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Kotak Securities has add on Gujarat Gas, target price Rs 194

Add Gujarat Gas Ltd. at a price target of Rs 194.0 .|
Updated: Sep 18, 2019, 08.40 AM IST
Kotak Securities has an add rating on Gujarat Gas in the long term with a target price of Rs 194. Shares of Gujarat Gas ended down 2% at Rs 174.2 on Tuesday while the BSE Sensex plunged 642.22 points to 36,481.09.

Company Financials

For the quarter ended 30-06-2019, the company has reported consolidated sales of Rs 2614.61 crore, up 37.07% from last quarter sales of Rs 1907.55 crore and up 48.13 % from last year same quarter sales of Rs 1765.13 crore. The company has reported net profit after tax of Rs 233.68 Crore in latest quarter.

Investment Rationale

The brokerage expects company to report an EPS of Rs 11.6 in FY20 and Rs 12.6 in FY21. The brokerage is positive on the growth prospects of Gujarat Gas due to margin improvement and strong revenue visibility. Strong FCF and healthy return ratios also provide high comfort.

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