Agressive capex plan of ~Rs18bn by FY13, foray outside Gujarat for cross-country pipelines

Transmission capacity to increase to ~60mmscmd to cover the entire Gujarat by FY13

Net sales and PAT to grow at a CAGR of 7.7% and 12.3% respectively from FY10 to FY13

Concerns over tariff and GSEDS

At CMP of Rs100, GSPL is trading at PER of 11.3x & 9.6x and EV/ EBITDA of 7.1x & 6.1x for FY12E & FY13E respectively