PL First Cut - IGL Q3FY24 Result - Sales volume comes in below estimates

PL First Cut – Swarnendu Bhushan – Co-Head of Research, Prabhudas Lilladher Pvt Ltd

IGL Q3FY24 Result First Cut: Sales volume comes in below estimates

(CMP: Rs 410 | MCap: Rs287bn | Rating- Hold)

# IGL reported lower than expected Q3 results with EBITDA/PAT of Rs 5.6bn (-14%QoQ; PLe: Rs6.8bn) and Rs3.9bn (-27%QoQ; PLe: Rs4.7bn).

# EBITDA/scm came in at Rs7.2/scm, down Rs1.4/scm QoQ ( PLe: Rs8.4/scm)

# Sales volume came in below estimates at 8.5 mmscmd, up 4.4% YoY (PLe: 8.8 mmscmd). On a QoQ basis, total volume was up 2%

# CNG volume increased 4% YoY to 6.3 mmscmd

# Total PNG volume grew 5% YoY to 2.2 mmscmd.

The stock currently trades at 15/13.9x FY25/26 EPS