Weaker-than-expected margins lead to miss

Company
30 Jan 2024
5 Min read 
  • Indraprastha Gas (IGL) reported weaker-than-expected margins in 3QFY24.
  •  EBITDA came in below estimates due to lower-than-expected EBITDA/scm.
  •  Volumes increased 4% YoY to 8.5mmscmd.
  •  The company is focusing on converting ICE dumpers to CNG to drive volume growth.
  •  IGL's volumes are expected to register a CAGR of 7% over FY24-26.
  •  The stock is valued at 12x Dec25E adj. EPS and has a TP of INR350.
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