Gail(India) Firstcall 150914

8/10/2019 Gail(India) Firstcall 150914

1/14

C 452.00

493.00

: 129A01019

B 8

2014

A (DA) D (A BA): 1 15

BUY

D

&

B C 532155

10.00

52. / (.) 45.00/21.25

(2. A.) 111000

C (. .) 53352.

A 14A 15 16

550.30 4233.5 05.4

BDA 5.10 1.30 5044.5

4352.0 433.5 450.2

34.4 34.5 3.

/ 13.10 13.0 12.33

A (A) & B

GAI (I) I' G

C, , ,

, , ,

.

I . 135446.60

F 201415,

4.53% . 129574.80 .

. 6214.40 1

F15 . 8081.70 1 F14.

I 1 F15, G

6% 116690.00

110590.00

.

G

26% . 12600.70

. 10037.40

.

J, , H

100000.00 .

16 CD

32 CD

.

GAI

G

, K .

A CAG 14% 5% 2013

2016E .

C A CA / () /B() DDD

C (.) . . (.) (%)

() 452.00 53352. 34.4 13.10 2.12 104.00

1.30 140025.00 .5 21. 2.1 20.00

11.00 52.50 11.4 15.00 0.4 125.00

31.00 130.0 .21 42.3 3.31 0.00


2/14

& A B

GAI (I) . 133722.30 F 201415,

3.66% . 128998.00 .

D , . 12172.70 . 15660.30

. I 1 F14, GAI . 6214.40 . 8081.70

. D

G 6% 116690.00 110590.00

. G 26% .

12600.70 . 10037.40 .

GAI 2,050 J, , H ,

10,000 , E H

B, B, J .

J H . G,

B. I ,

F, , , . CGD

. C G D 40% .

GAI 0.45 1.6

2015. F201316E, CAG 14% 5%

. , B A ()

. 493.00 .


3/14

A (A BA)

1 15,

GAI (I) ,

, , , ,

I,

30 J, 2014. D ,

G

G & H .

. 14 13 % C

13322.30 12.00 3.

A 214.40 01.0 (23.11)

4.0 .3 (23.11)

BDA 1212.0 150.30 (22.2)

J F15 3.66% . 133722.30 . 128998.00

, . D , . 6214.40

. 8081.70 . I 1 F15,

. 4.90 .6.37 , . ,

. 12172.70 . 15660.30

.

B :

J F15, 8%

E E 13%, 11% E . 125610.40

. 116722.60 .

B .

1 15 1 14

C

10555.40 1045.40

E 3.0 21.0

E B E 223.50 2004.20

D & A

E233.50 20.10

104.40 42.50


4/14

J, , H

100000.00 . 16 CD

32 CD .

GAI G

, K .

1 15

G 19% 8, 32,000

6, 99,000 .

96.91 CD

99.32 CD

F 201415 87,000 () 1,21,000

.

G 3,24,000 3,50,000

.

98,000 1, 17,000 , G

3,27,000 3,49,000

.


5/14

CA

GAI (I), , , , ,

. I A 1984.

78% 70%

. I 27 3 .

I I , GAI

. GAI 20 A

C, C E , A 3.5 G. I

, G 2.5 G

., 20 . GAI 2.3

G D C G, A

GAI (I) , I' G , G

( E & , , , D )

. I ,

,

I , G . GAI

I .

, A' B :

10700 G 210 CD

G 2038 K 3.8 A G

7 G G 1.4 A G

I' 410,000 A

900,000 A.

C 70% B C (BC)

280,000 A A.

GAI 17% GC ()

1.1 A E D

G.


6/14

GAI 31.52% C J C, G D

5 A G

.

E & 30 E& 3 (

& ).

13,000 FC

J D, , H, K, A, , B, A

, G (G) , C

G (CG)

D G K G K

GAI G , GAI (I) , 27, 2008

C G D (CGD) . GAI G

C A, 1956.

E CG C G E

E : F G C AE, CG AE G C AE.

C G H CG C

A GAI G () .

A J C G D . GAI C G I ,

/ J C.

Global Presence

GAI , GAI G () .

G & .

GAI , GAI G (A) I. , A.

20% C & G I E

F .

GAI C, E A E.

GAI E, F G C (FGC)

G C (). B, GAI

CG C C G H (C G). F, GAI C G


7/14

GAI C G G E H

C.

A G

B G

C .. G

GAI C G G E H

G G

I G

G

G

GC

G

G

G C

B C (BC)

GAI G

GAI G ()

GAI G (A) I.


