas Trading Segment Continues to Drive Earnings

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general...

ICICI Securities Limited

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