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Prabhudas Lilladher Report
Indraprastha Gas Ltd. reported weaker than expected Q3 results with an Ebitda/profit after tax of Rs 5.6 billion (down 14% QoQ, our estimate: Rs 6.8 billion) and Rs 3.9 billion (down 27% QoQ, our estimate: Rs 4.7 billion).
IGL's drag in earnings was primarily led by lower than anticipated sales volume. Ebitda/standard cubic metre came in at Rs 7.2, down 16% QoQ.
Going ahead, we build in a conservative volume growth compound annual growth rate of 7% over FY24-26E with an Ebitda/scm of Rs 7.
The stock is currently trading at 16.4 times FY26 EPS and 10 times FY26 enterprise value/Ebitda.
We maintain ‘Hold’ rating with a target price of Rs 382 (earlier Rs 416) based on 14 times FY26E standalone EPS and adding the value of investments.
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