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GAIL India Reports Weak FY23 but Optimistic FY24
GAIL India (GAIL) has reported a weak FY23, with a roughly 50% YoY decline in standalone EBITDA. The company closed Q4 FY23 with an adjusted EBITDA of Rs4.9bn, which is an 87% YoY decrease. Recurring PAT for the quarter was Rs7.4bn, a 72% YoY decline. The EBITDA/PAT of Rs3.1bn/6bn was impacted by write-offs related to KMBPL (Rs1.1bn) and a legal settlement of an old case (Rs70mn). Furthermore, delivery of APM gas by another ~0.5mmscmd in Q4 (compared to 0.45mmscmd withdrawn in Q3) impacted transmission segment revenue by ~Rs4bn. Petchem’s earnings were also lower due to increased costs. However, the company remains optimistic for FY24 and anticipates a number of driving factors, including a new company taking over the Gazprom contract that will supply contracted gas, moderate spot LNG prices, strong demand and completion of Easter phase, higher domestic supply of 10%, and low costs for both Petchem and LPG. The report recommends buying with a target price of RS124.
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