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. 

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Equity Bottom-Up

<p>Indraprastha Gas (IGL) reported EBITDA ahead of our estimates. This was led by better-than-estimated volumes (CNG volumes now 8% above pre-COVID peak) and higher-than-estimated EBITDA/scm (INR8, primarily supported by a CNG price hike of INR1.8/kg during the quarter)....</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>

Indraprastha Gas (IGL) reported EBITDA ahead of our estimates. This was led by better-than-estimated volumes (CNG volumes now 8% above pre-COVID peak) and higher-than-estimated EBITDA/scm (INR8, primarily supported by a CNG price hike of INR1.8/kg during the quarter)....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.

Rewarding 2QFY22, although risk-reward unfavorable

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

<p>About the stock: Indraprastha Gas (IGL) is one of India’s largest city gas distribution company and primarily operates in NCT of Delhi.</p><ul><li>CNG sales contribute more than 70% of its total sales volume</li><li>IGL is currently operating in 10 geographical areas</li></ul><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>

About the stock: Indraprastha Gas (IGL) is one of India’s largest city gas distribution company and primarily operates in NCT of Delhi.CNG sales contribute more than 70% of its total sales volumeIGL is currently operating in 10 geographical areasContent 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: Volume Pick-Up Holds Key

<p>IGL reported a mixed bag result, with lower than our estimate EBITDA/scm (at INR8) and higher than our estimate volumes (at 6.8mmscmd) translating to in line EBITDA at INR4.9b (+31% YoY). CNG volumes rose 8% YoY, although down v/s pre-COVID levels of 4.92mmscmd (in 2Q-3QFY20). EBITDA/scm was lower than our estimate due to higher opex, despite the...</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>

IGL reported a mixed bag result, with lower than our estimate EBITDA/scm (at INR8) and higher than our estimate volumes (at 6.8mmscmd) translating to in line EBITDA at INR4.9b (+31% YoY). CNG volumes rose 8% YoY, although down v/s pre-COVID levels of 4.92mmscmd (in 2Q-3QFY20). EBITDA/scm was lower than our estimate due to higher opex, despite the...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.

EBITDA/scm normalizes; stronger crosswinds ahead

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

<p>Indraprastha Gas: Our BUY recommendation on Indraprastha Gas with a target price of INR 603 is premised on (1) robust volume growth, led by its quasi-monopolistic position in Delhi/NCR with regulatory support in the form of prioritised gas allocation and (2) a portfolio of mature, semi-mature and new geographical areas (GA). 4QFY21 EBITDA/APAT were 2/2% below our estimates, owing to higher-than-expected gas cost and lower-than-expected other income, partially offset by lower-than-expected other expenses.</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>

Indraprastha Gas: Our BUY recommendation on Indraprastha Gas with a target price of INR 603 is premised on (1) robust volume growth, led by its quasi-monopolistic position in Delhi/NCR with regulatory support in the form of prioritised gas allocation and (2) a portfolio of mature, semi-mature and new geographical areas (GA). 4QFY21 EBITDA/APAT were 2/2% below our estimates, owing to higher-than-expected gas cost and lower-than-expected other income, partially offset by lower-than-expected other expenses.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.

HSIE Results Daily: ONGC, Indraprastha Gas

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)

Rewarding 2QFY22, although risk-reward unfavorable

Indraprastha Gas (IGL) reported EBITDA ahead of our estimates. This was led by better-than-estimated volumes (CNG volumes now 8% above pre-COVID...

Motilal Oswal

Indraprastha Gas: Volume Pick-Up Holds Key

Indraprastha Gas (IGL) is one of India’s largest city gas distribution company and primarily operates in NCT of Delhi. CNG sales contribute more...

ICICI Securities Limited

EBITDA/scm normalizes; stronger crosswinds ahead

IGL reported a mixed bag result, with lower than our estimate EBITDA/scm (at INR8) and higher than our estimate volumes (at 6.8mmscmd) translating...

Motilal Oswal

HSIE Results Daily: ONGC, Indraprastha Gas

Indraprastha Gas: Our BUY recommendation on Indraprastha Gas with a target price of INR 603 is premised on (1) robust volume growth, led by its...

HDFC Securities

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