Buy Indraprastha Gas, target price Rs 439: ICICI Direct

ICICI Direct has buy call on Indraprastha Gas with a target price of Rs 439. The current market price of Indraprastha Gas is Rs 433.95. Time period given by analyst is Intra Day when Indraprastha Gas price can reach defined target. ICICI Direct recommended to keep stopl oss at Rs 429.4.

Indraprastha Gas, incorporated in the year 1998, is a Large Cap company (having a market cap of Rs 30485.03 Crore) operating in Gas & Petroleum sector.

Indraprastha Gas key Products/Revenue Segments include Gas Natural and Other Operating Revenue for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 3766.55 Crore, down -5.20 % from last quarter Total Income of Rs 3973.01 Crore and up 67.71 % from last year same quarter Total Income of Rs 2245.83 Crore. Company has reported net profit after tax of Rs 278.26 Crore in latest quarter.

The company’s top management includes Mr.Sanjay Kumar, Mr.Pawan Kumar, Mrs.Saroj Bala, Mr.Deepak Mishra, Mr.Ramesh Narain Misra, Mr.R K Jain, Mr.Ashish Kundra, Mr.Rajib Sekhar Sahoo. Company has Walker Chandiok & Co. LLP as its auditors. As on 31-12-2022, the company has a total of 70 Crore shares outstanding.

Investment Rationale
Higher base formation above 50 day EMA and on verge of breakout, signaling further upsides in coming sessions.

Promoter/FII Holdings
Promoters held 45 per cent stake in the company as of 31-Dec-2022, while FIIs owned 21.76 per cent, DIIs 19.53 per cent.