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Reliance Securities maintains buy on GAIL, target price Rs 154

GAIL posted an improved volume performance in quarter ending September as natural gas transmission volume increased by 3% year on year.

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Last Updated: Nov 28, 2019, 08.51 AM IST|Original: Nov 28, 2019, 08.38 AM IST
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Reliance Securities has maintained its Buy rating on GAIL in the long term with a target price of Rs 154. Shares of Gail closed at Rs 124.4, down 0.4% while the BSE Sensex was up 199.31 points to 41,020.61.

Company Financials

For the quarter ended 30-09-2019, the company has reported consolidated sales of Rs 18235.45 crore, down -1.26% from last quarter sales of Rs 18467.44 crore and down -5.73% from last year same quarter sales of Rs 19342.88 crore. The company has reported net profit after tax of Rs 849.27 crore in the latest quarter.

The company’s top management includes Dr.Anup K Pujari, Dr.Ashuotsh Karnatak, Dr.Rahul Mukherjee, Mr.A K Tiwari, Mr.Ashish Chatterjee, Mr.Dinkar Prakash Srivastava, Mr.Gajendra Singh, Mr.Jayanto Narayan Choudhury, Mr.Manoj Jain, Mr.P K Gupta, Mrs.Banto Devi Kataria. Company has ASA & Associates LLP as its auditors. As on 30-09-2019, the company has a total of 4,510,141,866 shares outstanding.

Investment Rationale

GAIL posted an improved volume performance in quarter ending September as natural gas transmission volume increased by 3% year on year. The results were also helped by 7% year on year improvement in gas consumption led by higher demand. Petrochemical facility utilisation touched a new high of 112% in September, the brokerage added.

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