Earnings With ET Now: Gujarat Gas Ltd. – India’s largest city gas distributor in terms of volumes – reported a strong set of numbers in Q4FY23 beating street-estimated EBITDA/net profit by 5%/10%. The beat on earnings was largely on account of high margins and volumes. Margins increased on a sequential basis owing to lower gas costs, while the sequential jump in volumes was because of higher Morbi volumes which the company gathered by cutting gas prices steeply.
The company also announced the highest-ever dividend of Rs 6.65 – a dividend yield of 1.4% Vs a 5-year average of 0.3%. To analysts, the management also indicated that the FY24 exit rate of volumes could be at 11 mmscmd as compared to volumes of 8.9 mmscmd in Q4FY23.
#gujaratgas #gujaratgasq4 #businessnews
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