Indraprastha Gas Ltd Results inline with expectation; Emkay

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Indraprastha Gas Ltd

Results inline with expectation; Maintain ACCUMULATE

ACCUMULATE

CMP: Rs 330                                        Target Price: Rs 382

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n     Volume increased by 32% from 205.5mmscm in Q4FY10 to 271.7mmscm in Q4 FY11

n     CNG and PNG volumes increased by 16% to 157.5mnKg and 136% to 59.1 mmscm respectively, YoY

n     Blended unit realisation stood at 19.2/scm, growth of 34.3% YoY and 3.3% QoQ, mainly due to hike in prices of both CNG and PNG segment at the beginning of the quarter 

n     Given its monopoly in NCR region and easing of pricing pressure, maintain Accumulate with PT of Rs.382