Company Update | Oil & Gas

June 22, 2010

Indraprastha Gas BUY

CMP Rs255
Turning over a new leaf Target Price Rs301
Investment Period 12 months
The hike in CNG prices have eliminated key headwinds for IGL viz. expected margin
contraction and reduction in earnings and return ratios, to a large extent. Relative
Stock Info
ease in pass through of the APM gas price hike indicates absence of regulatory
Sector Oil & Gas
risks in the near term. This coupled with strong CNG conversions and growth in
newer geographies would result in strong earnings growth and re-rating of the Market Cap (Rs cr) 3,575

stock. We revise our target price on the stock to Rs301 (Rs210) owing to the upward Beta 0.5
revision in earnings estimates and lower WACC estimates (to reflect lower risk). 52 Week High / Low 266/126
We upgrade the stock to Buy from Reduce earlier
earlier.. Avg Daily Volume 178384

Margin erosion risk subsides: We had concerns over sustainability of IGL's Face Value (Rs) 10

high margins, which we believed were fueled by lower gas costs (subsidised gas). BSE Sensex 17,750
Also, post end of marketing exclusivity in CY2011 we believed a level playing field Nifty 5,317
would emerge and IGL would have to source gas at higher prices in turn squeezing Reuters Code IGAS.BO
its marketing margins. However, with the hike in CNG prices, our assumption of
Bloomberg Code IGL@IN
margin fall no longer holds good. It also points at the absence of regulatory risks in
the near term. Going ahead, given that KG-D6 and APM gas prices are freezed till Shareholding Pattern (%)
FY2014, IGL would not be required to make significant CNG price hikes. Thus, the
Promoters 45.0
margin erosion risk has subsided substantially.
MF / Banks / Indian FIs 32.4
Volumes to propel profitability: We expect strong growth in CNG conversion in FII / NRIs / OCBs 11.9
IGL's area of operation driven by discretionary CNG demand due to better
Indian Public / Others 10.7
economics. This coupled with strong growth expected in the domestic PNG segment
is likely to drive the company's volume growth going ahead. We expect CNG and Abs. (%) 3m 1yr 3yr
PNG volumes to register a CAGR of 14.4% and 36.2% over FY2010-12E respectively,
Sensex 1.9 23.9 22.7
resulting in overall volumes CAGR of 16.9% during the mentioned period. Thus,
strong volume growth coupled with stable EBDITA/scm are likely to drive the IGL 14.0 95.6 110.8
company’s profitability (CAGR of 17.5% over FY2010-12E) going ahead.

Key Financials
Y/E March (Rs cr) FY2009 FY2010E FY2011E FY2012E
Total operating Income 853 1,084 1,612 1,985
% chg 20.8 27.1 48.7 23.1
Net PProfit
rofit 172 215 244 298
% chg (1.1) 24.9 13.4 21.9
OPM (%) 35.2 35.7 29.3 30.5
EPS (Rs) 12.3 15.4 17.5 21.3
P/E (x) 20.7 16.6 14.6 12.0 Deepak PPareek
areek
P/BV (x) 5.2 4.3 3.6 3.0 +91 22 4040 3800 Ext: 340
deepak.pareek@angeltrade.com
RoE (%) 27.4 28.6 27.0 27.6
RoCE (%) 34.8 38.1 33.8 31.6
Amit Vora
Vora
EV/Sales (x) 3.9 3.2 2.2 1.9
+91 22 4040 3800 Ext: 322
EV/EBITDA (x) 11.1 8.9 7.7 6.3 amit.vora@angeltrade.com
Source: Company, Angel Research

Please refer to important disclosures at the end of this report

 Indraprastha Gas | Company Update

Investment Arguments
Margin erosion risks subside substantially

CNG rates in Delhi have increased by
Rs5.6/kg to Rs27.5/kg from Rs21.9/kg
Rs21.9/kg..
The hike has come as a positive surprise
as we had been building in 50% pass
through of the APM as well as non-APM
gas price hike in our estimates
Following increase in the APM gas prices, IGL has hiked the prices of compressed
natural gas (CNG) by over 26%. The CNG rates in Delhi have increased by Rs5.6/kg
to Rs27.5/kg from Rs21.9/kg. Similarly, the prices in Noida, Greater Noida and
Ghaziabad stand increased at Rs30.6/kg. The hike has come as a positive surprise as
we had been building in 50% pass through of the APM as well as non-APM gas price
hike in our estimates. Earlier statements by the Petroleum Secretary and the government
had also indicated that IGL may not be able to fully pass through the price hike
needed to offset the impact on margins.

According to management, the increase
could be further segregated into
Rs5.0/kg on account of increase in gas
cost, and the balance to the increase in
operating expenditure
We had estimated the required increase in the CNG prices on account of the APM gas
price hike at around Rs3.4/kg (in FY2011E). Hence, the price hike of Rs5.6/kg more
than offsets the increase in the APM gas price (refer Exhibit 1). According to
management, the increase could be further segregated into Rs5.0/kg on account of
increase in gas cost, and the balance to the increase in operating expenditure. It may
be noted here that IGL has changed over from the gas-based compressors to electric
compressors, which has resulted in reduction in the repairs and maintenance costs.
However, the same has increased the company's operating expenditure.

Exhibit 1: APM gas prices break-up

Particulars FY10 FY11E FY12E
Consumer Gas Price (TSCM) (10,000) Cal. 3,840 6,322 6,818
Consumer Gas Price(TSCM) (8,300) Cal. 3,187 5,247 5,659
Royalty (@10%) (TSCM) 266 623 623
Purchase tax (TSCM) 117 274 274
Gas marketing margins (TSCM) 200 200 200
HBJ Transportation charges
(including service tax) (TSCM) 1,061 1,061 1,061
DESU Maruti Transportation charges
(including service tax)(TSCM) 614 633 652
Total Price (TSCM) 5,445 8,038 8,469
Price per SCM 5.4 8.0 8.5
Price per Kg (1 SCM = 1.31 kg) 7.1 10.5 11.1
Required Increase in CNG prices per Kg 3.40 0.56
Source: Company, Angel Research

We believe that the increase of Rs5.0/kg on account of increase in gas cost captures
the increase in the APM gas prices (Rs3.4/kg), higher costs incurred in procuring
KG-D6 gas and R-LNG and higher gas costs for the domestic PNG segment.

