External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>IGL reported a mixed bag result, with lower than our estimate EBITDA/scm (at INR8) and higher than our estimate volumes (at 6.8mmscmd) translating to in line EBITDA at INR4.9b (+31% YoY). CNG volumes rose 8% YoY, although down v/s pre-COVID levels of 4.92mmscmd (in 2Q-3QFY20). EBITDA/scm was lower than our estimate due to higher opex, despite the...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

IGL reported a mixed bag result, with lower than our estimate EBITDA/scm (at INR8) and higher than our estimate volumes (at 6.8mmscmd) translating to in line EBITDA at INR4.9b (+31% YoY). CNG volumes rose 8% YoY, although down v/s pre-COVID levels of 4.92mmscmd (in 2Q-3QFY20). EBITDA/scm was lower than our estimate due to higher opex, despite the...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

EBITDA/scm normalizes; stronger crosswinds ahead

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

<p>Indraprastha Gas: Our BUY recommendation on Indraprastha Gas with a target price of INR 603 is premised on (1) robust volume growth, led by its quasi-monopolistic position in Delhi/NCR with regulatory support in the form of prioritised gas allocation and (2) a portfolio of mature, semi-mature and new geographical areas (GA). 4QFY21 EBITDA/APAT were 2/2% below our estimates, owing to higher-than-expected gas cost and lower-than-expected other income, partially offset by lower-than-expected other expenses.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Indraprastha Gas: Our BUY recommendation on Indraprastha Gas with a target price of INR 603 is premised on (1) robust volume growth, led by its quasi-monopolistic position in Delhi/NCR with regulatory support in the form of prioritised gas allocation and (2) a portfolio of mature, semi-mature and new geographical areas (GA). 4QFY21 EBITDA/APAT were 2/2% below our estimates, owing to higher-than-expected gas cost and lower-than-expected other income, partially offset by lower-than-expected other expenses.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: ONGC, Indraprastha Gas

India

Indraprastha Gas Limited processes and distributes compressed natural gas and liquefied petroleum gas. The Company has been jointly promoted by Bharat Petroleum Corporation and Gas Authority of India.

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Indraprastha Gas (IGL IN)

EBITDA/scm normalizes; stronger crosswinds ahead

IGL reported a mixed bag result, with lower than our estimate EBITDA/scm (at INR8) and higher than our estimate volumes (at 6.8mmscmd) translating...

Motilal Oswal

HSIE Results Daily: ONGC, Indraprastha Gas

Indraprastha Gas: Our BUY recommendation on Indraprastha Gas with a target price of INR 603 is premised on (1) robust volume growth, led by its...

HDFC Securities

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