Hold Gujarat Gas; target of Rs 550: ICICI Direct

ICICI Direct's research report on Gujarat Gas

Gujarat Gas is one of India’s largest city gas distribution companies with highest sales volume among listed peers. Sales volume grew at 15% CAGR in FY17-22 driven by industrial PNG • The company benefitted from the NGT order for Morbi industrial area.

Outlook

We maintain our HOLD rating on the stock. We value GGL at Rs 550 i.e. 19.8x P/E on FY24E EPS.

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