External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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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 ADD recommendation on Gujarat Gas (GGL), with a price target of INR 453, is premised on (1) volume growth of only ~9% CAGR over FY24-26E compared to ~18% volume growth seen over FY19-22; (2) increased pricing competition from alternate fuel in the industrial/commercial segment; and (3) low visibility on spot LNG prices in the medium term.</li><li>Q2FY24 EBITDA/PAT at INR 5/3bn came in above our estimates, owing to a higher-than-expected per unit EBITDA margin and volume.</li><li>Volume stood at 9.32mmscmd (22% YoY, +1% QoQ).</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 ADD recommendation on Gujarat Gas (GGL), with a price target of INR 453, is premised on (1) volume growth of only ~9% CAGR over FY24-26E compared to ~18% volume growth seen over FY19-22; (2) increased pricing competition from alternate fuel in the industrial/commercial segment; and (3) low visibility on spot LNG prices in the medium term.Q2FY24 EBITDA/PAT at INR 5/3bn came in above our estimates, owing to a higher-than-expected per unit EBITDA margin and volume.Volume stood at 9.32mmscmd (22% YoY, +1% QoQ).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.

Gujarat Gas (Q2FY24): Decline in Input Gas Cost Improves the Margin.

Gujarat Gas Ltd

Gujarat Gas (Q2FY24): Decline in Input Gas Cost Improves the Margin.