Gail India Ltd has announced the following Un-Audited results for the quarter ended June 30, 2009:
The Company has posted a net profit for the period of Rs 6558.40 million for the quarter ended June 30, 2009 as compared to Rs 8968.70 million for the quarter ended June 30, 2008. Total Income has increased from Rs 58454.80 million for the quarter ended June 30, 2008 to Rs 61012.60 million for the quarter ended June 30, 2009.
CMP: Rs 287.50
Target price: Rs 302
GAIL is an outperformer vis-a-vis its peers at Enam Securities with an ‘upgraded’ price target of Rs 302 against Rs 265 earlier. Explaining the rationale behind the positive outlook, the brokerage said, “GAIL gas volumes are likely to increase to 132 mmscmd by FY11 on account of higher gas supply by RIL and PLNG. Also, oil sector reforms related to subsidy could be a trigger.”
Enam estimates the company’s earnings per share for 2009-10 at Rs 24.4 against Rs 22.1 in 2008-09. In 2010-11, GAIL’s EPS is estimated at Rs 26.4 - Economic Times
