Margin risks arise as APM shortage rises

Company
30 Oct 2024
5 Min read 
  • Indraprastha Gas (IGL) experienced a miss in EBITDA/scm level.
  •  The company's EBITDA came in 9% below the estimate at INR5.4b.
  •  The management guided for a robust 8-10% YoY CNG volume trajectory.
  •  IGL's net sales/EBITDA/PAT grew 5%/17%/21% YoY in 1HFY25.
  •  The company announced a 21% reduction in APM gas allocation.
  •  The stock is valued at 13x Dec 26E adj. EPS with a TP of INR 375.
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