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Volume beat expectations, but weaker EBITDA spread dampens the earnings Indraprastha Gas Limited (IGL) reported an underwhelming Q2FY25 performance, with Rs5.4bn EBITDA being lower 18.4% YoY and 7.9% QoQ. The Rs4.3bn PAT demonstrated 19.4% YoY decline but experienced a 7.4% QoQ increase. Despite beating volume expectations, the realizations were lower than estimated and elevated gas cost led to eroding EBITDA margins. The stock witnessing a sharp correction, we upgrade our rating to ADD wi...
Add Indraprastha Gas Ltd For Target Rs. 474 by Yes Securities Ltd
Margin risks arise as APM shortage rises * Indraprastha Gas (IGL)’s 2QFY25 earnings performance was marked by volumes exceeding our expectations but a miss at the EBITDA/scm level. With elevated spot LNG costs, continued APM de-allocation, and elections in Delhi in 4QFY25, we believe EBITDA/scm margin may remain under pressure in 2HFY25. We believe the management’s guided target of average 9.5mmscmd in volumes in 2HFY25 is tough to achieve. IGL is most impacted by the recent AP...
Sell Indraprastha Gas Ltd For Target Rs.375 By Motilal Oswal Financial Services Ltd
Muted volume growth; outlook volatile IGL’s Q1FY25 SA earnings were a slight 2% beat to our estimates, mainly led by 3% higher-than-expected gross margins on lower gas costs. Volumes disappointed at 8.6mmscmd (a 4% miss), up 5% YoY and down 1% QoQ. EBITDA/scm at Rs7.4 beat our estimate by 6% on gross margins. The mgmt. guided to 10-12% YoY volume CAGR on a long-term basis, with EBITDA/scm expected in the range of Rs7-8.5. DTC volumes are expected to be nil in 2-3 years, while new GAs...
Reduce Indraprastha Gas Ltd. For Target Rs. 510 By Emkay Global Financial Services
Our View Indraprastha Gas Limited (IGL) reported a marginally better than expected Q1FY25 performance, with Rs5.8bn EBITDA being lower 9.4% YoY but up 11.3% QoQ. The Rs4bn PAT demonstrated 8.4% YoY de-growth but experienced a 4.9% QoQ increase. Despite meeting volume expectations, the realizations were better and lower than estimated opex lead to better EBITDA margins. With the stock trading expensive, we maintain our rating of REDUCE with an unchanged target price of Rs 500/share. Resu...
Reduce Indraprastha Gas Ltd For Target Rs.500 By Yes Securities
Our View Indraprastha Gas Limited (IGL) reported a marginally better than expected Q1FY25 performance, with Rs5.8bn EBITDA being lower 9.4% YoY but up 11.3% QoQ. The Rs4bn PAT demonstrated 8.4% YoY de-growth but experienced a 4.9% QoQ increase. Despite meeting volume expectations, the realizations were better and lower than estimated opex lead to better EBITDA margins. With the stock trading expensive, we maintain our rating of REDUCE with an unchanged target price of Rs 500/share. Resu...
Reduce Indraprastha Gas Ltd For Target Rs.500 By Yes Securities
IGL’s 1QFY25 standalone EBITDA, at INR 5.8bn, was higher than JMFe/consensus of INR 5.1bn/INR 5.5bn due to higher EBITDA margin at INR 7.4/scm (vs. JMFe at INR 6.1/scm) driven by lower cost of gas and slightly higher realisation. However, overall sales volume was 2% lower at 8.6mmscmd vs. JMFe of 8.8mmscmd due to weak PNG volume while CNG volume was in line. Hence, PAT at INR 4.0bn was also higher vs. JMFe/consensus of INR 3.3bn/INR 3.8bn. IGL’s share of CUGL and MNGL’s PAT ...
Buy Indraprastha Gas Ltd For Target Rs.550 By JM Financial Services
Tata Motors Ltd. Buy Tata Motors Ltd @ 994-996 Target 1006.00 Stop Loss 989.40 Indraprastha Gas Ltd. Buy Indraprastha Gas Ltd @ 151-152 Target 154.00 Stop Loss 150.30 Please refer disclaimer at https://secure.icicidirect.com/Content/StaticData/Disclaimer.html SEBI Registration number INZ000183631
Stock Picks : Tata Motors Ltd And Indraprastha Gas Ltd By ICICI Direct
Margins disappoint; hazy outlook IGL’s Q4FY24 SA EBITDA/PAT of Rs5.2bn/Rs3.8bn came at a 17%/13% miss to our estimates, mainly due to lower realization affecting gross margins and higher opex. Volumes were in-line, at 8.7mmscmd, up 6% YoY and 3% QoQ. EBITDA/scm at Rs6.6 missed our estimate by 17%, on 11% higher unit opex. Mgmt. guided to 4-5%/10-15% YoY vol. growth for Delhi/other GAs, with FY25 vol. guidance at 9.5mmscmd. DTC targets 100% conversion of buses to EVs by CY25, but dump...
