Indraprastha Gas rises over 5% after Q2 results

Shares of Indraprastha Gas rallied 5.5% to Rs 404.4 in Tuesday’s intraday trade after the company garnered a standalone net profit of Rs 416.15 crore for the Q2FY23, up 3.9% over Rs 400.54 crore reported in the same period a year ago.

September quarter PAT, however, dipped by 1.11% from Rs 420.86 crore in the preceding quarter.

In the second quarter of the financial year 2023, the company's revenue from operations stood at Rs 3,922.02 crore, up by a whopping 94.55% as against Rs 2,015.99 crore in the second quarter of FY22. During Q1FY23, the company registered a revenue of RS 3,530.34 crore.

On segment-wise performance, the CNG sales volume of the company climbed to 560.25 million SCM in the September quarter of FY23 against 487.59 million SCM in the September quarter of FY22. Total PNG sales volumes surged to 183.92 million SCM in Q2FY23 versus 178.10 million SCM in Q2FY22.

At 11.15 am, the scrip was trading 5.32% higher at Rs 403.75 on BSE over its previous day’s closing price of Rs 383.35 apiece. However, the stock has fallen nearly 14% in the past one year, while it has risen about 9% in the last six months.

As per Trendlyne data, the highest target for the stock goes up to Rs 630, while the average estimate of Rs 468.9 shows an upside of the potential of around 22.3% from the current prices.

Out of 29 analysts covering the stock, 22 have strong buy and buy ratings while only two have strong sell and sell ratings and the other five have hold ratings.

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