Gujarat Gas stock slips after firm reports poor operational Q3 results

Gujarat Gas Share Price: Gujarat Gas slipped on BSE on Wednesday (February 14, 2024) after the large-cap company announced its below Zee Business research estimate December quarter results a day ago. 

The stock of the company was trading lower by 1.33 per cent, or Rs 7.45, at Rs 553.95 at 10:58 am on Wednesday.

Gujarat Gas December quarter results

The company's standalone profit after tax for the December quarter slid by 26 per cent to Rs 220 crore from Rs 298 crore Quarter-on-Quarter (QoQ). But it fell short of analyst estimates of Rs 283 crore.

Gujarat Gas' revenue from operations saw a jump of 2.2 per cent to Rs 3929 crore in the quarter under review from Rs 3845.4 crore in the September quarter. It was way below research estimates of of Rs 4030 crore.

The company's EBITDA slipped by 19.3 per cent to Rs 401 crore in Q3 against Rs 497 crore in Q2, compared to research estimates of Rs 475 crore.

The margin was also down to 10.2 per cent in the third quarter against 13 per cent in the second quarter of the same fiscal. The research team had estimated the margin to be 12 per cent.

What does Morgan Stanley say about Gujarat Gas?

Brokerage Morgan Stanley has maintained an overweight rating on Gujarat Gas with a target price of Rs 579.