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HDFC Securities Institutional Equities
Our Buy recommendation on IRM Energy Ltd. with a target price of Rs 630/share is premised on-
a ~35% compound annual growth rate volume growth over FY24-26E and
robust margins in the long term.
In Q4 FY24, Ebitda stood at Rs 226 million (+53% YoY, -46% QoQ), and consolidated PAT stood at Rs 90 million (+2.2x YoY, -62% QoQ), coming in below our estimates due to higher-than-expected other expenses, interest cost and provisioning of license fees, partially offset by higher-than-expected other income. Volume at 0.51 million metric standard cubic metre per day (-5% YoY, -6% QoQ) came in line with our estimates.
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