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Prabhudas Lilladher Report
We maintain our earnings for FY22/23E. Indraprastha Gas Ltd. reported strong results with Ebitda/profit after tax of Rs 5.3 billion (up 39% QoQ; two-year compound annual growth rate 16%; our estimate: Rs 5.5 billion) and Rs 4.0 billion (up 64% QoQ; two-year CAGR 3% due to tax write back in September 2019; our estimate: Rs 3.7 billion) respectively.
Volumes recovered as lockdown restrictions eased to 666 million standard cubic meter (up 38% QoQ; two-year CAGR 5%).
We believe receding pandemic concerns and opening up of schools will further drive growth in Q3.
Indraprastha Gas remains an enviable business model with high volume growth due to geographical expansion and addition of new buses and taxis.
Also, fuel economics, shift to private vehicle ownership post pandemic will drive compressed natural gas volumes despite excise duty cuts.
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