June 22, 2010 2

 Indraprastha Gas | Company Update

Exhibit 2: Weighted Average gas prices

Particulars FY10 FY11E FY12E
APM gas purchased (mmscm) 748 767 803
as % of the total gas (%) 89.8 77.3 70.5
Cost of APM gas (Rs/scm) 5.4 8.0 8.5
Non-APM Gas purchased (mmscm) 85 225 336
as % of the total gas (%) 10.2 22.7 29.5
Cost of Non-APM gas (Rs/scm) 11.9 12.1 11.8
Weighted average cost of gas (Rs/scm) 6.1 9.0 9.4
Price per Kg (1 SCM = 1.31 kg) 8.0 11.7 12.4
Required Increase in CNG prices per Kg 3.74 0.65
Source: Company, Angel Research

The PNG prices have been left unchanged by IGL as any hike in the same would hit
the economics or inducement to switch from domestic LPG to domestic PNG.
Currently, the new PNG user enjoys a marginal advantage of 3.4% over the domestic
LPG users.

Exhibit 3: PNG economics for domestic consumers

Cost of Domestic LPG (14.2kg cylinder, Rs) 310
Rs/ kg 21.9
Calorific value of LPG (Kcal) 11,007
Price for Rs/10,000Kcal 19.9
Cost for new PNG connection (Rs/scm) 15.9
Calorific value of PNG sold (Kcal) 8,300
Price for Rs/10,000Kcal 19.2
Price advantage over LPG (Rs) 0.68
Advantage (%) 3.4
Source: Company, Angel Research

Earlier, we had harbored concerns over sustainability of the company's high-margin

business model, as the margins were fueled largely by the lower gas costs (subsidised
gas). IGL charged its CNG and PNG customers based on the prices of alternative
liquid fuel, while it procured subsidised gas. Thus, IGL enjoyed the benefits of subsidy
rather than passing it on to customers. We held that post end of IGL's marketing
exclusivity in CY2011 a level playing field would emerge wherein IGL would be
required to source gas at higher prices in turn squeezing its marketing margins.
However, with the current hike in CNG prices by a significant 25.6%, our assumption
of margin compression no longer holds good. It also points at the absence of
regulatory risks in the near term.

Going ahead, given that KGKG-D6-D6 and
APM gas prices are freezed till FY2014,
IGL would not be required to make
significant CNG price hikes
Going ahead, given that KG-D6 and APM gas prices are freezed till FY2014, IGL
would not be required to make significant CNG price hikes barring a minor increase
due to change in the procurement mix and increase in operating expenditure. Thus,
the margin erosion risk has subsided substantially. Moreover, in spite of the recent
increase in the CNG prices in the NCT, the CNG prices in the region are the least in
the country owing to the lower taxes levied by the Delhi government (refer Exhibit
4 & 5). Therefore, further increase in the CNG prices would not be a tough task.

June 22, 2010 3

 Indraprastha Gas | Company Update

Exhibit 4: Comparative Taxes on CNG prices

State NCT of Delhi Uttar PPradesh
radesh Haryana Gujarat Mumbai Thane Pune
Applicable TTaxes
axes
Service Tax on
City Gas Network (%) 10.30 10.30 10.30 10.30 10.30 10.30 10.30
Excise Duty +
Educational Cess (%) 14.42 14.42 14.42 14.42 14.42 14.42% 14.42
VAT (%) N.A. 13.50 12.50 12.25 12.50 12.50 12.50
Additional Vat N.A. N.A. N.A. 2.50 N.A. N.A. N.A.
Octroi N.A. N.A. N.A. N.A. N.A. 5% of Gas Cost 2.50
Source: Infraline, Angel Research

Exhibit 5: Comparative CNG prices across key cities in India

Name of the City CNG PPrice
rice (Rs/kg)
Delhi 27.5
Rajahmundry 28.0
Kanpur 29.0
Bareilly 29.0
Surat, Bharuch, Ankleswar 30.0
Noida 30.6
Greater Noida 30.6
Ghaziabad 30.6
Lucknow 31.0
Mumbai 31.5
Mira Bhayandar 31.7
Navi Mumbai 31.8
Thane 32.4
Agra 35.0
Pune 35.4
Source: Infraline, Angel Research

With the recent increase in the CNG
prices, the pricing risk has subsidised to
a greater extent. FFactoring
actoring the same, we
rate/WA
have reduced our discount rate/W ACC
(weighted average cost of capital) by
50bp to 11.5% from 12.0%
IGL's profitability and fair value estimates are highly sensitive to the per unit change in
its gross margins. To put things in perspective, if the gross margins are reduced by
Rs1.0/scm from FY2011E onwards, our fair value estimates would decline by a
whopping 26% to Rs221/share. Similarly, our earnings estimates also stands reduced
by 25.4% and 23.9% for FY2011E and FY2012E respectively under the same scenario.
However, with the recent increase in the CNG prices, the pricing risk has subsidised to
a greater extent. Factoring the same, we have reduced our discount rate/WACC
(weighted average cost of capital) by 50bp to 11.5% from 12.0% earlier.

Volumes to propel profitability

The conversion economics continues to remain strong irrespective of the recent hike in
CNG prices, as CNG vehicle continue offer savings of around 57.3% over the petrol
driven vehicles (largely on account of lower taxes on CNG compared to Petrol prices).
Moreover, in Delhi penetration of the CNG vehicles is still at lower levels and launch
of the newer CNG variants cars by the automotive companies could keep conversions
in high growth orbit.

June 22, 2010 4

 Indraprastha Gas | Company Update

Exhibit 6: CNG saving over Petrol

Particulars FY2007 FY2008 FY2009 FY2010 Current
Petrol (Rs/litre) 45.37 43.65 47.25 43.93 47.43
CNG (Rs/kg) 18.98 19.18 18.90 20.55 27.50
Equivalent petrol prices (Rs/kg) 62 59 64 60 64
Savings (Rs/kg) 43 40 45 39 37
Savings over petrol (%) 69.2% 67.6% 70.5% 65.5% 57.3%
Source: PPAC, Angel Research

We expect strong growth in CNG conversion in IGL's area of operation driven by

discretionary CNG demand due to better economics. This coupled with strong growth
expected in the domestic PNG segment is likely to drive the company's volume growth
going ahead. We expect CNG volumes to register a CAGR of 14.4% over
FY2010-12E. The growth would be driven by additional 2,000 buses expected to hit
the road in FY2011E on account of the Commonwealth games along with strong
conversion of private vehicles. We expect private vehicle conversion at 4,250/month
for FY2011E and FY2012E. Moreover, given talks of possible deregulation of the auto
fuel prices, the conversion trend could further gather momentum from current levels
and pose upside risk to our estimates. To keep pace with increasing CNG demand,
IGL is likely to commission additional 53 CNG stations over the period.

