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 510, is premised on (1) volume growth of only ~8% CAGR over FY23-25E 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>Q4FY23 EBITDA/PAT at INR 5.6/3.7bn came in below our estimates, owing to lower-than-expected per unit EBITDA margins</li><li>Volumes rose sharply QoQ by 22% on account of higher offtake by domestic household and industrial segments</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 510, is premised on (1) volume growth of only ~8% CAGR over FY23-25E 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 termQ4FY23 EBITDA/PAT at INR 5.6/3.7bn came in below our estimates, owing to lower-than-expected per unit EBITDA marginsVolumes rose sharply QoQ by 22% on account of higher offtake by domestic household and industrial segmentsContent 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 (Results Review 4QFY23): Volume Growth Offset Margin Weakness.

Gujarat Gas Ltd

Gujarat Gas (Results Review 4QFY23): Volume Growth Offset Margin Weakness.