Indraprastha Gas Ltd - Volume growth to continue ACCUMULATE :Emkay

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Indraprastha Gas Ltd

Volume growth to continue

ACCUMULATE

CMP: Rs412                                        Target Price: Rs425

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n     Results were marginally above our estimates with revenue at Rs.5.3bn growth of 60% YoY and PAT at Rs.0.8bn, growth of 40.3% YoY

n     Volume increased by 27% YoY to 281mmscm in Q1 FY12. CNG and PNG volumes increased by 13.4%/82.5% to 161.3mnKg / 64.8mmscm respectively, YoY

n     Blended unit realisation stood at Rs.19/scm, growth of 25.8% YoY, mainly due to hike in prices of CNG segment from Rs.29/Kg to 29.8/Kg  

n     Given its monopoly in NCR region, easing of pricing pressure and expected volume growth in NCR and Ghaziabad, maintain Accumulate with revised PT of Rs.425