Indraprastha Gas Q1 Results Review - Tepid Start To FY25 Volume Growth: ICICI Securities

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..ICICI Securities Report.Indraprastha Gas Ltd. has reported Ebitda/profit after tax of Rs 5.8 billion/Rs 4.0 billion, down 9.4%/8.4% YoY in Q1 FY25. Volume of 8.64 mmscmd grew 5.3% YoY but was down 1% QoQ, while Ebitda/standard cubic metre of Rs 7.4/scm saw QoQ growth and exceeded our estimate of Rs 6.9/scm. The company is guiding for stronger volume growth over FY25 (FY24 end guidance of ~9.5 mmscmd exit rate, 13% higher versus FY24 average). However, last five quarter run-rate is ~4.8%, which underpins our more conservative estimates of volumes, even as Ebitda/scm estimates have been maintained at Rs 7.5/scm. With EV impact continuing to be uncertain, we believe volume growth may average <7% over FY24-29E versus ~9% over FY20-24. Valuation of ~20 times FY26E PER (stock price up 26% in last six months) and EPS CAGR of just 9% present limited upside. Downgrade to Reduce..Click on the attachment to read the full report:.Thyrocare Q1 Results Review - Margin Thesis Is Starting To Unfold: ICICI Securities.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Indraprastha Gas Q1 Results Review - Tepid Start To FY25 Volume Growth: ICICI Securities

The stock has rallied 26% in the last six months, the brokerage downgrades IGL to Reduce from Add.

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Indraprastha Gas Q1 Results Review - Tepid Start To FY25 Volume Growth: ICICI Securities

The stock has rallied 26% in the last six months, the brokerage downgrades IGL to Reduce from Add.

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