GAIL: All-round show leads to robust Q4, analysts upgrade estimates

Transmission volumes didn't face impact of lockdown

GAIL (India)’s better-than-expected performance in  the March quarter (Q4) of 2019-20 (FY20) impressed the Street and pushed up the firm’s stock by over 2 per cent on Thursday, when leading indices closed marginally lower.

This was driven by good operating performance across segments. Analysts say, 

higher realisation in the petrochemicals, LPG, and liquid hydrocarbon segments helped. Gas transmission volume, which was flat at 109 mmscmd (million metric standard cubic meter per day), too, wasn’t hurt by the lockdown, as was expected.

Consolidated revenue at Rs 17,938 crore, thus, was better than consensus estimate of Rs 16,668 crore. Segments such as gas marketing, transmission,