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Gujarat State Petronet Ltd. reported volumes of 36.8 million metric commonplace cubic meter per day, forward of our estimate of 35mmscmd, and up 11/9% YoY/QoQ.
Volumes remained sturdy regardless of the renewed Covid-19 restrictions and July has trended even larger at 39.4mmscmd.
Nonetheless, Gujarat State Petronet’s Ebitda/revenue after tax declined 3/9% YoY to Rs 3.7/2.3 billion, regardless of a 13% YoY rise in income on account of larger opex.
Income grew 14/13% YoY/QoQ to Rs 5.3 billion versus our estimate of Rs 4.9 billion on account of larger volumes whereas tariffs remained flat YoY and QoQ at Rs 1.28/commonplace cubic meter.
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