Lower volumes offset by higher realization

11 Mar 2024
5 Min read 
  • Gujarat State Petronet's 3QFY24 results were in line with estimates.
  •  Lower volumes were offset by higher realization.
  •  Spot LNG prices are favorable for the company's volumes.
  •  The company's HP gas grid is up for a tariff revision.
  •  The stock is trading at a P/E of ~20x FY25E EPS.
  •  Maintain BUY rating with a TP of INR450.
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