Exhibit 7: CNG stations

250
219
191
200 181
163
146 153
150 134

100

50

-
FY2006 FY2007 FY2008 FY2009 FY2010E FY2011E FY2012E
Source: Company, Angel Research

Exhibit 8: Strong vehicle conversions

500,000

400,000

300,000

200,000

100,000

-
FY2006 FY2007 FY2008 FY2009 FY2010E FY2011E FY2012E
CNG Buses Auto RTV (LCVs) Others

Source: Company, Angel Research

June 22, 2010 5

 Indraprastha Gas | Company Update

We expect the PNG volumes to post a
robust CAGR of 36.2% over FY2010-12E
CAGR
The company's PNG segment contributes a mere 13% to overall revenues. Lower
contribution is however due to greater focus on development of the CNG infrastructure
in the past adhering to the judicial verdict. However, now with most of IGL's CNG
infrastructure in place, it has turned its focus towards the fast-growing PNG segment.
IGL expects to add 50,000 domestic users annually. Given the relatively lower
penetration of PNG in the region, we believe the targets can be achieved and aid
volumes. With this, we expect the PNG segment volumes to post a robust CAGR of
36.2% over FY2010-12E.

Owing to the significant improvement in gas availability in the country, IGL has also
started tapping the industrial users. IGL's industrial sales volumes constitute less than
5% of its overall sales volumes unlike peer Gujarat Gas, which has higher share of
industrial volumes. Thus, IGL's industrial segment has huge potential to ramp up in
the long run particularly with Delhi and its adjoining areas having demand of around
3-4mmscmd. The company currently supplies to around 25-26 users in the industrial
segment, with the off-take increasing from around 1,600/scm per day per user in
FY2010 to 4,500/scm per day per user now.

Overall volumes are expected to register Overall volumes are expected to register 16.9% CAGR over FY2010-12E on robust
16.9% CA GR over FY2010-12E on
CAGR volume growth expected in CNG and PNG. We estimate revenue to register a robust
robust volume growth expected in CNG CAGR of 35.5% over FY2010-12E on the back of strong volumes and higher realisations
and PNG (on account of the 25.5% hike in CNG prices undertaken in Delhi to pass through the
increase in gas cost). Thus, we expect bottom-line to register 17.5% CAGR over the
mentioned period.

Exhibit 9: EBITDA/scm likely to hold on Exhibit 10: PAT growth trend

7.00 350 35.0

6.00 5.72 300 30.0 30.0

5.48
5.22 4.99 5.12 26.5
4.80 250 24.9 21.9 25.0
5.00 4.55
20.0
200
(Rs/scm)

(Rs cr)

4.00

(%)
14.5 15.0
150 13.4
3.00 10.0
100
2.00 5.0
50 0.0
1.00 (1.1)
0 (5.0)
- FY2006 FY2008 FY2010 FY2012E
FY2006 FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E PAT (Rs Cr) PAT growth (%)
Source: Company, Angel Research Source: Company, Angel Research

Growth beyond NCT - Scalability concerns reducing

Apart from the margin erosion concerns, lack of growth in the newer areas, viz. Noida,
Greater Noida, Ghaziabad, Faridabad and Gurgoan impacted performance of the
stock on the bourses. Pertinently, growth beyond the NCT was restricted for IGL due to
litigation and gas allocation constraints in the earlier years. In case of the NCR towns
of Faridabad and Gurgoan, networks were built by Adani Energy and Haryana City
Gas respectively, which prevented entry of IGL into these regions. Also, gas allocation
initially made to IGL for these regions were given to respective companies on the
directions of the Supreme Court. IGL's expansion plan in Ghaziabad was hit due to

June 22, 2010 6

 Indraprastha Gas | Company Update

With the regulatory concerns already
addressed by the Delhi High Court, we
expect growth in Noida, greater Noida
and Ghaziabad to take care of the
scalability concerns
authorisation issues with the regulator. However, with the regulatory concerns already
addressed by the Delhi High Court, we expect growth in Noida, greater Noida and
Ghaziabad to take care of the scalability concerns.
According to the PNGRB, the demand estimates for Ghaziabad currently stands close
to 0.5mmscmd (18.4% of IGL's expected throughput for FY2011E), which could rise to
0.94mmscmd in the long run. Similarly, for Noida the demand estimates currently
stand at 0.14mmscmd, which could rise to 0.35mmscmd in the long run. Thus,
expansion in these geographies is likely to drive the company's growth going ahead.

Exhibit 11: Demand potential

Particulars Noida Ghaziabad
Population (2001 Census, in mn) 0.30 0.96
Estimated households (mn) 0.07 0.18
Vehicle PPopulation
opulation
Buses 3,150 7,200
Three wheelers 480 11,200
Four Wheelers 2,750 50,500
Estimated Current demand (mmscmd) 0.14 0.50
Estimated demand - 2020 (mmscmd) 0.35 0.94
Source: PNGRB, Angel Research

June 22, 2010 7

 Indraprastha Gas | Company Update

Financial Analysis
Exhibit 12: Key Operating Assumptions
Particulars FY2009 FY2010 FY2011E FY2012E
Sales Volume break
Volume -up
break-up
CNG volumes (mmscm) 605 692 789 907
PNG volumes (mmscm) 54 82 132 152
Total volumes (mmscm) 660 774 922 1,059
Gas Sourcing Volume break
Volume -up
break-up
APM Gas (mmscm) 713 748 767 803
KG Gas (mmscm) - 85 225 336
Natural Gas consumed (mmscm) 713 833 992 1,139
Other Assumptions
APM Gas Price (Rs/scm) 5.3 5.4 8.0 8.5
KG Gas Price (Rs/scm) - 11.9 12.1 11.8
Blended cost of Gas sold (Rs/scm) 6.2 6.4 9.6 10.2
Other Operating Expenditure (Rs/scm) 2.2 2.6 2.7 2.9
EBITDA (Rs/scm) 4.5 5.0 5.1 5.7
Capex (Rs cr) 172 386 500 550
Source: Company, Angel Research

Robust top-line on price increase and stable volume growth

We expect IGL to register 16.9% CA GR

CAGR
in volumes over FY2010-12E backed by
expected strong growth in the CNG and
PNG segment
IGL posted CAGR of 18.9% in overall volumes over FY2008-10, with the CNG segment
recording 16.8% CAGR and the PNG segment registering healthy 38.3% CAGR in the
mentioned period. Going ahead, we expect IGL to register 16.9% CAGR in volumes
over FY2010-12E backed by expected strong growth in the CNG and PNG segment.
CNG volumes are projected to post CAGR of 14.4% over FY2010-12E primarily due
to high addition in private vehicles, which we expect to increase from around 2,13,000
in FY2010 to 3,15,000 in FY2012E. The Commonwealth Games, to be held in FY2011,
is also expected to result in healthy addition of DTC buses. In the PNG segment, we
expect robust consumption growth to continue as the company has fulfilled mandatory
CNG conversions. We expect the PNG segment to post a robust CAGR of 36.2% over
FY2010-12E, with the number of households having PNG connections increasing
from 1,80,000 in FY2010E to 2,80,000 in FY2012E.

