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ICICI Securities Report
A change in administered price mechanism gas allocation, potential changes in marketing exclusivity rules and growing EV penetration point to a radically changed operating environment for city gas distribution companies over the next decade. We note the challenges to growth and margins are counteracted by -
higher gas availability both domestically and via LNG,
a seamless contiguous development of the national gas grid, which creates new demand segments,
competition with alternate fuels has been a reality for some time now, with efficiencies being driven through the CGD ecosystem,
established CGD companies have adequate cashflow, which could create inorganic opportunities.
Remain positive on the space, with the recent drop in valuations and our conviction on long-term gas demand underpinning our stance.
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