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Gujarat State Petronet Q2FY16: Lower than expected volumes and tariff drag EBITDA

Motilal Oswal | 10 Nov, 2015  | Follow Author | Add to my Favourites 
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- 2QFY16 transmission volumes were below expectations at 24.3mmscmd (est. 26.5mmscmd; flat YoY, +1% QoQ) despite incremental volumes from power sector (increase could be towards end of the quarter).

- Implied transmission tariff was below estimate at INR1,068/mscm (est INR1,130 and v/s INR1,126/mscm in 1QFY16) and could be due to 50% lower tariffs for incremental volumes for power sector under government’s scheme.

- Positive volume outlook; await PNGRB tariff revision GSPL’s current transmission volumes stand at 24 mmscmd. We foresee uptick in volumes led by increased uptake from power sector as a result of govt’s bid to revive power projects in India (though at lower tariffs) under new auction policy scheme.

- Sustained lower spot LNG prices should result in some uptick in the consumption and we expect a meaningful upside from PNGRB’s pending tariff revision.

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About Motilal Oswal

Motilal Oswal was founded in 1987 as a small sub-broking unit, with just two people running the show. Today it has a 2000 member team with a networth of Rs7 bn and market capitalization as of March 31, 2008 at Rs19 bn.


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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.

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