Indraprastha Gas (IGL) reported Q4FY23 results that were largely in line with estimates. Sales volume too were in line with I-Direct estimates.
Q4FY23 Earnings Summary
Revenue remained flat QoQ to Rs 3687.2 crore in line with I-Direct estimate of Rs 3742 crore. Realisation came in at Rs 54.4/scm, flat QoQ
Sales volume was 8.256 mmscmd, up 1.7% QoQ in line with I-Direct estimate of 8.25 mmscmd. CNG segment was flattish QoQ to 6.11 mmscmd. PNG volume increased 4.8% QoQ to 2.14 mmscmd. YoY CNG growth was 8% while PNG growth was 2.7%
Gross margins grew 6% QoQ to Rs 11.8/scm. EBITDA stood at Rs 466.3 crore, up 8.8% QoQ, ( I-Direct estimate of Rs 495 crore). EBITDA/scm was Rs 6.3/scm, down Rs 0.6/scm QoQ
On the profitability front, PAT was up 19% QoQ to Rs 329.8 crore in line with I-Direct estimates: Rs 312 crore
ICICIdirect Research view on Indraprastha Gas Ltd Stock
View: Domestic gas prices have been revised from US$8.57/mmtu to US$6.5/mmbtu which has reduced the sourcing cost and the company passed on the benefit to customers by reducing CNG and PNG prices. Spot LNG prices too have further softened to US$12/mmbtu from US$17/mmbtu. Owing to these reasons, volume growth will be key monitorable in the near term.
Impact: Positive
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