Prabhudas Lilladher's research report on Indraprastha Gas
We maintain our earnings for FY22/23E. IGL reported strong results with EBIDTA/PAT of Rs4.7bn (-11%Q/Q; 2yr CAGR 10%; PLe Rs4.0bn) and Rs3.1bn (-23%Q/Q; 2yr CAGR 4%; PLe Rs2.7bn) respectively. Volumes recovered as lockdown restrictions eased to record levels of 7.7mscmd (+6%Q/Q; 2yr CAGR 6.3%). We believe receding pandemic concerns and opening up of schools will further drive growth in Q4. IGL remains an enviable business model with high volume growth due to geographical expansion and addition of new buses and taxis.
Outlook
Also, fuel economics, shift to private vehicle ownership post pandemic will drive CNG volumes despite excise duty cuts, in our view. Reiterate “BUY” with DCF-based PT of Rs662 (unchanged) .
More Info
At 12:14 hrs Indraprastha Gas was quoting at Rs 377.70, down Rs 2.95, or 0.77 percent.
It has touched an intraday high of Rs 385.90 and an intraday low of Rs 372.10.
It was trading with volumes of 94,413 shares, compared to its thirty day average of 188,209 shares, a decrease of -49.84 percent.
In the previous trading session, the share closed down 3.13 percent or Rs 12.30 at Rs 380.65.
The share touched its 52-week high Rs 604.00 and 52-week low Rs 371.65 on 14 September, 2021 and 14 February, 2022, respectively.
Currently, it is trading 37.47 percent below its 52-week high and 1.63 percent above its 52-week low.
Market capitalisation stands at Rs 26,439.03 crore. For all recommendations report, click here
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