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Yes Securities Report
Indraprastha Gas Ltd.'s reported a mixed Q3 FY24 performance, with Rs 5.6 billion Ebitda surpassing last year's figures by 31.7% YoY but falling short of our estimates.
The Rs 3.9 billion profit after tax demonstrated robust 41% YoY growth but experienced a notable 26.7% QoQ decline. Despite meeting volume expectations, higher gas costs impacted Ebitda margins, signalling challenges.
With the stock trading at 16.2 times/15 times FY25e/26e PER, we maintain a 'Buy' rating with a target price of Rs 540/share, recognising Indraprastha Gas' strong margins and sound financials.
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