External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<div><ul><li>Concerns remain despite a decent performance in 4QFY22 - <span style="font-size: var(--content-font-size);">IGL reported a beat on our EBITDA estimate, although volumes were strong YoY.</span></li></ul><div><ul><li>Volumes in line; margin is above our estimate - <span style="font-size: var(--content-font-size);">Total volumes were in line at 7.74mmscmd (up 14% YoY and 1% QoQ).</span></li></ul></div></div><div><ul><li>Valuation and view – maintain Neutral - <span style="font-size: var(--content-font-size);">IGL can increase its sales volume from new areas such as Rewari, Karnal, and Muzzafarnagar; Haryana City Gas; and the newly awarded GAs in the 10th round — a) Kaithal (Haryana), (b) Ajmer, Pali, and Rajsamand (Rajasthan), and c) Kanpur, Fatehpur, and Hamirpur (Uttar Pradesh).</span></li></ul></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Concerns remain despite a decent performance in 4QFY22 - IGL reported a beat on our EBITDA estimate, although volumes were strong YoY.Volumes in line; margin is above our estimate - Total volumes were in line at 7.74mmscmd (up 14% YoY and 1% QoQ).Valuation and view – maintain Neutral - IGL can increase its sales volume from new areas such as Rewari, Karnal, and Muzzafarnagar; Haryana City Gas; and the newly awarded GAs in the 10th round — a) Kaithal (Haryana), (b) Ajmer, Pali, and Rajsamand (Rajasthan), and c) Kanpur, Fatehpur, and Hamirpur (Uttar Pradesh).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Revenue grew by 55.2% YoY to Rs24.06bn vs NBIE estimate of Rs24.56bn, a 2.1% miss on our estimate and 0.38% miss vs street estimate.</li></ul><div><div><div><div><ul><li>Gross margin came in at 36.9% vs our estimate of 32% as COGS was 9.1% below our estimate while revenue miss was 2.1%.</li></ul><div><div><div><div><ul><li>PBT was up 33.2% vs NBIE estimate at Rs4.95bn; Share of JV/Associates was a 11.8% beat at Rs723mn.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Revenue grew by 55.2% YoY to Rs24.06bn vs NBIE estimate of Rs24.56bn, a 2.1% miss on our estimate and 0.38% miss vs street estimate.Gross margin came in at 36.9% vs our estimate of 32% as COGS was 9.1% below our estimate while revenue miss was 2.1%.PBT was up 33.2% vs NBIE estimate at Rs4.95bn; Share of JV/Associates was a 11.8% beat at Rs723mn.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indraprastha Gas - PAT Beat of 26.9% on Lower Gas Cost

Thematic (Sector/Industry)

<ul><li>GAIL bucks energy storm hitting sector demand and margins. We see GAIL lead the Oil &amp; Gas pack even as the rest of the sector companies are trapped in the crosswinds of a sharp spike in crude oil, natural gas and product prices.</li><li>The surge in the Oil &amp; Gas chain prices sustained through April21 to mid-natural gas, especially LNG.</li><li>This has been fueled further by the Russia-Ukraine conflict, which has led to a scramble for crude oil, gas and diesel, with Russian exports (5mn bpd of oil...(continued).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

GAIL bucks energy storm hitting sector demand and margins. We see GAIL lead the Oil &amp; Gas pack even as the rest of the sector companies are trapped in the crosswinds of a sharp spike in crude oil, natural gas and product prices.The surge in the Oil &amp; Gas chain prices sustained through April21 to mid-natural gas, especially LNG.This has been fueled further by the Russia-Ukraine conflict, which has led to a scramble for crude oil, gas and diesel, with Russian exports (5mn bpd of oil...(continued).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Oil & Gas Sector: GAIL Bucks Energy Storm Hitting Sector Demand and Margins

<p>Our earlier report, India's gas sector to benefit from syzygy ahead', highlighted how CNG/LNG Retail sales have been declining by 3%/11% CAGR for China Gas Holdings/ENN Energy for the past five years. On the contrary, the Industrial segment continued to grow for these companies at 19-20% CAGR for the past few years. Due to high Real Estate prices, we don't expect the Industrial segment to grow in Delhi. Other areas...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Our earlier report, India's gas sector to benefit from syzygy ahead', highlighted how CNG/LNG Retail sales have been declining by 3%/11% CAGR for China Gas Holdings/ENN Energy for the past five years. On the contrary, the Industrial segment continued to grow for these companies at 19-20% CAGR for the past few years. Due to high Real Estate prices, we don't expect the Industrial segment to grow in Delhi. Other areas...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Newspaper article suggests aggressive influx of EVs into Delhi

