Motilal Oswal - Indraprastha Gas (532514) MOSL: INDRAPRASTHA GAS (Buy)-EBITDA below estimate-strong volume growth continues

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Motilal Oswal

Swarnendu Bhushan

MOSL: INDRAPRASTHA GAS (Buy)-EBITDA below estimate-strong volume growth continues

Indraprastha Gas: EBITDA below estimate; strong volume growth continues

(IGL IN, Mkt Cap USD3.2b, CMP INR293, TP INR416, 42% Upside, Buy)

IGL reported EBITDA of INR2.6b (+3% YoY, -7% QoQ), below our estimate of INR2.8b, led by higher gas cost. EBITDA/scm declined to INR5.4 (v/s our estimate of INR6; INR6.0 in 3QFY17, INR5.9 in 2QFY18). PBT rose 17% YoY (-4% QoQ) to INR2.5b (est. of INR2.7b). Adj. PAT stood at INR1.66b (est. of INR1.8b; +10% YoY, -2% QoQ); the differential at PAT level declined due to higher other income of INR326m (est. of INR280m; +114% YoY, +30% QoQ) and a lower tax rate of 33.6% v/s our estimate of 34% (35.3% in 2QFY18, 32.5% in 3QFY17).
Strong CNG/PNG volume growth continues: CNG volumes grew 12% YoY (-1% QoQ) to 3.89mmscmd, while PNG volumes increased 21% YoY (+5% QoQ) to 1.37mmscmd. Total volumes grew 14% YoY (+1% QoQ) to 5.26mmscmd.
PAT for IGL’s subsidiaries (CUGL and MNGL) stood at INR340m (IGL’s share: ~50% at INR170m in 3QFY18).

08/02/2018 8 EN

Underlying

Indraprastha Gas

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INE203G01019 India

Provider

Motilal Oswal

Motilal Oswal Financial Services Ltd. is a reputed name in Financial Services and Online Trading with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance.

Motilal Oswal Securities is a group company of Motilal Oswal Financial Service Limited which started as a stock trading company and has blossomed into well diversified firm offering a range of financial products and services. Motilal Oswal has built a reputation as the source for best stock trading company and this has taken a wealth of experience, knowledge and expertise, constantly working in tandem, over the years.

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Analysts

Swarnendu Bhushan

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MOSL: INDRAPRASTHA GAS (Buy)-EBITDA below estimate-strong volume growth continues

Indraprastha Gas' Q3FY18 results (Outperformer) - Volume growth remains well ahead of peers

MOSL: INDRAPRASTHA GAS (Neutral)-In-line results-strong volume growth continues

MOSL : HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality

MOSL : SHOPPERS STOP: Ticking the right boxes

MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities

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