REDUCE Indraprastha Gas Ltd. For Target Rs. 440- Emkay Global Financial Services
Weak performance on lower EBITDA spreads; overall volumes were in line Our View Indraprastha Gas Limited (IGL) reported a poor Q4 FY24 performance, with Rs5.2bn EBITDA increasing by 12.1% YoY but falling short of our estimates. The Rs3.8bn PAT demonstrated 16.1% YoY growth but experienced a 2.4% QoQ decline. Despite meeting volume expectations, higher gas costs impacted EBITDA margins, signalling challenges. With the stock trading at 17.1x/15.7x FY25e/26e PER, we lower our rating to an ...
ADD Indraprastha Gas Ltd. For Target Rs. 500 - Yes Securities
Weaker-than-estimated margin leads to a miss on EBITDA * Indraprastha Gas (IGL)’s EBITDA came in below our est. at INR5.2b in 4QFY24 due to a lower-than-expected EBITDA/scm of INR6.6 (vs. our est. of INR7.2). Volumes increased 6% YoY to 8.7mmscmd. * Management guided a rise in volumes to 9.5 mmscmd in FY25 (FY24 average: 8.7 mmscmd) driven by: 1) robust growth (+15% YoY) at new geographic areas (GAs) outside of Delhi-NCR, and 2) a strong industrial and commercial volume growth mom...
Sell Indraprastha Gas Ltd. For Target Rs. 390 - Motilal Oswal Financial Services
During Q4, Indraprastha Gas (IGL) reported weak sequential iterating performance due to 8.0% QoQ decline in EBITDA/scm impacted by higher opex despite GP/Scm rising 2.1% QoQ. Sequential EBITDA/PAT thus declined 6.3%/8.9%. Although CNG volumes remained flattish QoQ, 2.9% rise in QoQ volumes was supported by 15.1%/8.6% QoQ jump in PNG domestic/commercial volumes. During FY24, the company reported 4.2% YoY jump in overall volumes at 8.4mmscmd coupled with 11.7% increase in EBITDA/scm at Rs7.7/sc...
Buy Indraprastha Gas Ltd For Target Rs.487 - Centrum Broking Ltd
Weaker-than-expected margins lead to miss * Indraprastha Gas’ (IGL) EBITDA came in below our est. at INR5.6b in 3QFY24, primarily due to lower-than-expected EBITDA/scm of INR7.2 (vs. our est. of INR8.5). Volumes increased 4% YoY to 8.5mmscmd. * EBITDA/scm declined 14% sequentially, primarily on account of APM gas allocation declining 78% in 3QFY24 from 87% in 2QFY24. The management expects APM allocation to decline over the long run as APM production has remained stagnant over the...
Buy Indraprastha Gas Ltd For Target Rs.350 - Motilal Oswal Financial Services Ltd
- Indraprastha Gas’ (IGL) EBITDA came in below our est. at INR5.6b in 3QFY24, primarily due to lower-than-expected EBITDA/scm of INR7.2 (vs. our est. of INR8.5). Volumes increased 4% YoY to 8.5mmscmd. - EBITDA/scm declined 14% sequentially, primarily on account of APM gas allocation declining 78% in 3QFY24 from 87% in 2QFY24. The management expects APM allocation to decline over the long ru...
Sell Indraprastha Gas Ltd For Taget Rs.350 By Motilal Oswal Financial Services Ltd
Weak performance on lower EBITDA spreads while overall volumes were in line Our View Indraprastha Gas Limited (IGL) reported a mixed Q3 FY24 performance, with Rs5.6bn EBITDA surpassing last year's figures by 31.7% YoY but falling short of our estimates. The Rs3.9bn PAT demonstrated robust 41% YoY growth but experienced a notable 26.7% QoQ decline. Despite meeting volume expectations, higher gas costs impacted EBITDA margins, signalling challenges. With the stock trading at 16.2x/15x...
Buy Indraprastha Gas Ltd For Target Rs.540 By Yes Securities
GAIL (India) Limited, and its wholly owned subsidiary, GAIL Gas Limited on Saturday announced a reduction in the prices of Compressed Natural Gas (CNG) by Rs 2.50 per kg across several key locations in India where it operates retail outlets. The move comes close on the heels of Indraprastha Gas Limited (IGL) reducing the selling price of gas in Delhi and the National Capital Region (NCR) by Rs 2.50 per kg with effect from Thursday. This reduction underscores GAIL's commitment ...
