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Indraprastha Gas net sales excluding excise duty fell 59% during Q1FY'21 to Rs 638.57 crore compared to corresponding previous year quarter. The Ministry of Home has notified natural gas supply among the essential services which continued to operate within the locklown period in the crisis situation of COVlD 19. However, owing to reduction in demand due to restrictions in vehicular movement, the sales at the CNG stations were impacted. Similarly, demand from industrial and commercial customers were also impacted due to the lockdown. However, from June 2020, the demand has been gradually increasing in both industrial and CNG category
Product wise, CNG (Compressed natural gas) recorded sales of Rs. 375 crore, registering a 68% de-growth and PNG (piped natural gas) recorded sales of Rs. 258 crore also registering a 35% de-growth over previous year. Operating margins of the company fell 970 bps to 13.1%. As a result operating profit of the company fell 77% to Rs 83.44 crore.
Other income of the company fell to Rs 30.63 crore compared to Rs 35.4 crore in Q1FY'20. Interest cost was Rs 2.37 crore compared to Rs 1.63 crore in the corresponding previous year period. Depreciation rose 13% to Rs 68.17 crore. PBT as a result fell 87% to Rs 43.53 crore. The effective tax rate fell 350 bps to 32.8% post, which the company's net profit was down 86% at Rs 29.26 crore. Further considering share of profit of associate net profit fell 86% to Rs 35.18 crore
During Q1FY21, CNG sales volume has decreased by 66% to 105 million kgs and PNG sales volumes decreased by 30% over Q1 of FY20 to 101 MMSCM. On an overall basis there is 57% decrease in sales volume during this quarter to 247 MMSCM over corresponding quarter of FY20.
Performance for year ended Mar20
For year ended Mar20, Net sales of the company excluding excise duty rose 12% to Rs 6485.27 crore compared to corresponding previous year quarter.
Operating margins of the company rose 160 bps to 23.4%. As a result operating profit of the company rose 21% to Rs 1519.64 crore.
Other income of the company rose 11% to Rs 143.18 crore compared to Rs 128.45 crore in FY'19. Interest cost was Rs 8.12 crore compared to Rs 2.05 crore in the corresponding previous year period. Depreciation rose 25% to Rs 252.25 crore. PBT as a result rose 19% to Rs 1402.45 crore. The effective tax rate fell 1420 bps to 21.9% post, which the company's PAT was up 45% at Rs 1094.94 crore. Further considering share of profit of associate net profit rose 48% to Rs 1248.99 crore
The scrip is currently trading at Rs 408 on the BSE.
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