Prabhudas Lilladher’s research report on Indraprastha Gas

We keep our income for FY22 / 23E. IGL reports strong results with EBIDTA / PAT RS5.3BN (+ 39% Q / Q; 2yr CAGR 16%; Ple RS5.5BN) and RS4.0BN (+ 64% Q; 2yr CAGR 3% due to tax) Back in 19 September; Ple RS3.7bn) respectively. The volume was restored as the limitation of locking down to 666mscm (+ 38% Q / Q; 2yr CAGR 5%). We believe in receding pandemic concerns and opening schools will further encourage growth in Q3. IGL remains a business model that should be imitated by high volume growth due to geographical expansion and the addition of new buses and taxis.

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Also, fuel economy, shifting to ownership of private vehicles Pandemik will encourage CNG volume even though the customs are cut. Repeat “buy” with PT RS662 based DCF (unchanged).