We expect the company's Revenue
growth to expand and post robust CAGR
CAGR
of 35.5% over FY2010-12E
IGL's revenues recorded CAGR of 23.6% during FY2008-10. We expect the company's
Revenue growth to expand and post robust CAGR of 35.5% over FY2010-12E mainly
on account of the substantial 25.6% CNG price hike (from Rs21.9 per kg to Rs27.5
per kg) undertaken in Delhi and also in the NCR region to pass through the impact of
substantial increase in gas cost coupled with strong volume growth.

OPMs to contract, EBITDA/scm to hold

IGL has long been under the scanner of various stakeholders due to high RoE and
EBITDA Margins. It managed superior margins compared to other CGD players like
Gujarat Gas as it procured gas from GAIL at APM prices, while the others procured
gas at market prices. However, with the ease with which the company managed to
pass through the increase in gas and operating costs, we expect the company to

June 22, 2010 8

 Indraprastha Gas | Company Update

maintain its EBITDA margin per unit of sales volume. But, as the same margin per unit
will be earned on higher sales, we estimate EBIDA margins to contract. Thus, we
expect OPMs to hover around 30% levels in FY2011E and FY2012E from around 35%
levels registered in FY2009 and FY2010.

Profit to rise despite higher depreciation

We expect PProfit
rofit to register 17.5% CAGR
CAGR We estimate depreciation to increase by a whopping 48.6% yoy in FY2011E and
on robust volume growth 34.2% yoy in FY2012E due to estimated capex of around Rs500cr and Rs550cr in
FY2011E and FY2012E, respectively. The company plans to incur capex towards adding
around 53 CNG outlets and expanding its PNG roll out. During FY2008-10, IGL
posted 11.1% CAGR in Bottom-line despite cost pressures. Over FY2010-12E, we
expect Profit to register 17.5% CAGR on robust volume growth.

RoE to stabilise as margin pressures ease

Historically, IGL's RoE has been hovering around 30.0% levels. In FY2009 and FY2010,
the company's RoE stood at 27.4% and 28.6%, respectively. Going ahead, because of
the company's ability to maintain its margins, we expect RoE to be maintained around
similar levels of 27% in FY2011E and 27.6% in FY2012E.

June 22, 2010 9

 Indraprastha Gas | Company Update

Concerns
„ Regulatory risks: As per the PNGRB regulations, the regulator can only control
network tariffs, while the end product pricing is not controlled. However, if there is any
change in the regulation, which caps the overall returns to be made by the CGD
entity, there could be a change in our view on the stock. The concerns over fixation of
the overall returns have arisen especially after zero tariff bidding by various entities
such as IOC-Adani Energy for Ghaziabad, making a mockery of the entire bidding
exercise. 'Zero' tariff will be recouped by the bidding companies through the CNG
charges levied on users - household or industries - as they deem fit. So, it is believed
that if the retail prices are not regulated and regulations create monopolies, the
consumer interest is bound to get compromised.

„ Change in TTax
ax structure of CNG
CNG:: A large part of the arbitrage between the CNG
and petrol prices is primarily fueled due to the differential tax structure. In case of MS
(petrol) and gas oil (diesel), taxes constitute 48.8% and 34.6% of the current selling
price, respectively. While the CNG attracts lower taxation at 14.4%. If the Delhi
government were to change the tax rate on CNG, it could impact margins as well as
the new vehicle conversions.

Exhibit 13: Break-up of Petrol, Diesel, CNG prices in Delhi

100

80
48.75
65.36
60 85.58
(%)

40

51.25
20 34.64
14.42
0
Petrol Diesel CNG
Taxes Prices without Taxes
Source: PPAC, Angel Research

June 22, 2010 10

 Indraprastha Gas | Company Update

Outlook and Valuation

Following the recent hike in the CNG prices, the key headwinds for IGL by way of
expected margin contraction and reduction in earnings and return ratios are likely to
dissipate to a large extent. Relative ease in pass through of the APM gas price hike is
indicative of the absence of regulatory risks in the near term. This coupled with strong
CNG conversions and growth in newer geographies is likely to result in strong earnings
growth and result in re-rating of the stock.

We believe that even post end of the marketing exclusivity in CY2011E, IGL will be
able to maintain its margins, as the PNGRB regulations limits network and compression
tariffs with marketing margins being left out presuming it will be self-regulated due to
competitive forces. As for the impact of the end of the marketing exclusivity on volumes
is concerned, we believe that competition is likely to have minuscule impact on IGL's
volumes. On the CNG volumes front, IGL is likely to maintain large market share in
the visible future post end of marketing exclusivity due to its strong parentage (BPCL,
GAIL and Government of Delhi), tie-ups with oil marketing companies (OMCs) for
dispensing CNG, significant expansion of CNG stations till end of the exclusivity period.

Exhibit 14: Change in estimates

Particulars Old estimates New estimates % chg
Rs(cr) FY11E FY12E FY11E FY12E FY11E FY12E
Revenues 1,403 1,636 1,612 1,985 14.9 21.3
EBITDA 367 422 472 606 28.5 43.6
EBITDA Margins(%) 26.2 25.8 29.3 30.5
EPS 13.3 14.5 17.5 21.3 31.2 46.7
Source: Company, Angel Research

At current levels of Rs255, the stock is discounting 14.6x and 12.0x FY2011E and
FY2012E Earnings. IGL has historically traded in the range of 9-13x its one-year
forward earnings. We upgrade our DCF-based target price of the IGL to Rs301 (Rs210)
on the back of upward revision in earnings estimates and lower WACC estimates (to
reflect lower pricing risk). Hence, we upgrade the stock to Buy from Reduce.

