Hold Adani Total Gas; target of Rs 1085: ICICI Direct

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ICICI Direct's research report on Adani Total Gas

Adani Total Gas’ (ATGL) operating revenues increased 25.3% YoY to Rs 614.5 crore in Q4FY21 owing to an increase in realisation as well as sales volume. On a QoQ basis, revenues grew 17.7%. Total sales volume was 1.8 mmscmd, up ~14% YoY, ~11% QoQ. EBITDA for the quarter increased 21.9% YoY to Rs 204.7 crore. Gross margins remained healthy at Rs 17/scm, up Rs 0.4/scm YoY due to better realisation. EBITDA/scm was at Rs 12.3/scm, Rs 0.7/scm higher YoY. Reported PAT was at Rs 144.8 crore, up 18.6% YoY.

Outlook

We roll over to FY23E valuations and value the stock using DCF method. Due to a sharp run-up in stock price, we maintain HOLD rating with a revised target price of Rs 1085 (earlier Rs 230).

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