reports
Indraprastha Gas' Q3FY18 results (Outperformer) - Volume growth remain...
Q3FY18 result highlights Indraprastha Gas (IGL) reported PAT of Rs1.66bn, up 15% yoy, (IDFCe Rs1.74bn), with higher volume growth of 14% yoy to 5.3 mmscmd (IDFCe 5.1 mmscmd) offset by weaker gross margins of Rs10.6/scm (+5% qoq, IDFCe 11.3/scm). Higher sales to commercial/industrial segment fulfilled by more expensive LNG have driven the miss on margins. Resultant EBITDA/scm of Rs5.4/scm declined 7% yoy even as absolute EBITDA of Rs2.6bn (IDFCe Rs2.88bn) rose 6% yoy. CNG/PNG volume growth...
- Swarnendu Bhushan
MOSL: INDRAPRASTHA GAS (Buy)-EBITDA below estimate-strong volume growt...
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 dec...
- Swarnendu Bhushan
MOSL: INDRAPRASTHA GAS (Neutral)-In-line results-strong volume growth ...
​Indraprastha Gas: In-line results; strong volume growth continues(IGL IN, Mkt Cap USD3.3b, CMP INR310, TP INR301, 1% Upside, Neutral)IGL reported EBITDA of INR2.8b (+9% YoY, +2% QoQ; in-line). EBITDA/scm stood at INR5.9 v/s our estimate of INR6 (INR6.1 in 2QFY17, INR6.2 in 1QFY18). PBT increased 20% YoY (+4% QoQ) to INR2.6b (in-line). Adj. PAT stood at INR1.7b (+9% YoY, +5% QoQ; in-line); the differential at PAT level increased due to a higher tax rate of 35.3% (est. of 34%; 35.7% in 1QFY18, ...
INDRAPRASTHA GAS LTD. increases its risk exposure and slightly lowers ...
INDRAPRASTHA GAS LTD. (IN), a company active in the Gas Distribution industry, now shows a lower overall rating. The independent financial analyst theScreener confirms the fundamental rating of 2 out of 4 stars. However, the market behaviour deterioration triggered a risk requalification, which can be thus described as moderately risky. theScreener believes that increased risk justifies the general evaluation downgrade to Neutral. As of the analysis date August 22, 2017, the closing price was IN...
- Swarnendu Bhushan
MOSL: INDRAPRASTHA GAS (Neutral)-EBITDA above estimate-volume growth s...
​Indraprastha Gas: EBITDA above estimate; volume growth strong(IGL IN, Mkt Cap USD2.7b, CMP INR1216, TP INR1152, 4% Downside, Neutral)IGL reported EBITDA of INR2.8b (+8% YoY; +15% QoQ), ahead of our estimate of INR2.5b, led by lower gas cost. EBITDA/scm was INR6.2/scm v/s our estimate of INR5.6/scm (INR5.6/scm in 4QFY17 and INR6.5/scm in 1QFY17). PBT at INR2.5b (+13% YoY; +6% QoQ) was ahead of our estimate of INR2.3b; the differential at PBT level declined due to lower other income at INR179m ...
- Swarnendu Bhushan
MOSL: INDRAPRASTHA GAS (Neutral)-EBITDA below estimate-volume growth s...
​Indraprastha Gas: EBITDA below estimate; volume growth strong(IGL IN, Mkt Cap USD2.1b, CMP INR1027, TP INR1067, 4% Upside, Neutral)IGL reported EBITDA of INR2.1b (+19% YoY, -17% QoQ), significantly lower than our estimate of INR2.5b, led by higher RM cost at INR5.5b (+5% YoY, +7% QoQ; our estimate was INR5b) and higher other expense at INR2.2b (+34% YoY, +48% QoQ; our estimate was INR1.4b). Higher lease provisioning contributed to higher other expenses. PBT at INR2.1b (+26% YoY, -7% QoQ) was ...
- Swarnendu Bhushan
MOSL: INDRAPRASTHA GAS (Neutral)-Moving in the right direction, but fa...
​Indraprastha Gas: Moving in the right direction, but fairly valued(IGL IN, Mkt Cap USD2.2b, CMP INR1044, TP INR1023, 2% Downside, Neutral)We recently met management of Indraprastha Gas (IGL). Key takeaways:CNG segment to see 8-10% growthAt peak, Delhi Transport Corporation (DTC) had a fleet of 5,500 buses. However, due to the phasing out of older buses and the inability to add newer ones, the fleet size has narrowed to 4,000 buses, of which only ~3,500 are operational. Some growth though is e...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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