Exhibit 15: Comparative Valuation

Company M. Cap Target Rating EBITDA Margin (%)
EBITDA EPS (Rs) RoE (%)
(Rs cr) Price (Rs) FY10 FY11 FY12 FY10 FY11 FY12 FY10 FY11 FY12
IGL 3,575 301 Buy 35.7 29.3 30.5 15.4 17.5 21.3 28.6 27.0 27.6
Gujarat Gas 3,786 306 Neutral 19.7 21.2 20.6 13.6 17.0 20.4 23.6 25.8 25.8

Company RoCE (%) P/E (x) P/B (x) EV/EBITDA (x)

EV/EBITDA
FY10 FY11 FY12 FY10 FY11 FY12 FY10 FY11 FY12 FY10 FY11 FY12
IGL 38.1 33.8 31.6 16.6 14.6 12.0 4.3 3.6 3.0 8.9 7.7 6.3
Gujarat Gas 24.4 27.4 28.0 21.7 17.4 14.4 4.9 4.1 3.4 12.0 9.5 7.6
Source: Company, Angel Research; Note: Gujarat Gas No's are for CY09, CY10, CY11

June 22, 2010 11

 Indraprastha Gas | Company Update

Exhibit 16: DCF-based V

DCF-based aluation
Valuation
PParticulars
articulars ( Rs Cr) FY09 FY10E FY11E FY12E FY13E FY14E FY15E FY16E FY17E FY18E FY19E FY20E
Net Sales 853 1,078 1,606 1,979 2,216 2,452 2,703 2,959 3,219 3,483 3,753 4,028
EBITDA 300 387 472 606 666 726 786 846 907 967 1,028 1,088
EBIT 233 309 357 451 464 502 566 619 672 724 776 822
Tax rate (T) (%) 33.1 33.7 33.7 33.7 33.7 33.7 33.7 33.7 33.7 33.7 33.7 33.7
NOPAT {EBIT*(1-T)} 156 205 236 299 308 333 375 410 445 480 514 545
(+) Depreciation 67 77 115 155 201 224 220 227 235 243 252 266
(+) Change in NWC 18 (19) (44) (6) (8) (4) (6) (5) (5) (4) (3) (3)
Operating Cash Flows 241 263 308 448 501 552 590 633 676 719 763 808
(-) Capex 172 386 500 550 350 300 100 105 110 116 122 266
FCFF 69 (123) (192) (102) 151 252 490 528 566 603 641 542
PV of FFree
ree Cash Flows (172) (81) 107 159 276 265 253 240 228 172
Source: Company, Angel Research

Calculation of FFair
air Value
Value Target Price sensitivity with WACC and Terminal Growth Rate
Particulars FY2011E FY2012E 11.3% 11.5% 11.8% 12.0% 12.3%
Discount rate (%) 11.5 11.5 1.0% 287 283 280 277 274
PV of cashflows (FY09-20E) 1,815 2,138 1.5% 296 292 288 284 281
Terminal value calculations 2.0% 305 301 296 292 289
Growth to perpetuity(%) 2.0 2.0 2.5% 316 311 306 302 297
FCF in 2020 542 542 3.0% 328 322 317 312 307
Exit FCF multiple 10.7 10.7 Source: Company, Angel Research

Exit EV/EBDITA multiple 5.3 5.3

Add: Terminal value (PV) 5,821 5,821 Calculation of Cost of Capital
PV of terminal value 2,068 2,320 Rf 7.5%
% of company value 53.3 52.0 Risk premium 6.5%
EV 3,882 4,458 Market rate of return (req return) 14.0%
Less: Net Debt (FY09E) 77 248 Beta 0.48
Equity value 3,806 4,210 Ke 10.6%
Shares O/s 14 14 Stock risk premium 0.9%
Equity value per share 272 301 WACC 11.5%
Source: Company, Angel Research Source: Company, Angel Research

June 22, 2010 12

 Indraprastha Gas | Company Update

Exhibit 17: One-Year Forward P/E Exhibit 18: Rolling and Median P/E
280 25.0

230 21.0
Share Price (Rs)

180

PE multiple
17.0

130
13.0
80
9.0
30
Dec-04

Aug-05

Dec-06

Aug-07

Dec-08

Aug-09
Apr-04

Apr-06

Apr-08

Apr-10
5.0

Apr-04

Aug-05

Apr-06

Aug-07

Apr-08

Aug-09

Apr-10
Dec-04

Dec-06

Dec-08
7.0x 9.0x 11.0x 13.0x 15.0x

Source: Company, Angel Research Source: Company, Angel Research

Exhibit 19: One-Year Forward P/BV Exhibit 20: One-Year Forward EV/EBITDA
350 4,000

300 3,500

250 3,000
Share Price (Rs)

2,500
EV (Rs cr)

200
2,000
150
1,500
100
1,000
50
500
- 0
Dec-04

Aug-05

Dec-06

Aug-07

Dec-08

Aug-09
Apr-04

Apr-06

Apr-08

Apr-10

Dec-04

Aug-05

Dec-06

Aug-07

Dec-08

Aug-09
Apr-04

Apr-06

Apr-08

Apr-10
2.0x 2.5x 3.0x 4.0x 4.0x 3.5x 4.5x 5.5x 6.5x

Source: Company, Angel Research Source: Company, Angel Research

June 22, 2010 13

 Indraprastha Gas | Company Update

Exhibit 21: Relative Performance to Sensex - Oil & Gas Induex Exhibit 22: Relative Performance to Peers
450 500.0
400
400.0
350
300 BSE OIL & GAS
300.0
250
200 SENSEX 200.0
150
100 IGL 100.0
50
-

Apr-05

Aug-05

Dec -05

Apr-09

Aug-09

Dec -09
Apr-06

Aug-06

Dec -06

Apr-08

Aug-08

Dec -08
Apr-07

Aug-07

Dec -07

Dec -10
Jul-05

Jan-06

Jul-06

Jan-07

Jul-07

Jan-08

Jul-08

Jan-09

Jul-09

Jan-10
Apr-05

Oct-05

Apr-06

Oct-06

Apr-07

Oct-07

Apr-08

Oct-08

Apr-09

Oct-09

Apr-10
IGL SENSEX BSEOIL Petronet LNG GAIL GGAS IGL

Source: Company, Angel Research Source: Company, Angel Research

Exhibit 23: Underperformance Relative to Sensex Exhibit 24: Underperformance relative to Oil & Gas Index
25 50
20
-
(10)
(25) (40)
(50) (70)
(100)
(75)
(130)
(100) (160)
(190)
(125)
(220)
(150) (250)
Apr-05

