ICICI Direct has given Buy recommendation for Gujarat State Petronet recommended buy rating on the stock with a target price of Rs 360 in its research with a target price of Rs. 360 in its research report issued on Jun 04, 2021
ICICI Direct’s research report on Gujarat State Petronet
Gujarat State Petronet’s (GSPL) operating revenue for Q4FY21 fell 21.9% YoY to Rs 485 crore on account of decline in transmission volume. Gas transmission volumes dipped 8% YoY to 33.8 mmscmd mainly owing to reduced offtake from power and refineries sector. EBITDA came in at Rs 344.2 crore, down 3.2% YoY as decline was limited due to lower other expenses. Subsequently, reported PAT was at Rs 206.3 crore, down 8.6% YoY.
Hence, we maintain BUY and arrive at a target price of Rs 360/share (earlier Rs 285).