Gujarat State Petronet - Q4 FY21 Result Update - YES Securities

(Rating: BUY, TP: Rs345 Upside 20.2%)

- The Operating profit and PAT for the quarter stood at Rs 3.4bn (-3.2% YoY; -13.6% QoQ) and Rs 2.1bn (-8% YoY; -16% QoQ), respectively, broadly in line with our estimates

- Total gas throughput stood lower by 8% YoY and 14% QoQ at 33.8mmscmd as consumption dropped across segments, other than CGD where consumption improved

- The FY21 operating profit and PAT at Rs 14.7bn and Rs 9.3bn, respectively, stood lower by 7% YoY and 16% YoY, respectively. The YoY reduction in profitability was primarily on account of 3% YoY lower gas throughput at 36.6mmscmd and 9% YoY lower tariff at Rs 1.5/scm

- We maintain our BUY rating on GUJS, with a TP of Rs 345/sh, as we believe that at CMP the standalone business is available at a ~50% discount to fair-value.

Shares of GUJARAT STATE PETRONET LTD. was last trading in BSE at Rs.307.55 as compared to the previous close of Rs. 285.8. The total number of shares traded during the day was 447701 in over 8447 trades.

The stock hit an intraday high of Rs. 310.25 and intraday low of 290.6. The net turnover during the day was Rs. 134884530.

Source : Equity Bulls

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