GAIL's gas marketing profitability to remain elevated in Q4FY22.
Chirag Batavia • 7 February 2022
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GAIL (India)
- Robust Q3FY22 performance led by gas marketing, petchem, and LPG (Liquefied petroleum gas) segments. Six LNG cargoes from the US were sold in overseas markets in Q3FY22 versus eight in Q2FY22 and 14 in Q1FY22 given an increase in domestic demand.
- Gas marketing profitability to remain elevated in Q4FY22.
- Gas marketing segment EBITDA jumped to record levels in 3QFY22 driven by robust spreads for US LNG versus spot LNG.
- We expect operating performance improvement across key segments in FY22-24E. We expect robust contribution from key business segments during FY2022-24E.
- We expect GAIL to benefit from—(1) elevated LNG and crude prices and (2) the uptick in domestic gas supply and consumption over the next few years.
- Sum-of-the-parts based fair value is Rs.195. GAIL trades at attractive valuations
Note: The above is a brief note on the company, based on the inputs of the KIE research report dated 4th February 2022, which is available on their website at: https://www.kotaksecurities.com/ksweb/ResearchCall/Fundamental. Disclaimer: http://bit.ly/2n5AxIE
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Home First Finance (HOMEFIRST) Home First remains consistent on operational and financial parameters. Home First (HFFC) reported 24% earnings growth, with 19% net interest income growth in Q2FY25. Gross stage-3 ratio was flat qoq at 1.7%, stage-2 ratio declined 6 bps qoq to 1.1%. While other asset classes have reported mixed trends residential home loans, as an asset class, continues to stand tall. Home First, with 85% home loan exposure, is well-placed on the above. We expect the company to deliver 25% earnings CAGR for FY25-27E. We remain assertive with a BUY rating and FV of Rs1,360 (no change). Note: The above is a brief note on the company, based on the inputs of KIEresearch report dated 25111Oct, 2024, which is available onour website at: https://www.kotaksecurities.com/ksweb/ResearchCall/Fundamenta1. Disclaimer: http://bit.ly/2n5Ax1E https://www.kotaksecurities.oom/ksweb/research/kotak-research-reports/top-weekly-picks
