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Alpha | Indraprastha Fuel Ltd.


Indraprastha Fuel Ltd. – Alternate Gasoline

Indraprastha Fuel Restricted (IGL) was established in December 1998 as a three way partnership (JV) between GAIL (India) Ltd., Bharat Petroleum Company Restricted (BPCL), and the Authorities of Nationwide Capital Territory of Delhi (GNCTD) to implement town fuel distribution mission (CGD) within the NCT of Delhi. As of March 31, 2022, GAIL and BPCL held fairness of twenty-two.5% every whereas GNCTD owned 5% fairness within the firm. Over time, the corporate has made two acquisitions within the CGD enterprise viz. 50% stake in Central UP Fuel Restricted for Rs.68crs and 50% stake in Maharashtra Pure Fuel Restricted (MNGL) for Rs.190crs. CUGL serves the cities of Kanpur, Bareilly, and Jhansi in Uttar Pradesh, whereas MNGL serves Pune and its close by areas.

Valuation:

IGL posted robust operational efficiency within the present quarter, with higher-than-expected quantity development, led by its increasing geographical footprint. Though electrical automobile (EV) gross sales might influence CNG quantity, the corporate plans to enterprise into the EV phase by organising 50 battery swapping stations. Additional, IGL is partaking with state governments to transform their fleets to CNG. We suggest an ACCUMULATE score within the inventory with a revised goal worth (TP) of Rs.530, 17x FY24E EPS. 

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