Indraprastha Gas Trade idea

Brokerage targets
2021-07-07 Prabhudas Lilladher Buy 561 662
2021-07-07 ICICI Direct Hold 550 595

IGL underperformed the broader index by 20% over last one year, as
restricted vehicular movement during pandemic hit FY21 CNG volumes by
22.5%YoY ( CNG accounts for ~70% of IGL’s overall FY21 volumes). However,
we expect CNG sales to rise going ahead given 1) receding pandemic
concerns, 2) expanding vaccination coverage, 3) continued preference for
personal mobility, 4) favorable fuel economics ( CNG ~70% cheaper to petrol)
and 5) introduction of 1,000 new CNG buses in Delhi will drive 23% CAGR
volume and earnings over FY21-23E


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