{"id":419233,"date":"2021-06-08T11:33:35","date_gmt":"2021-06-08T06:03:35","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=419233"},"modified":"2021-06-08T11:33:35","modified_gmt":"2021-06-08T06:03:35","slug":"gujarat-state-petronet-rating-buy-q4fy21-ebitda-was-ahead-of-expectations","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/gujarat-state-petronet-rating-buy-q4fy21-ebitda-was-ahead-of-expectations\/","title":{"rendered":"Gujarat State Petronet rating \u2013 Buy: Q4FY21 Ebitda was ahead of expectations"},"content":{"rendered":"<p>Gujarat State Petronet\u2019s (GSPL\u2019s) Q4FY21 Ebitda of Rs 3.4 bn (-3% y-o-y, -13.6% q-o-q) surpassed our and consensus estimates led by 49% y-o-y dip in opex due to low compression cost as volumes dipped.<\/p>\n<p>Key highlights: (i) Current volumes are ~35mmscmd, but June is likely to exit at ~40mmscmd. The shortfall in CGD\/power volumes is being compensated by addition of ~4mmscmd Reliance volumes; (ii) the Anjar-Chotila pipeline should be commissioned by Dec 2021, which is likely to augment incremental ~5mmscmd volumes from CY22; (iii) net tariffs fell 13.7% y-o-y as low pressure pipelines due to lower volumes didn\u2019t require compression. Robust Rs 50 bn FCF over FY21-23e and Rs 20 bn in FY21 will help GSPL turn debt free. Retain Buy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gujarat State Petronet\u2019s (GSPL\u2019s) Q4FY21 Ebitda of Rs 3.4 bn (-3% y-o-y, -13.6% q-o-q) surpassed our and consensus estimates led by 49% y-o-y dip in opex due to low compression cost as volumes dipped. Key highlights: (i) Current volumes are ~35mmscmd, but June is likely to exit at ~40mmscmd. The shortfall in CGD\/power volumes is being compensated by addition of ~4mmscmd Reliance volumes; (ii) the Anjar-Chotila pipeline should be commissioned by Dec 2021, which is likely to augment incremental ~5mmscmd volumes from CY22; (iii) net tariffs fell 13.7% y-o-y as low pressure pipelines due to lower volumes didn\u2019t require compression. [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,195,138],"tags":[],"class_list":["post-419233","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-oil-gas-the-financial-express","category-the-financial-express"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/419233","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=419233"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/419233\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=419233"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=419233"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=419233"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}