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Indraprastha Gas: Shift to EVs pose long-term challenge albeit medium-term upside

The IGL management has guided the overall gas volume to be 9 & 10 mmscmd by FY24 & FY25. This incremental demand will be met via open-market gas sourcing, unit EBITDA is guided to be between Rs 7 and 8 per scm.

March 28, 2023 / 10:13 AM IST
Indraprastha Gas: Shift to EVs pose long-term challenge albeit medium-term upside

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Highlights IGL has not passed input gas cost fully to keep CNG price competitive The vehicle conversion rate to CNG has declined by 20 percent EV penetration key risk to volumes Spot gas forms around 5 percent of the industrial volume Capex to be in the range of Rs 1,300-1,500 crore in FY24 & FY25 Valuation at long-term averages, good upside from current levels LNG price has corrected by 55 percent in the last three months and that has provided breathing space to city gas distribution...

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