Fwd: Indraprastha Gas Q2FY12 Result Update; Higher input cost drags down profitability; Accumulate; Target: Rs 425

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Deepak Vaishnav

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Oct 22, 2011, 4:09:44 AM10/22/11
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Indraprastha Gas Ltd   

Higher input cost drags down profitability

 

ACCUMULATE

 

CMP: Rs 396                                       Target Price: Rs 425

n     Results were marginally below our estimates with revenue at Rs.5.9bn growth of 33.7% YoY and PAT at Rs.0.8bn, growth of 16.5% YoY

n     Volume increased by 25.1% YoY to 307mmscm in Q2 FY12. CNG and PNG volumes increased by 14.4% to 177.4mnkg and 62.2% to 68.2mmscm respectively, YoY

n     Blended unit realisation stood at Rs.19.5/scm, growth of 6.8% YoY, mainly due to hike in prices of CNG segment from Rs.29.8/Kg to Rs.30/Kg  

n     Given its monopoly in NCR region, easing of pricing pressure and expected volume growth in NCR and Ghaziabad, maintain ACCUMULATE with PT of Rs.425

 

Regards,

Dhaval Joshi

Research Analyst | Emkay Global Financial Services Ltd. | www.emkayglobal.com | Email : dhaval...@emkayglobal.com 

Board No. : +91-22-66121212 | Extn. : 282 | DID : 66121282 | Mob : +919920871839 |

 

 


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Indraprastha Gas Q2FY12 Result Update.pdf
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