Analyst Corner: Oil and Gas companies to report robust earnings growth

We expect players across the gas value chain (CGDs, PLNG, GSPL) to report robust earnings growth led by steady volume growth and margin expansion. Key highlights, CGD, margin expansion in CNG/domestic PNG coupled with steady volume growth is likely to drive higher earnings of IGL/MGL. GGL’s robust volume growth is likely to be offset by lower industrial margins (spike in spot LNG), leading to muted earnings growth; we expect PLNG to report robust Ebitda growth (up 25.5% y-o-y) led by higher volumes and regas tariff revision; GSPL will benefit from higher volumes with Q3 run-rate at 38.5mmscmd, leading to 15.4% y-o-y rise in Ebitda.