Buy IGL With Target Of Rs 370 : PINC Research

Agressive capex plan of ~Rs30bn by FY15 and ability to pass price hike

Increase in CNG stations from 200 to 300 and PNG customers from 182K to 300K by FY12

Net sales and PAT to grow at a CAGR of 40.6% and 13.6% respectively from FY10 to FY13

Concern over un-economical LNG price in spot market and negative regulatory intervention

At CMP of Rs297, IGL is trading at PER of 14.7x & 13.1x and EV/ EBITDA of 7.9x & 6.8x for FY12 & FY13 respectively.