Company Update : Indraprastha Gas Ltd by Motilal Oswal Financial Services Ltd

Miss due to lower-than-estimated EBITDA/scm margin; volumes in line
* Total volumes were in line with our estimate at 9.13mmscmd (our est.: 9.16mmscmd), up 6% YoY.
* Both CNG and PNG volumes came in line.
* EBITDA/scm came in 10% below our est. at INR6.2.
* Adj. realization increased ~INR0.7/scm QoQ, while gas costs/opex declined INR0.4/INR0.5 per scm QoQ.
* Resulting EBITDA was 10% below our estimate at INR5.1b (-12% YoY).
* IGL’s PAT came in 7% below our est. at INR3.6b (-11% YoY), as other income stood above estimate.
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