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<p>We expect strong CNG volume growth to sustain, as the highest-ever pricing differential between CNG and petrol/diesel incentivizes faster CNG adoption/conversion. City Gas Distribution (CGD) companies - Indraprastha Gas (IGL), Gujarat Gas (GGL) and Mahanagar Gas (MGL) - have seen an exaggerated ~14-28% correction from their highs in the past six months due to (1) a sharp rise in APM gas and spot LNG prices; (2) reduction in petrol and diesel taxes, which has reduced the tax arbitrage for CNG; and (3) potential increase in dealer margins.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We expect strong CNG volume growth to sustain, as the highest-ever pricing differential between CNG and petrol/diesel incentivizes faster CNG adoption/conversion. City Gas Distribution (CGD) companies - Indraprastha Gas (IGL), Gujarat Gas (GGL) and Mahanagar Gas (MGL) - have seen an exaggerated ~14-28% correction from their highs in the past six months due to (1) a sharp rise in APM gas and spot LNG prices; (2) reduction in petrol and diesel taxes, which has reduced the tax arbitrage for CNG; and (3) potential increase in dealer margins.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indian Gas Sector -    City Gas: looking beyond the short-term headwinds

India

Indraprastha Gas Limited processes and distributes compressed natural gas and liquefied petroleum gas. The Company has been jointly promoted by Bharat Petroleum Corporation and Gas Authority of India.

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Indraprastha Gas (IGL IN)

4QFY22 Results Update -Indraprastha Gas

IGL reported a beat on our EBITDA estimate, although volumes were strong YoY. Total volumes stood at 7.7mmscmd (+14% YoY)

Motilal Oswal

Indraprastha Gas - PAT Beat of 26.9% on Lower Gas Cost

We maintain Buy on Indraprastha Gas (IGL) after revising FY23E/FY24E estimates by 1.4% in FY23 and a cut of 3.3% in FY24 and 5.9% cut in our DCF...

Nirmal Bang

Oil & Gas Sector: GAIL Bucks Energy Storm Hitting Sector Demand and Margins

GAIL bucks energy storm hitting sector demand and margins. We see GAIL lead the Oil & Gas pack even as the rest of the sector companies are trapped...

Nirmal Bang

Newspaper article suggests aggressive influx of EVs into Delhi

Our earlier report, India's gas sector to benefit from syzygy ahead', highlighted how CNG/LNG Retail sales have been declining by 3%/11%...

Motilal Oswal

Indian Gas Sector - City Gas: looking beyond the short-term headwinds

We expect strong CNG volume growth to sustain, as the highest-ever pricing differential between CNG and petrol/diesel incentivizes faster CNG...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

4QFY22 Results Update -Indraprastha Gas

IGL reported a beat on our EBITDA estimate, although volumes were strong YoY. Total volumes stood at 7.7mmscmd (+14% YoY)

Motilal Oswal

Indraprastha Gas - PAT Beat of 26.9% on Lower Gas Cost

We maintain Buy on Indraprastha Gas (IGL) after revising FY23E/FY24E estimates by 1.4% in FY23 and a cut of 3.3% in FY24 and 5.9% cut in our DCF...

Nirmal Bang

Oil & Gas Sector: GAIL Bucks Energy Storm Hitting Sector Demand and Margins

GAIL bucks energy storm hitting sector demand and margins. We see GAIL lead the Oil & Gas pack even as the rest of the sector companies are trapped...

Nirmal Bang

Newspaper article suggests aggressive influx of EVs into Delhi

Our earlier report, India&#x27;s gas sector to benefit from syzygy ahead&#x27;, highlighted how CNG/LNG Retail sales have been declining by 3%/11%...

Motilal Oswal

Indian Gas Sector - City Gas: looking beyond the short-term headwinds

We expect strong CNG volume growth to sustain, as the highest-ever pricing differential between CNG and petrol/diesel incentivizes faster CNG...

HDFC Securities

Our earlier report, India's gas sector to benefit from syzygy ahead', highlighted how CNG/LNG Retail sales have been declining by 3%/11%...