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India is reducing its supply of affordable gas for vehicles amid domestic production shortages, potentially worsening air quality in cities like New Delhi. Retailers are increasingly relying on costly imports and have begun raising prices for compressed natural gas (CNG), which powers various vehicles. As the capital faces severe smog, concerns grow that consumers may reconsider the benefits of CNG due to rising costs and limited options.
City gas distribution (CGD) companies are expected to raise retail prices of compressed natural gas (CNG) following a second 20% cut in the allocation of cheaper Administered Pricing Mechanism (APM) gas by the government. The gas regulator has emphasized the need for CGD players to keep CNG prices competitive with petrol and diesel to ensure sector growth and prevent customer exploitation.
Indraprastha Gas Limited (IGL) has announced a 20% reduction in its domestic gas allocation, which is expected to negatively impact the company's profitability. In response, IGL is actively exploring various gas sourcing options and is in discussions with suppliers to address both short-term and long-term demand. Additionally, the company is considering a price increase for gas to mitigate the effects of the allocation cut.
Indraprastha Gas reported disappointing Q2 results, with EBITDA at Rs5.4bn, down 7.9% QoQ, and PAT at Rs4.3bn, up 7.4% QoQ due to higher other income. Despite strong volume growth of 8.7% YoY, EBITDA/scm fell to Rs6.5. The stock is now rated 'HOLD' with a target price of Rs402, reflecting a conservative growth outlook.
On Monday, October 28, over 170 companies, including major players like Bharti Airtel, Adani Power, and Indian Oil, are set to release their Q2 results. Investors will closely monitor key financial metrics for the September quarter from these prominent firms, alongside others such as Pfizer and Sun Pharma.
Indraprastha Gas Limited
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India reduces cheap gas supply amid worsening air quality crisis
07:06 29.11.2024
CNG prices may rise as gas allocation cuts impact city gas distributors
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IGL faces 20 percent gas allocation cut impacting profitability and supply options
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Indraprastha Gas receives hold rating with target price of Rs 402
08:37 30.10.2024
major companies set to announce q2 results on october 28
Indian Rupee
Adani Power Limited
Indraprastha Gas Limited
Ambuja Cements Limited
Pfizer Limited
Indian Oil Corporation Limited
Bharat Heavy Electricals Limited
SUN Pharmaceutical Industries Ltd.
Bharti Airtel Limited
IND
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03:00 28.10.2024
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