Buy Adani Gas; target of Rs 190: ICICI Direct

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ICICI Direct's research report on Adani Gas

Adani Gas’ (AGL) operating revenues fell 56.9% YoY to Rs 206.6 crore in Q1FY21 due to sharp fall in sales volume during lockdown. Sales volume came in at 0.7 mmscmd, down 53.6% YoY. EBITDA for the quarter declined 42.6% YoY to Rs 77.4 crore. Gross margins were strong at Rs 19/scm, up Rs 6.2/scm YoY due to lower gas prices. EBITDA/scm was at Rs 12.1/scm, Rs 2.3/scm higher YoY. Reported PAT stood at Rs 46.3 crore, down 41.6% YoY.

Outlook

We have a positive outlook on the stock from a long term perspective as AGL is well poised to benefit from India’s growing CGD sector. We maintain BUY with a revised target price of Rs 190

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