InCred Equities - Indraprastha Gas

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	154,565	154,153	168,231	180,329
Operating EBITDA (Rsm)	23,637	24,115	20,416	15,899
Net Profit (Rsm)	19,834	20,535	17,987	14,856
Core EPS (Rs)	28.3	29.3	25.7	21.2
Core EPS Growth	21.0%	3.5%	(12.4%)	(17.4%)
FD Core P/E (x)	11.31	10.92	12.47	15.10
DPS (Rs)	3.6	3.6	3.6	3.6
Dividend Yield	1.12%	1.12%	1.12%	1.12%
EV/EBITDA (x)	7.90	7.12	7.72	9.26
P/FCFE (x)	113.19	1,600.01	(189.64)	(129.31)
Net Gearing	(39.0%)	(46.0%)	(51.2%)	(54.2%)
P/BV (x)	2.32	1.96	1.72	1.57
ROE	22.5%	19.4%	14.7%	10.9%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	154,565	154,153	168,231	180,329
Gross Profit	41,869	43,332	41,388	38,380
Operating EBITDA	23,637	24,115	20,416	15,899
Depreciation And Amortisation	(4,140)	(4,194)	(4,403)	(4,624)
Operating EBIT	19,497	19,921	16,012	11,276
Financial Income/(Expense)	(92)	(92)	(92)	(92)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	2,610	2,610	2,610	2,610
Profit Before Tax (pre-EI)	22,015	22,439	18,530	13,793
Exceptional Items
Pre-tax Profit	22,015	22,439	18,530	13,793
Taxation	(5,591)	(5,655)	(4,670)	(3,476)
Exceptional Income - post-tax
Profit After Tax	16,424	16,784	13,860	10,317
Minority Interests	3,410	3,751	4,126	4,539
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	19,834	20,535	17,987	14,856
Recurring Net Profit	19,834	20,535	17,987	14,856
Fully Diluted Recurring Net Profit	19,834	20,535	17,987	14,856

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	23,637	24,115	20,416	15,899
Cash Flow from Invt. & Assoc.
Change In Working Capital	8,298	(89)	1,446	1,411
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	1,215	1,215	1,215	1,215
Net Interest (Paid)/Received	(1,088)	(1,088)	(1,088)	(1,088)
Tax Paid	(5,591)	(5,655)	(4,670)	(3,476)
Cashflow From Operations	26,471	18,498	17,319	13,961
Capex	(14,000)	(14,000)	(14,000)	(14,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(10,489)	(4,358)	(4,502)	(1,696)
Cash Flow From Investing	(24,489)	(18,358)	(18,502)	(15,696)
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(2,520)	(2,520)	(2,520)	(2,520)
Preferred Dividends
Other Financing Cashflow
Cash Flow From Financing	(2,520)	(2,520)	(2,520)	(2,520)
Total Cash Generated	(538)	(2,380)	(3,703)	(4,255)
Free Cashflow To Equity	1,982	140	(1,183)	(1,735)
Free Cashflow To Firm	1,890	48	(1,275)	(1,826)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	37,702	52,733	66,607	77,163
Total Debtors	7,409	7,390	8,064	8,644
Inventories	1,295	1,291	1,409	1,510
Total Other Current Assets	17,907	17,907	17,907	17,907
Total Current Assets	64,313	79,321	93,987	105,225
Fixed Assets	57,895	60,790	63,829	67,021
Total Investments	11,028	11,028	11,028	11,028
Intangible Assets	14,467	14,467	14,467	14,467
Total Other Non-Current Assets	3,293	3,293	3,293	3,293
Total Non-current Assets	86,684	89,579	92,618	95,810
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	16,490	16,378	18,617	20,709
Other Current Liabilities	33,303	33,303	33,303	33,303
Total Current Liabilities	49,792	49,680	51,919	54,012
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	1,410	1,410	1,410	1,410
Total Non-current Liabilities	1,410	1,410	1,410	1,410
Total Provisions	3,168	3,168	3,168	3,168
Total Liabilities	54,370	54,258	56,497	58,590
Shareholders Equity	96,626	114,642	130,109	142,445
Minority Interests
Total Equity	96,626	114,642	130,109	142,445

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	(0.9%)	(0.3%)	9.1%	7.2%
Operating EBITDA Growth	15.9%	2.0%	(15.3%)	(22.1%)
Operating EBITDA Margin	15.3%	15.6%	12.1%	8.8%
Net Cash Per Share (Rs)	53.86	75.33	95.15	110.23
BVPS (Rs)	138.04	163.77	185.87	203.49
Gross Interest Cover	212.62	217.24	174.61	122.96
Effective Tax Rate	25.4%	25.2%	25.2%	25.2%
Net Dividend Payout Ratio	12.7%	12.3%	14.0%	17.0%
Accounts Receivables Days	19.41	17.52	16.76	16.91
Inventory Days	2.89	4.26	3.88	3.75
Accounts Payables Days	41.30	54.13	50.35	50.56
ROIC (%)	27.8%	26.9%	21.0%	14.3%
ROCE (%)	21.4%	18.3%	12.8%	8.1%
Return On Average Assets	11.9%	10.5%	7.8%	5.4%

(91) 22 4161 1562 satish.kumar@incredresearch.com

(91) 2241611549 pratyush.kamal@incredresearch.com

(91) 22 4161 1598 abbas.punjani@incredresearch.com

More Reports

Market Data

Source: Bloomberg