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    Gujarat State Petronet shares rally over 6% after strong Q4 results

    Gujarat State Petronet shares rally over 6% after strong Q4 results

    Gujarat State Petronet shares rally over 6% after strong Q4 results
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    By CNBCTV18.com  IST (Published)

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    The share price of Gujarat State Petronet Ltd (GSPL) rallied over 6 percent in early trade on Friday after the company announced its earnings for the fourth quarter of fiscal 2021.

    The share price of Gujarat State Petronet Ltd (GSPL) rallied over 6 percent in early trade on Friday after the company announced its earnings for the fourth quarter of fiscal 2021.
    The company’s consolidated net profit during the quarter rose 8.82 percent to Rs 416.68 crore from Rs 382.89 crore.
    Consolidated revenue in Q4FY21 increased 19.3 percent to Rs 3,828.65 crore from Rs 3,207.41 crore, YoY. On a sequential basis, net sales revenues increased 14.64 percent.
    In Q4FY21, the total gas transmission volumes stood at 33.84 mmsmcd compared to 39.36 mmsmcd, QoQ.
    GSPL also approved the transfer of its City Gas Distribution business for Amritsar and Bhatinda Geographical Area on a slump sale basis to Gujarat Gas Ltd for an aggregate cash consideration of Rs 163.31 crore.
    Brokerage firm CLSA said Gujarat Petronet’s 4QFY21 Ebitda beat its estimate by 4 percent due to lower opex while a write-back drove a bigger profit. Volume fell 14 percent QoQ but was in line at 33.8 mmsmcd, it said.
    “Lower volume, due to the impact of regional lockdowns and stronger LNG prices, pulls down our FY22-23CL EPS estimates by 9 percent," CLSA said.
    However, it maintained a Buy rating on a "very attractive valuation" and raised the target price to Rs 410 per share from Rs 390 earlier.
    At 11:47 am, the stock was trading 5.14 percent higher at Rs 300.50 apiece on the BSE.
     
     
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