Snapshot: Net sales declined 0.9% y-o-y to Rs 1654.9 crore in
Q2FY09. EBITDA registered a decline of 15.0% y-o-y to Rs 182.3
crore & PAT decline by 10.5% y-o-y to Rs 103.4 crore.
Decline in Volume – Volume declined 9.9% y-o-y and 3.9% q-o-q
to 75.0 TBTUs due to reduction in spot volume and technical
problem at Dahej, which resolved only in 1st week of October.
However revenue was above our expectation to Rs 1,654.9 crore
due to higher gas prices. Realisation improved 8.5% y-o-y and 3.2%
q-o-q to Rs 217.8/mmbtu. With the removal of technical problem at
Dahej, we expect volume to improve in Q3. Spot cargoes will
continue to drive volume growth until a long-term agreement is
signed.

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