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Hold Indraprastha Gas, target price Rs 430: Emkay Global

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Emkay Global has given a hold rating to Indraprastha Gas with a target price of Rs 430. The share price moved down by 1.22 per cent from its previous close of Rs 408.50. The stock’s last traded price is Rs 413.55.

Indraprastha Gas Ltd., incorporated in the year 1998, is a Large Cap company (having a market cap of Rs 28605.53 Crore) operating in Gas & Petroleum sector.

Financials
For the quarter ended 31-03-2020, the company reported a Consolidated sales of Rs 1552.53 Crore, down 6.71 % from last quarter Sales of Rs 1664.17 Crore and up .64 % from last year same quarter Sales of Rs 1542.64 Crore Company has reported net profit after tax of Rs 242.17 Crore in latest quarter.

IGL-graph1

Investment Rationale
The brokerage values IGL on a DCF-SoTP basis and upgrade to Hold with an EW stance in EAP. Quick volume recovery is the key trigger. Key risks are adverse pricing/margin/currency, high gas prices (incl. reforms), Covid-19 relapse, open access-competition and project delays.


Promoter/FII Holdings
Promoters held 45 per cent stake in the company as of June 30, 2020, while FIIs held 22.3 per cent, DIIs 17.2 per cent and public and others 15.5 per cent.

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