#Indraprasthagas in focus
#Q3FY25 #Q3Results 

Expectations are as follows

IGL's EBITDA to decline by a steep 40% yoy (down 37% qoq). Gas costs should sharply increase (steep APM allocation cuts, rising spot LNG prices), while retail price increases were marginal (none in key Delhi NCT).

Assumptions
(1) overall volumes of 9.1 mmscmd (+0.7% qoq, +7% yoy) and 
(2) unit EBITDA margin to decline to Rs4/scm (Rs6.5/scm qoq, Rs7.2/scm yoy).