ICICI Direct's research report on Indraprastha Gas
Indraprastha Gas (IGL) is one of India’s largest city gas distribution companies and primarily operates in NCT of Delhi. CNG sales contribute more than 70% of its total sales volume • Sales volume grew at 9% CAGR in FY17-22.
We retain our BUY rating on the stock. We value IGL at Rs 440 (standalone at ~Rs 411 i.e. 18x P/E on FY24E EPS and investments at ~Rs 29).
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