Presence in high growth cities of Gujarat and ability to pass price hike

Debt free balance sheet and CFO of Rs1.9bn/year bode for future expansion

Net sales and PAT to grow at a CAGR of 24% and 26%respectively from FY10 to FY13

Concern over currency movement, un-economical LNG price in spot market

At CMP of Rs375, GGAS trades at a P/E of 15.4x and 14.0x and EV/ EBITDA of 10.5x and 9.4x for CY11E and CY12E respectively