Oct-05

Apr-09

Oct-09
Apr-06

Oct-06

Apr-08

Oct-08
Apr-07

Oct-07

Apr-10

Apr-05

Apr-06

Apr-07

Apr-08

Apr-09

Apr-10
Oct-05

Oct-06

Oct-07

Oct-08

Oct-09
SENSEX IGL BSEOIL IGL
Source: Company, Angel Research Source: Company, Angel Research

June 22, 2010 14

 Indraprastha Gas | Company Update

Company Background
IGL is in the retail gas distribution business supplying CNG to the Transport sector and
piped natural gas (PNG) to domestic and commercial sectors in the NCT region of
Delhi and NCR region. IGL was incorporated in December 1998 as a joint venture
(JV) between two oil & gas majors - GAIL and BPCL (each holding 22.5% stake) and
government of NCT of Delhi (5% stake) to implement the city gas distribution (CGD)
project in NCT. IGL currently has 193 CNG fuel stations operating in Delhi and NCR.
It plans to add around 53 CNG stations in FY2011 and FY2012. It has a CNG
compression capacity of 3.64mn kg/day and currently fuels more than 3,40,000
vehicles daily. In the PNG segment, IGL has provided PNG connections to over 1,82,000
domestic and 357 commercial customers. Going forward, IGL plans to add around
50,000 PNG customers every year. IGL is now expanding its network into the NCR
towns of Noida, Greater Noida and Ghaziabad.

Exhibit 25: IGL over the years

Year Event
1997 GAIL started the Delhi City Gas Distribution Project - a CNG pilot project
to establish the viability of the venture and to resolve related technical
and safety issues.
1998 IGL was incorporated on December 23, 1998 under companies Act,
1956.
1999 IGL started its operations in February, 1999 by taking over and executing
Delhi City Gas Distribution Project in Delhi from GAIL(India) Ltd.
2000 Supreme court directive to convert entire city bus fleet (DTC and private)
to CNG by March 31, 2001; Replacement of all pre-1990 autos and
taxis with new vehicles on clean fuels, etc.
2000 Entered into long-term supply contract with GAIL for supply of
0.48 mmscmd APM Natural Gas
2001 MoPNG increased APM gas allocation to 0.98 mmscmd
2002 MoPNG increased APM gas allocation to 2.0 mmscmd to meet IGL's
requirement for NCT of Delhi
2003 Successful completion of IPO at Rs48 per share by Selling shareholders
2004 Marked a foray into NCR by setting up 2 CNG stations in Noida in
December 2004.
2004-05 Secured 0.70mscmd APM gas from MoPNG for expanding its gas
distribution network in Noida including Greater Noida, Gurgaon and
Faridabad.
2005-06 IGL formalized its agreement with GAIL for supply of 2 mmscmd; entered
into agreement with BPCL for supply of RLNG on long-term basis.
2008-09 IGL requested for additional 1.0mmscmd APM gas to meet increasing
demand. Planned addition of 50 more CNG stations over next two years
from 163 stations
2009-10 Received KG -D6 gas from RIL at EGoM approved price of
US $4.2/mmbtu
2010-11 The company's gas cost more than doubled with the government
increasing APM gas price to US $4.2/mmbtu; however IGL has passed
on the impact of higher gas cost by increasing CNG price in Delhi by
whopping 25.6% to Rs27.5/kg (from Rs21.9/kg earlier).
Source: Company, Angel Research

June 22, 2010 15

 Indraprastha Gas | Company Update

Initial phase of conversion was driven
by mandatory users, current conversions
driven by discretionary users
Business Model
IGL as a CGD player is primarily engaged in the business of distribution of CNG (87%
of FY2010 Net Sales). IGL's CNG users can be classified into mandatory and
discretionary users. The mandatory users (compulsory users as mandated by law)
include DTC and private buses, RTVs and Autos. Discretionary users of CNG include
private cars, which use CNG due to the low running cost. While initial phase of
conversion was driven by mandatory users, current conversions are driven by
discretionary users.

Exhibit 26: Sales break-up

100

95 8.5 9.8 10.8 11.7 12.9 14.0

14.8
90
(%)

85
91.5 90.2 89.2 88.3 87.1 86.0
80 85.2

75
FY2006 FY2007 FY2008 FY2009E FY2010E FY2011E FY2012E
CNG Sales (% of Total) PNG Sales (% of Total)
Source: Company, Angel Research

CNG and PNG selling price is currently
determined vis -à-vis relative prices of
vis-à-vis
alternative fuels
APM gas, which was available at
subsidised APM prices of around US
$1.8/mmbtu, is now aligned with RIL's
KG -D6 price of US $4.2/mmbtu
KG-D6
IGL is currently pricing its products at a discount to alternative fuels in both the CNG
and PNG segments. In the CNG segment, IGL has priced its gas at a discount to
petrol and diesel prices. CNG is priced at 57.3% discount to petrol and 40.6% to
diesel. Similarly, in the domestic PNG segment the fuel price is indexed to the
administered retail selling price of domestic LPG (14.2 kg) cylinder in the NCT, as
applicable from time to time, taking into account the respective heating values of
natural gas and LPG. In the small commercial users segment, PNG is indexed to
commercial LPG (19 kg) cylinder in the NCT of Delhi, as applicable from time to time,
taking into account the respective heating values of natural gas and LPG. Large
commercial users (big hotels, etc) are the PNG users replacing LDO and commercial
LPG. Thus, price in the segment is indexed to weighted average price of LDO and
commercial LPG in the NCT taking into account the respective heating values of natural
gas, LPG and LDO.
Gas sourcing is an important aspect of the CGD business. GAIL is the sole supplier of
APM natural gas to IGL. The company has gas purchase agreement for 2.2mmscmd
with GAIL. Gas is received at various points of the Hazira-Bijaipur-Jagdishpur (HBJ)
pipeline around Delhi. As the gas cost is denominated in Rupee terms, IGL is insulated
from exchange rate risks. The gas, which was available at subsidised APM prices of
around US $1.8/mmbtu, is now aligned with RIL's KG-D6 price of US $4.2/mmbtu. In
the previous fiscal, IGL entered into a gas sales and purchase agreement (GSPA) with
RIL for supply of 0.31mmscmd of gas from the KG-D6 fields scalable to 0.5mmscmd.
IGL is using RIL's gas for expanding its presence in the Delhi. IGL has also entered into
a gas transportation agreement (GTA) with Reliance Gas Transportation Infrastructure.

