India's Indraprastha Gas falls on profit miss, margin worries

Indraprastha Gas

24/07/2023 08:49

** Shares of Indraprastha Gas  IGAS.NS  fall as much as 5.5%
to 466.9 rupees, sharpest intraday decline since Dec 23, 2022
    ** Stock last down 4.7%, with trading vol 2.5x the 30-day
avg and highest in nearly a month
    ** Co posts 4.2% YoY rise in June-qtr profit and 6.6% rise
in rev
    ** But ICICI Securities says IGAS missed its EBITDA and
profit estimates on volume weakness due to lower domestic as
well as industrial and commercial volumes
    ** Emkay Research retains FY24/25 earnings estimates but
says margins could be hit by potential petrol/diesel price cuts
    ** Jefferies says EV adoption in National Capital Region
poses medium-term risk to ~30% of IGAS' overall vols
    ** Stock trims YTD gains to 13.8%, vs 12% drop in 2022

 (Reporting by Anuran Sadhu in Bengaluru)
 ((Anuran.Sadhu@thomsonreuters.com ;))