GSPL - 4QFY2013 Result Review - Angel Broking

Gujarat State Petronet Ltd (GSPL) reported phenomenal 4QFY2013 results. Total operating revenues increased by 29.1% yoy to Rs. 360cr mainly due to increase in realizations partially offset by decline in transmission volumes. Transmission volumes for 4QFY2013 decreased by 28.7% yoy to 22.2mmscmd whereas transmission tariffs increased by 80.4% yoy to Rs. 1.7/scm. EBIDTA also increased by 28.8% yoy to Rs. 328cr mainly due to higher realizations. Depreciation expenses rose by 3.0% yoy to Rs. 48cr and the tax rate also increased to 38.6% in 4QFY2013 compared to 32.0% in 4QFY2012. Hence, PAT increased at a lower rate of 24.9% yoy to Rs. 162cr.

We maintain our Neutral view on the stock.

Source : Equity Bulls

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