Indraprastha Gas (IGL) reported 3QFY19 earnings of Rs1,980mn, up 5.7% QoQ and 19.3% YoY. Earnings growth was driven by: 1) Increase in CNG sales volume from 358mmscm in 3QFY18 to 405mmscm in 3QFY19, flat QoQ and up 13% YoY.
We maintain our FY19/20E earnings. IGL remains a play on rising pollution concerns. Expanding geographical reach coupled with increased cars/taxis conversion and new bus addition in Delhi will drive earnings.
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