Indraprastha Gas Q1 Review - Growth Interrupted Due To Pandemic Restrictions: Prabhudas Lilladher
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Prabhudas Lilladher Report
Indraprastha Gas Ltd. reported lower than expected results with Ebitda/profit after tax of Rs 3.8 billion (down 23% QoQ; our estimate Rs 4.3 billion) and Rs 2.4 billion (down 26% QoQ; our estimate Rs 2.8 billion) respectively.
Pandemic restrictions impacted volumes which were down 21% QoQ.
However, easing of restrictions along with rising vaccination coverage will limit incidence of lockdown, going ahead.
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.
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