8/14

ACA (A BA)

B 31, 2013 2016

A (DA) D. 13A 14A 15 16

C D

'

124.0 124.0 124.0 124.0

2253.20 2503.50 25132.54 31345.0

1. 242278.00 270723.30 297817.34 326330.60

C

140.0 520.0 10550.04 122.04

23000.0 253.0 235.3 302.0

50.0 11.0 5.55 45.40

355.0 4040.40 444.4 4.4

2. C 114854.90 132676.70 150991.81 167669.98

C

223.40 0.00 0.00 0.00

3103.0 34.30 441.4 41.52

4201.20 4045.40 4102.53 4143.3

14352.0 144.0 1421.43 14.5

3. C 89709.00 94713.30 100520.80 105550.53

(1+2+3) 446841.90 498113.30 549329.96 599551.10

ACA D

C A

A.

15.50 2020.20 2232.2 23413.

.

1.00 4.10 10. 4.0

.

.20 2.50 1040.00 110333.2

) A 286852.70 312044.80 335661.29 356611.86

) 300.50 41030.00 442.5 41.3

) 2514.0 25351.20 2531.4 25.

) 31.0 14.10 43. 02.0

1. C A 356300.00 385610.10 413964.49 439598.07

C A 3.50 0.00 0.00 0.00

15353.30 2254.0 234.3 3405.1

25513.40 211.0 303.1 33224.22

235.40 250.0 223.33 32222.

& 2555.0 35143.0 440. 014.2

14.0 12.30 220.5 24.0

2. C A 90541.90 112503.20 135365.46 159953.03

A (1+2) 446841.90 498113.30 549329.96 599551.10


9/14

A & 2013 2016

(..) 13A 14A 15 16

D 12 12 12 12

475226.90 575079.30 642363.58 706599.94

45.10 5.20 110. 1224.0

422.00 5404.50 54044.34 14.3

410534.0 500.40 5423.04 3320.14

72337.30 75997.10 79771.30 85044.59

150.20 31.0 4452. 520.

03.10 2335.20 531.43 34.3

D 0.40 111.50 11.12 12235.4

0.00 344.50 0.00 0.00

B 05.0 4023.20 343.31 5.24

20355.0 2020.50 102.5 2100.

40222.00 43752.70 43836.57 46508.28

124.0 124.0 124.0 124.0

2253.20 2503.50 25132.54 31345.0

10.00 10.00 10.00 10.00

31.71 34.49 34.56 36.66

& 31C 2013 30, 2014

(..) 31D13 3114 3014 3014

D 3 3 3 3

160385.20 145671.60 133722.30 139071.19

201.0 410.30 124.30 24.0

124.10 14.0 13544.0 1411.

134.30 13122.0 12323.0 12501.

24977.80 18506.10 12172.70 13216.21

12.50 1055.0 31.0 113.0

2405.30 1450.30 11240.0 120.42

D 300.00 305.00 233.50 234.54

344.50 0.00 0.00 0.00

B 2450.0 1433.30 04.40 14.

12.0 43.00 20.00 23.0

16794.00 9720.30 6214.40 6975.28

124.0 124.0 124.0 124.0

10.00 10.00 10.00 10.00

13.24 7.66 4.90 5.50


10/14

A

13A 14A 15 16

(.) 31.1 34.4 34.5 3.

BDA (%) 15.22 13.22 12.42 12.04

B (%) 12.5 11.13 . .5

A (%) .4 .1 .2 .5

/ () 14.25 13.10 13.0 12.33

(%) 1.0 1.1 14.2 14.25

C (%) 25.20 23. 22.50 21.

D 0.35 0.35 0.3 0.3

/BDA () .5 .45 .1 .1

B (.) 11.00 213.42 234. 25.2

/B 2.3 2.12 1.3 1.

C


11/14

A CC

A .452.00, /E 13.08 F15E 12.33 F6E

.

E (E) F15E F16E .34.56

.36.66 .

A CAG 14% 5% 2013 2016E

.

E/EBIDA, 8.19 F15E 7.81 F16E.

B 1.93 1.76 F15E F16E.

B .493.00 .

I , C, A . I 4.5%

. I I, 818 ,

, C, . A

I E C (IEC)2013 E & , I 8% , .

I ,

. C I 50%

, 73.8%

. I

10% , .

8 % I.

A I E A (IEA) E , I

2025. I

8/ ( /) 2035, . D

I 110 B C (BC) .

(G) 1 /. B 2020


12/14

2035, I 75 G. A 2025,

A I , , A.

F 200813, I' , G . I'

41.3 BC (113.16 CD) 2008 51.4 BC (161 CD) 2013,

30.5 BC (83.57 CD) 2008 33.7 BC (92 CD) 2013. ,

F, G, .

G 10.79 BC (29.56 CD)

2008 17.8 BC (48.8 CD) 2013.

G I 86.3% 2013

5.2% 2013. 4% G 2013.

, A, E, B I' .

I ,

, :

I E& E .

D G

D G

A

C

A IEA E 2013 I,

G. H,

, ,

2035 (80 BC

170 BC). C , 18 BC. I

.


13/14


14/14

Firstcall India Equity Research: Email [email protected]

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Documents

Gail(India) Firstcall 150914