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Indraprastha Gas net sales excluding excise duty rose 24% during Q1FY'19 to Rs 1287.4 crore compared to corresponding previous year quarter. Product wise, CNG (Compressed natural gas) recorded sales of Rs. 889 crore, registering a growth of 21% and PNG (piped natural gas) recorded sales of Rs. 256 crore registering a growth of 34% over previous year. Operating margins of the company fell 380 bps to 22.9%. As a result operating profit of the company rose 6% to Rs 295.05 crore.
Cost of natural gas as a percentage of net sales (net of stock adjustment) rose 480 bps to 57.6% while employee benefit expenses was flat at 2.4% and other expenses increased 90 bps to 17%.
Other income of the company rose to Rs 26.24 crore compared to Rs 17.88 crore in Q1FY'18. Interest cost was Rs 0.56 crore compared to Rs 0.36 crore in the corresponding previous year period. Depreciation rose 8% to Rs 47.26 crore. PBT as a result rose 9% to Rs 273.47 crore. The effective tax rate fell 10 bps to 35.7% post, which the company's net profit was up 9% at Rs 175.89 crore.
During Q1FY19, CNG sales volume has increased by 10% to 248 million kgs. There is increase in PNG sales to industrial/commercial segment by 29% to 45 million SCM during the quarter. PNG domestic segment has' also shown a growth of 10% to 24 million SCM as compared to the same quarter previous year. The NG segment has shown an increase of 10% to 40 million SCM in current quarter as compared to the same quarter previous year. Overall PNG sales volumes have increased by 18% to 109 million SCM over Q1 ofFY18. On an overall basis there is 13% growth in sales volume to 5 mmscm per day during this quarter over the corresponding quarter of FY18
Performance for year ended March 2018
For year ended March 2018, Net sales of the company excluding excise duty rose 20% to Rs 4592.14 crore compared to corresponding previous year quarter. Product wise, CNG recorded sales turnover of Rs. 2866 crore, registering a growth of 17% and PNG recorded sales turnover of Rs. 840 crore up by 27%.
Operating margins of the company fell 100 bps to 24.2%. Cost of natural gas as a percentage of net sales (net of stock adjustment) fell 40 bps to 54.3% while employee benefit expenses fell 10 bps to 2.3% and other expenses increased 150 bps to 19.2%. As a result operating profit of the company rose 16% to Rs 1113.34 crore.
Other income of the company rose 57% to Rs 102.13 crore compared to Rs 65.22 crore in FY'18. Interest cost was Rs 1.69 crore compared to Rs 1.21 crore in the corresponding previous year period. Depreciation rose 9% to Rs 181.29 crore. PBT as a result rose 20% to Rs 1032.49 crore. The effective tax rate rose 140 bps to 35% post, which the company's net profit was up 17% at Rs 670.77 crore.
The scrip is currently trading at Rs 299 on the BSE.
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