Indraprastha Gas - Poised For A Strong Comeback: Prabhudas Lilladher
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Prabhudas Lilladher Report
Indraprastha Gas Ltd. underperformed the broader index by 20% over last one year, as restricted vehicular movement during pandemic hit FY21 compressed natural gas volumes by 22.5% YoY (CNG accounts for ~70% of the company’s overall FY21 volumes).
However, we expect CNG sales to rise going ahead given-
receding pandemic concerns,
expanding vaccination coverage,
continued preference for personal mobility,
favorable fuel economics (CNG ~70% cheaper to petrol) and
introduction of 1,000 new CNG buses in Delhi will drive 23% compound annual growth rate volume and earnings over FY21-23E.
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