Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Research

| More

Indraprastha Gas - SELL - TP Rs.291 - Result Update - Kotak

Posted On: 2017-11-15 09:20:42

- IGL's result is marginally lower than our estimates. IGL's PAT for Q2FY18 is at Rs.1.69 bn (as against our estimate of Rs.1.75 bn) up 5% qoq and 17% yoy thereby translating into Q2FY18 EPS of Rs.2.4 and CEPS of Rs.3.1 mainly due to higher volumes and higher other income. IGL has 50% stake in CUGL and MNGL each. The combined profit of both the entities for Q2FY18 is Rs. 410 mn. (IGL Share is Rs. 210 mn). During Q2FY18, IGL sold 257 mn kg of CNG thereby registering a growth of 9% yoy and 4% on sequential basis. IGL sold 120 mmscm of PNG in Q2FY18 showing growth of 18% yoy and 11% qoq. The Company has sub-divided face value of Rs.10/- into 5 equity share having a face value of Rs.2/-. We have adjusted the same in our model.

- We expect demand for CNG to increase due to the odd-even scheme that will be brought in Delhi from November 13-17. This decision comes in the wake of rising pollution and breathing problems in Delhi.

- We expect IGL to book CNG gas volume of ~1032 mn Kgs and PNG volume of 477 mmscm in FY18E. We model CNG gas volume of ~1145 mn Kgs and PNG volume of 549 mmscm in FY19E. We expect an EPS of Rs.11.1 & cash EPS of Rs.13.7 for FY18E and an EPS of Rs.12.9 & cash EPS of Rs.15.6 for FY19E. Based on our estimates, the stock at current market price of Rs.310 is trading at 15x EV/EBIDTA and 24.1x P/E on FY19E earnings. We believe that stock is expensively valued at current price and hence we maintain SELL rating on IGL with DCF based revised price target of Rs.291 reflecting better sales volume booked in H1FY18 and potential rise in CNG demand due to re-introduction of odd-even scheme

Shares of INDRAPRASTHA GAS LTD. was last trading in BSE at Rs.303.65 as compared to the previous close of Rs. 314.25. The total number of shares traded during the day was 137723 in over 5390 trades.

The stock hit an intraday high of Rs. 315.1 and intraday low of 302.2. The net turnover during the day was Rs. 42320638.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com


Disclaimer:The article above is a gist / extract of the original report prepared by the research firm / brokerage firm. This article is not to be considered as an offer to sell or a solicitation to buy any securities. This article is meant for general information only. www.equitybulls.com, its employees or owners or the research firms, its employees or owners won't be responsible for any liability that may arise from information, errors or omissions in these articles. www.equitybulls.com or its employees or owners / the research firms or its employees or clients or owners may from time to time hold positions in securities referred in this article. For detailed research reports, please contact the concerned research firm directly.





Other Headlines:

Jindal Steel & Power - Initiating Coverage - Angel Broking

Hurrah, Reliance is now a Consumer Company: Angel Broking

Shriram Transport Finance Company Ltd - Initiating Coverage - Angel Broking

Amber Enterprises India Ltd - Initiating Coverage - Angel Broking

Initiating Coverage on Bata India - Better brands for better growth - Angel Broking

IMP Powers' successful foray in renewable energy

Parag Milk Foods 4QFY2018 Result Update - Angel Broking

GMM Pfaudler Limited 4QFY2018 Result Update - Angel Broking

Result Update: Gabriel India Ltd - BUY - TP Rs.193 - Kotak

Result Update: Apollo Tyres - ACCUMULATE - TP Rs.300 - Kotak

Result Update: Havells India Ltd - SELL - TP Rs.500 - Kotak

Result Update: Chennai Petroleum Corporation Ltd - BUY - TP Rs.373 - Kotak

Result Update: Shankara Building Products Ltd - ACCUMULATE - TP Rs.2017 - Kotak

Result Update: Sun TV Network Ltd - ACCUMULATE - TP Rs.964 - Kotak

Result Update: Akzo Nobel India Ltd - BUY - TP Rs.2150 - Kotak

Syndicate Bank Q4 loss widens to Rs. 2195.12 crores

Result Update: Mahindra Holidays & Resorts India Ltd - BUY - TP Rs.390 - Kotak

Result Update: The Phoenix Mills Ltd - ACCUMULATE - TP Rs.676 - Kotak

Result Update: Blue Dart Express Ltd - BUY - TP Rs.4050 - Kotak

Result Update: Zee Entertainment Enterprises Ltd - ACCUMULATE - TP Rs.623 - Kotak

Result Update: Asian Paints Ltd - ACCUMULATE - TP Rs.1320 - Kotak

Result Update: Voltamp Ltd - BUY - TP Rs.1349 - Kotak

Result Update: Kajaria Ceramics Ltd - BUY - TP Rs.648 - Kotak

India's original E-Commerce Poster Boy sells out to Wal-Mart: Angel Broking

Result Update: Carborundum Universal Ltd - BUY - TP Rs.420 - Kotak

Result Update: Indocount Industries Ltd - BUY - TP Rs.103 - Kotak

Result Update: GE Shipping Company - SELL - TP Rs.350 - Kotak

Technology: CTSH results: on balance negative

Result Update: Greaves Cotton Ltd - BUY - TP Rs.153 - Kotak

Result Update: NIIT Technologies Ltd - ACCUMULATE - TP Rs.1083 - Kotak

Result Update: IRB Infrastructure Developers Ltd - ACCUMULATE - TP Rs.292 - Kotak

Result Update: Venky's India Ltd - REDUCE - TP Rs.3750 - Kotak

Result Update: Castrol India Ltd - BUY - TP Rs.213 - Kotak

Result Update: Radico Khaitan - ACCUMULATE - TP Rs.421 - Kotak

Q4 FY18 Result Update: Marico Ltd - ACCUMULATE - TP Rs.334 - Kotak

Q4 FY18 Result Update: Adani Port and SEZ - BUY - TP Rs.485 - Kotak

Q4 FY18 Result Update: Kansai Nerolac Paints Ltd - BUY - TP Rs.600 - Kotak

Q4 FY18 Result Update: Hero MotoCorp - BUY - TP Rs.4553 - Kotak

Q4 FY18 Result Update: Hindustan Zinc - REDUCE - TP Rs.318 - Kotak

Q4 FY18 Result Update: Container Corporation of India - BUY - TP Rs.1550 - Kotak

Q4 Result Update: Jindal Stainless Hisar Ltd - BUY - TP Rs.318 - Kotak

Ultratech Cement - Q4FY18 Result Update - Arihant Capital Markets Ltd

Company Update: Va Tech Wabag Ltd - BUY - TP Rs.672 - Kotak

K P Energy Ltd ties up for development of 300 MW wind power project

Matrimony.com Ltd - Initiating Coverage - Angel Broking

ACC Ltd Q1CY18 Result Update Rating - ACCUMULATE - Arihant Capital Markets

Company Update: Cummins India Ltd - BUY - TP Rs.862 - Kotak

FY18 Result Update: Tata Sponge Iron Ltd - REDUCE - TP Rs.1172 - Kotak

National highways: utilization and monetization - Kotak

Initiating Coverage: Parag Milk Foods Limited - Angel Broking





Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2018