June 22, 2010 16

 Indraprastha Gas | Company Update

Profit & Loss Statement Rs crore

Y/E March FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E
Gross sales 706 810 962 1,213 1,804 2,225

Less: Excise duty 92 104 109 135 198 246

Net Sales 614 706 853 1,078 1,606 1,979

Other operating income - - - 6 6 6

Total operating income 614 706 853 1,084 1,612 1,985

% chg 15.0 20.8 27.1 48.7 23.1

Total Expenditure 359 406 553 697 1,140 1,379

Purchase of gas 268 303 411 495 888 1,076

Staff expenditure 14 15 24 31 38 46

Other operating expenditure 77 88 118 172 213 256

EBITDA
EBITDA 255 300 300 387 472 606

% chg 17.6 0.0 28.8 22.0 28.5

(% of Net Sales) 41.6 42.5 35.2 35.7 29.3 30.5

Depreciation and amortisation 60 63 67 77 115 155

EBIT 195 237 233 309 357 451

% chg 21.5 (2.0) 32.8 15.4 26.6

(% of Net Sales) 31.8 33.6 27.3 28.7 22.2 22.8

Interest & other Charges - - - - 12 28

Other Income 10 23 26 15 24 26

(% of PBT) 5.0 9.0 10.1 4.7 6.5 5.7

Share in profit of Associates - - - - - -

Recurring PBT 206 261 259 324 369 449

% chg 26.9 (0.8) 25.3 13.6 21.9

Extraordinary Expense/(Inc.) - - - - - -
PBT (reported) 206 261 259 324 369 449

Tax 68 86 86 109 124 151

(% of PBT) 32.9 33.1 33.4 33.6 33.7 33.7

PAT (reported) 138 174 172 215 244 298

Add: Share of earnings of asso. - - - - - -

Less: Minority interest (MI) - - - - - -

Prior period items - - - - - -

PAT after MI (reported) 138 174 172 215 244 298

ADJ
ADJ.. PPA
AT 138 174 172 215 244 298

% chg 26.5 (1.1) 24.9 13.4 21.9

(% of Net Sales) 22.5 24.7 20.2 20.0 15.2 15.0

Basic EPS (Rs) 9.9 12.5 12.3 15.4 17.5 21.3

Fully Diluted EPS (Rs) 9.9 12.5 12.3 15.4 17.5 21.3

% chg 26.5 (1.1) 24.9 13.4 21.9

June 22, 2010 17

 Indraprastha Gas | Company Update

Balance Sheet Rs crore

Y/E March FY2007 FY2008 FY2009 FY2010E FY2011E FY2012E
SOURCES OF FUNDS

Equity Share Capital 140 140 140 140 140 140

Preference Capital - - - - - -

Reserves& Surplus 328 436 543 685 844 1,037

Shareholders FFunds
unds 468 576 683 825 984 1,177

Minority Interest - - - - - -

Total Loans - - - - 150 350

Net Deferred Tax Liability 30 24 21 17 13 13

Deposits from customers 5 7 27 48 73 98

Total Liabilities 503 607 731 890 1,219 1,637

APPLICATION OF FUNDS
APPLICATION

Gross Block 613 668 817 1,105 1,535 2,060

Less: Acc. Depreciation 250 310 378 455 570 725

Net Block 363 358 439 650 965 1,335

Capital Work-in-Progress 31 59 82 180 250 275

Goodwill - - - - - -

Investments 128 109 104 35 35 35

Current Assets 106 228 259 217 259 328

Cash 40 140 146 85 73 102

Loans & Advances 25 41 55 59 88 109

Other 40 47 58 73 97 117

Current liabilities 125 146 154 192 289 335

Net Current Assets (19) 82 106 25 (31) (8)

Mis. Exp. not written off - - - - - -

Total Assets 503 607 731 890 1,219 1,637

June 22, 2010 18

 Indraprastha Gas | Company Update

Cash Flow Statement Rs crore

Y/E March FY2007 FY2008 FY2009 FY2010E FY2011E FY2012E

Profit before tax 206 261 259 324 369 449

Depreciation 60 63 67 77 115 155

Deposits accepted during the year 1 1 20 21 25 25

Change in Working Capital 29 (2) (18) 19 44 6

Less: Other income (10) (23) (26) (15) (24) (26)

Direct taxes paid (73) (93) (89) (113) (129) (151)

Cash Flow from Operations 213 207 212 314 400 458

(Inc.)/ Dec. in Fixed Assets (58) (83) (172) (386) (500) (550)

(Inc.)/ Dec. in Investments (85) 19 5 69 - -

Other income 10 23 26 15 24 26

Cash Flow from Investing (133) (41) (141) (302) (476) (524)

Issue of Equity - - - - - -

Inc./(Dec.) in loans - - - - 150 200

Dividend Paid (Incl. Tax) (40) (49) (66) (74) (86) (105)

