Lower-than-expected margin drives miss

11 Mar 2024
5 Min read 
  • Gujarat Gas reported lower-than-expected margin and weak volumes in 3QFY24.
  •  The company expects an increase in demand for CNG from rural areas.
  •  CNG business has seen significant growth in the last five years.
  •  EBITDA/PAT estimates for FY25 and FY26 have been increased.
  •  Long-term volume growth prospects for Gujarat Gas remain robust.
  •  Reiterate BUY rating with a target price of INR675.
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