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Buy Gujarat Gas, target of Rs 340: Angel Broking

Posted on: March 3rd, 2009 and is filed under Brokerage Recommendations.

Angel Broking has maintained its buy rating on Gujarat Gas Company with a target price of Rs 340 in its February 27, 2009 research report. Gujarat Gas reported Top-line de-growth of 4.3% yoy to Rs 330.9 crore (Rs 345.9 crore) primarily due to lower gas distribution volumes to small and mid-sized industrial units, which was impacted by lower gas availability. However, the CNG Segment posted 30% yoy growth. Gas distribution volumes during the quarter stood at 250.0mmscm (328.0mmscm), which was much lower than our expectation of 264.5mmscm.”

“Average realisations in crore eased 24.5% yoy to Rs 12.8/scm (Rs 10.3/scm). However, sequentially realisations in crore eased by 5.2% yoy to Rs 12.8/scm (Rs 12.2/scm) as the company‚Äôs contract with most of its customers allowed it to pass through the in crore ease in gas cost due to Rupee depreciation. We maintain a Buy on the stock, with a target price of Rs 340,” says Angel Broking’s research report.

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