Others (10) (18) 0 - - -

Cash Flow from FFinancing

inancing (50) (67) (65) (74) 64 95

Inc./(Dec.) in Cash 29 99 6 (61) (12) 29

Opening Cash balances 11 40 140 146 85 73

Closing Cash balances 40 140 146 85 73 102

June 22, 2010 19

 Indraprastha Gas | Company Update

Key Ratios
Y/E March FY2007 FY2008 FY2009 FY2010E FY2011E FY2012E
Valuation Ratio (x)
P/E (on FDEPS) 25.9 20.5 20.7 16.6 14.6 12.0
P/CEPS 18.1 15.1 14.9 12.2 9.9 7.9
P/BV 7.6 6.2 5.2 4.3 3.6 3.0
Dividend yield (%) 1.2 1.6 1.6 1.8 2.1 2.5
EV/Sales 5.5 4.7 3.9 3.2 2.2 1.9
EV/EBITDA 13.4 11.1 11.1 8.9 7.7 6.3
EV/Total Assets 6.8 5.5 4.5 3.9 3.0 2.3
Per Share Data (Rs)
EPS (Basic) 9.9 12.5 12.3 15.4 17.5 21.3
EPS (fully diluted) 9.9 12.5 12.3 15.4 17.5 21.3
Cash EPS 14.1 16.9 17.1 20.9 25.7 32.3
DPS 3.0 4.0 4.0 4.5 5.2 6.4
Book Value 33.4 41.2 48.8 58.9 70.3 84.1
Dupont Analysis (%)
EBIT margin 31.8 33.6 27.3 28.7 22.2 22.8
Tax retention ratio 67.2 67.0 66.9 66.3 66.3 66.3
Asset turnover (x) 1.8 2.0 2.0 1.7 1.7 1.5
ROIC (Post-tax) 37.5 45.9 37.1 32.9 25.2 23.0
Cost of Debt (Post Tax) - - - - - -
Leverage (x) - - - - - -
Operating ROE 37.5 45.9 37.1 32.9 25.2 23.0
Returns (%)
ROCE (Pre-tax) 42.4 42.8 34.8 38.1 33.8 31.6
Angel ROIC (Pre-tax) 61.2 78.7 66.6 62.5 49.1 43.3
ROE 32.6 33.4 27.4 28.6 27.0 27.6
Turnover ratios (x)
Asset Turnover (Gross Block) 1.1 1.1 1.1 1.1 1.2 1.1
Inventory / Sales (days) 11.7 11.3 10.0 9.1 8.5 9.2
Receivables (days) 11.2 10.7 11.7 12.2 10.0 9.7
Payables (days) 66.2 67.9 53.1 53.8 54.6 64.1
WC cycle (ex-cash) (days) (26.8) (30.4) (21.1) (16.9) (18.5) (19.6)
Solvency ratios (x)
Net debt to equity (0.4) (0.4) (0.4) (0.1) 0.0 0.2
Net debt to EBITDA (0.7) (0.8) (0.8) (0.3) 0.1 0.4
Interest Coverage (EBIT/Interest) - - - - - 16.1

June 22, 2010 20

 Indraprastha Gas

Disclaimer
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.

Angel Securities Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment
decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are
those of the analyst, and the company may or may not subscribe to all the views expressed within.

Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading
volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals.

The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources
believed to be true, and is for general guidance only. Angel Securities Limited has not independently verified all the information contained
within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents
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Neither Angel Securities Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in
connection with the use of this information.

Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section).

Disclosure of Interest Statement IGL

1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
3. Angel and its Group companies' Directors ownership of the stock No
4. Broking relationship with company covered No

Note: We have not considered any Exposure below Rs 1 lakh for Angel, its Group companies and Directors.

Ratings (Returns) : Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)
Reduce (-5% to -15%) Sell (< -15%)
 Indraprastha Gas

Address: Acme Plaza, ‘A’ Wing, 3rd Floor, M.V. Road, Opp. Sangam Cinema, Andheri (E), Mumbai - 400 059.
Tel : (022) 3952 4568 / 4040 3800

Research Team
Fundamental:
Sarabjit Kour Nangra VP-Research, Pharmaceutical sarabjit@angeltrade.com
Vaibhav Agrawal VP-Research, Banking vaibhav.agrawal@angeltrade.com
Vaishali Jajoo Automobile vaishali.jajoo@angeltrade.com
Shailesh Kanani Infrastructure, Real Estate shailesh.kanani@angeltrade.com
Anand Shah FMCG , Media anand.shah@angeltrade.com
Deepak Pareek Oil & Gas deepak.pareek@angeltrade.com
Puneet Bambha Capital Goods, Engineering puneet.bambha@angeltrade.com
Sushant Dalmia Pharmaceutical sushant.dalmia@angeltrade.com
Rupesh Sankhe Cement, Power rupeshd.sankhe@angeltrade.com
Param Desai Real Estate, Logistics, Shipping paramv.desai@angeltrade.com
Sageraj Bariya Fertiliser, Mid-cap sageraj.bariya@angeltrade.com
Viraj Nadkarni Retail, Hotels, Mid-cap virajm.nadkarni@angeltrade.com
Paresh Jain Metals & Mining pareshn.jain@angeltrade.com
Amit Rane Banking amitn.rane@angeltrade.com
Jai Sharda Mid-cap jai.sharda@angeltrade.com
Sharan Lillaney Mid-cap sharanb.lillaney@angeltrade.com

Amit Vora Research Associate (Oil & Gas) amit.vora@angeltrade.com

V Srinivasan Research Associate (Cement, Power) v.srinivasan@angeltrade.com
Aniruddha Mate Research Associate (Infra, Real Estate) aniruddha.mate@angeltrade.com
Mihir Salot Research Associate (Logistics, Shipping) mihirr.salot@angeltrade.com
Chitrangda Kapur Research Associate (FMCG, Media) chitrangdar.kapur@angeltrade.com
Vibha Salvi Research Associate (IT, Telecom) vibhas.salvi@angeltrade.com
Pooja Jain Research Associate (Metals & Mining) pooja.j@angeltrade.com

Technicals:
Shardul Kulkarni Sr. Technical Analyst shardul.kulkarni@angeltrade.com
Mileen Vasudeo Technical Analyst vasudeo.kamalakant@angeltrade.com
Derivatives:
Siddarth Bhamre Head - Derivatives siddarth.bhamre@angeltrade.com
Jaya Agarwal Derivative Analyst jaya.agarwal@angeltrade.com

Institutional Sales Team:

Mayuresh Joshi VP - Institutional Sales mayuresh.joshi@angeltrade.com
Abhimanyu Sofat AVP - Institutional Sales abhimanyu.sofat@angeltrade.com
Nitesh Jalan Sr. Manager niteshk.jalan@angeltrade.com
Pranav Modi Sr. Manager pranavs.modi@angeltrade.com
Sandeep Jangir Sr. Manager sandeepp.jangir@angeltrade.com
Ganesh Iyer Sr. Manager ganeshb.Iyer@angeltrade.com
Jay Harsora Sr. Dealer jayr.harsora@angeltrade.com
Meenakshi Chavan Dealer meenakshis.chavan@angeltrade.com
Gaurang Tisani Dealer gaurangp.tisani@angeltrade.com

Production Team:
Bharathi Shetty Research Editor bharathi.shetty@angeltrade.com
Bharat Patil Production bharat.patil@angeltrade.com
Dilip Patel Production dilipm.patel@angeltrade.com

Angel Broking Ltd: BSE Sebi Regn No : INB 010996539 / CDSL Regn No: IN - DP - CDSL - 234 - 2004 / PMS Regn Code: PM/INP000001546 Angel Securities Ltd:BSE: INB010994639/INF010994639 NSE: INB230994635/INF230994635 Membership numbers: BSE 028/NSE:09946
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