GAIL cuts CNG prices by Rs 2.50 per kg
CNG supplier Indraprastha Gas Limited (IGL) announced a reduction in the selling price of the gas in Delhi and the National Capital Region (NCR) on Wednesday. The retail consumer price of the gas has been reduced by Rs 2.50 per kg. After the reduction, the revised selling price of CNG in Delhi will be Rs 74.09 per kg. The new price has been brought into effect from midnight of March 7. Earlier on Tuesday, Mahanagar Gas Ltd (MGL) announced a reduction in CNG prices by Rs 2.50 per k...
CNG price reduced by Rs 2.50 per kg in Delhi-NCR
Indraprastha Gas (IGL) reported subdued performance in Q3FY24 impacted by higher gas cost leading to QoQ decline in EBITDA/ scm. IGL’s revenues rose 2.8% QoQ while EBITDA/ PAT declined 14.4%/ 14.0%. Supported by PNG domestic and commercial volume growth, overall gas sales volumes increased 2.2% QoQ at 8.5mmscmd. However, EBITDA/ scm declined 16.2% QoQ at Rs7.2/ scm from Rs8.6/ scm. Management guided ~9mmscmd exit rate in Q4FY24E and has already to...
Reduce Indraprastha Gas Ltd For Target Rs. 431 - Centrum Broking
Indraprastha Gas (IGL) reported subdued performance in Q3FY24 impacted by higher gas cost leading to QoQ decline in EBITDA/ scm. IGL’s revenues rose 2.8% QoQ while EBITDA/ PAT declined 14.4%/ 14.0%. Supported by PNG domestic and commercial volume growth, overall gas sales volumes increased 2.2% QoQ at 8.5mmscmd. However, EBITDA/ scm declined 16.2% QoQ at Rs7.2/ scm from Rs8.6/ scm. Management guided ~9mmscmd exit rate in Q4FY24E and has already to...
Buy Indraprastha Gas Ltd For Target Rs. 431 - Centrum Broking
Indraprastha Gas is currently trading at Rs. 440.35, up by 0.50 points or 0.11% from its previous closing of Rs. 439.85 on the BSE. The scrip opened at Rs. 437.15 and has touched a high and low of Rs. 441.25 and Rs. 426.65 respectively. So far 89991 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 515.55 on 09-May-2023 and a 52 week low of Rs. 375.80 on 01-Nov-2023. Last one week high and low of the scrip stood a...
Indraprastha Gas gains on inking MoU to establish compressed biogas plants
Earnings growth visible, EV threat yet distant Supportive Volume mix: About 60% volumes come from Delhi and adjoining areas and 40% from other geographical areas (GAs). In FY23, IGL sold volumes of 8.1mmscmd and targets to exit at 9mmscmd in FY24 and 10mmmscmd in FY25 following new GA ramp up, CNG station additions, and increasing D-PNG penetration. The mix of mature and new GAs will support long term volume growth. Volumes from new GAs (currently at 0.2mmscmd) is expected to grow over 1mm...
Buy Indraprastha Gas Ltd For Target Rs.540 - Yes Securities Ltd
Volume growth to moderate amid multiple headwinds * Indraprastha Gas (IGL)’s 2QFY24 EBITDA, at INR6.6b, came in line with our estimate. However, its PAT, at INR5.3b, delivered 24% beat. Volumes rose 3% YoY to 8.3mmscmd during the quarter. * Management expects that ~15% of IGL’s volume may be hit due to the implementation of the recently approved Delhi Motor Vehicle Aggregator and Delivery Service Provider Scheme. Although management has kept its volume guidance unchanged at ...
Sell Indraprastha Gas Ltd For Target Rs.350 - Motilal Oswal
EV risk a key monitorable; maintain BUY on valuations IGL’s 2QFY24 standalone EBITDA was INR 6.6bn, higher than JMFe/consensus of INR 6.4bn/INR 6.3bn due to higher sales volume and slightly better EBITDA margin (INR 8.6/scm). Sales volume was 1.7% above JMFe (up 2.4% QoQ) driven by higher CNG volume; the management highlighted that volume growth in Delhi was 1.5-2% lower than normal growth due to impact of floods/G20. The management clarified that cab aggregators constitute ~15% of I...
Buy Indraprastha Gas Ltd For Target Rs. 500 - JM Financial Services
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