Religare Institutional Research has maintained 'Buy' on GAIL India with target price of Rs 475 in its report.

Commenting on the investment rationale, the stock broker said, ''GAIL's Q4 PAT at Rs 9.7 billion was below est. on one-time provisioning of Rs 2.9 billion for ship-or-pay contracts; higher gas/operational costs; and (c) subsidy payment of Rs 5 billion.

NG transmission/trading vols. at 95/76mmscmd (Q3: 96/80); Transmission tariffs at Rs 982/tscm; trading margins at USD 0.19/mmbtul; Petchem volume sales/realizations at 107tmt/Rs 110/Kg.

Maintain Buy on an expected improvement in NG transmission volumes and p/l tariffs, and lower subsidy in FY15/FY16E.''

Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.