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Results
10-Nov-21
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Analysis
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Indraprastha Gas
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Sales volume rose 53% in H1FY22
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Indraprastha Gas consolidated net sales
increased 40.27% to Rs 1831.19 crore in Q2FY22 compared to Q2FY21. Operating profit margin has declined from
31.19% to 28.95%, leading to 30.23% rise in operating profit to Rs 530.18
crore. Purchase of finished goods cost
rose from 46.73% to 50.74%. Employee
cost increased from 2.39% to 2.86%.
Other expenses fell from 19.70% to 17.48%.
Other income rose 38.73% to Rs 42.05
crore. PBIDT rose 30.82% to Rs 572.23
crore. Provision for interest rose
11.79% to Rs 2.56 crore. PBDT rose
30.92% to Rs 569.67 crore. Provision for
depreciation rose 13.18% to Rs 80.48 crore.
Profit before tax grew 34.38% to Rs 489.19
crore. Share of profit/loss was 85.47%
higher at Rs 53.49 crore. Provision for
tax was expense of Rs 124.05 crore, compared to Rs 12.42 crore. Effective tax rate was 22.86% compared to
3.16%.
Minority interest was nil in both the
periods. Net profit attributable to
owners of the company increased 10.04% to Rs 418.63 crore.
During Q2FY22, CNG sales volume has increased
by 36% to 487.59 million standard cubic metres (mscm) and PNG sales volumes
increased 22% to 178.1 mscm. On an overall basis there is 32% increase in sales
volume during this quarter to 665.69 mscm over corresponding quarter of FY21.
Equity capital stood at Rs 140.00 crore as of
30 September 2021 to Rs 140.00 crore as of 30 September 2020. Per share face Value remained same at Rs
2.00.
Promoters’ stake was 45.00% as of 30
September 2021,compared to 45.00% as of 30 September 2020 .
For
year-to-date (YTD) results analysis
Net sales of Indraprastha Gas have increased
58.88% to Rs 3088.58 crore. Operating
profit margin has jumped from 25.23% to 29.50%, leading to 85.71% rise in
operating profit to Rs 911.04 crore.
Purchase of finished goods cost rose from 46.75% to 48.28%. Employee cost decreased from 3.22% to
2.91%. Other expenses fell from 24.79%
to 19.33%.
Other income rose 17.95% to Rs 71.88
crore. PBIDT rose 78.23% to Rs 982.92
crore. Provision for interest rose
18.03% to Rs 5.5 crore.
PBDT rose 78.74% to Rs 977.42 crore. Provision for depreciation rose 13.65% to Rs
158.29 crore. Profit before tax grew
100.98% to Rs 819.13 crore. Share of
profit/loss was 150.72% higher at Rs 87.15 crore. Provision for tax was expense of Rs 209.7
crore, compared to Rs 26.69 crore.
Effective tax rate was 23.14% compared to 6.03%.
Net profit attributable to owners of the
company increased 67.60% to Rs 696.58 crore.
During H1FY22, CNG sales volume has increased
by 62% to 819.37 million standard cubic metres (mscm) and PNG sales volumes
increased 34% to 330.09 mscm. On an overall basis there is 53% increase in
sales volume during this quarter to 1149.46 mscm over corresponding period of
FY21.
Full
year results analysis
Net of Indraprastha Gas has declined 23.82%
to Rs 4940.8 crore. CNG (Compressed
natural gas) recorded sales of Rs. 3433 crore, registering a 28% de-growth and
PNG (piped natural gas) recorded sales of Rs. 1478 crore registering a 13%
de-growth over previous year.
Operating profit margin has jumped from
23.43% to 30.02%, leading to 2.41% decline in operating profit to Rs 1,482.99
crore. Purchase of finished goods cost
fell from 56.73% to 45.13%. Employee
cost increased from 2.34% to 2.72%.
Other expenses rose from 17.50% to 22.14%.
Other income fell 19.80% to Rs 114.83
crore. Provision for interest rose
39.66% to Rs 11.34 crore. Loan funds
rose to Rs 113.04 crore as of 31 March 2021 from Rs 96.19 crore as of 31 March
2020. Inventories declined from Rs 51.11
crore as of 31 March 2020 to Rs 45.55 crore as of 31 March 2021. Sundry debtors were higher at Rs 260.71 crore
as of 31 March 2021 compared to Rs 170.39 crore as of 31 March 2020. Cash and bank balance declined from Rs
2,179.94 crore as of 31 March 2020 to Rs 1,132.29 crore as of 31 March
2021. Investments rose to Rs 2,288.40
crore as of 31 March 2021 from Rs 630.22 crore as of 31 March 2020 .
Provision for depreciation rose 15.12% to Rs
290.39 crore. Fixed assets increased to
Rs 5,150.74 crore as of 31 March 2021 from Rs 4,315.42 crore as of 31 March
2020. Intangible assets declined from Rs
18.17 crore to Rs 17.07 crore.
Profit before tax shrink 7.58% to Rs 1,296.09
crore. Share of profit/loss was 18.33%
lower at Rs 125.81 crore. Provision for
tax was expense of Rs 249.35 crore, compared to Rs 307.51 crore. Effective tax rate was 17.54% compared to
19.76%.
Net profit attributable to owners of the
company decreased 6.12% to Rs 1,172.55 crore.
During FY21, CNG sales volume has decreased
by 22% to 1357 million standard cubic metres (mscm) and PNG sales volumes
decreased 5% to 587 mscm. On an overall basis there is 18% decrease in sales
volume to 1944 mscm over FY20.
Promoters’ stake was 45.00% as of 31 March
2021 compared to 45.00% as of 31 March 2020 .
Cash flow from operating activities increased
to Rs 1,545.97 crore for year ended March 2021 from Rs 1,360.75 crore for year
ended March 2020. Cash flow used in
acquiring fixed assets during the year ended March 2021 stood at Rs 882.92
crore, compared to Rs 963.22 crore during the year ended March 2020.
The scrip is currently trading at Rs 493 on
the BSE.
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Indraprastha Gas : Consolidated
Results
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Particulars
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2109
(03)
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2009
(03)
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Var.(%)
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2109
(06)
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2009
(06)
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Var.(%)
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2103
(12)
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2003
(12)
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Var.(%)
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Net
Sales
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1,831.19
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1,305.44
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40
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3,088.58
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1,944.01
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59
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4,940.80
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6,485.27
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-24
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OPM
(%)
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29.0
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31.2
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29.50
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25.2
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30.0
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23.4
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OP
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530.18
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407.12
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30
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911.04
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490.56
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86
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1,482.99
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1,519.64
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-2
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Other
Inc.
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42.05
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30.31
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39
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71.88
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60.94
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18
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114.83
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143.18
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-20
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PBIDT
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572.23
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437.43
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31
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982.92
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551.5
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78
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1,597.82
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1,662.82
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-4
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Interest
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2.56
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2.29
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12
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5.5
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4.66
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18
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11.34
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8.12
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40
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PBDT
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569.67
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435.14
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31
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977.42
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546.84
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79
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1,586.48
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1,654.70
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-4
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Depreciation
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80.48
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71.11
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13
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158.29
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139.28
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14
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290.39
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252.25
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15
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PBT
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489.19
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364.03
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34
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819.13
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407.56
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101
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1296.09
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1402.45
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-8
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Share
of Profit/(Loss) from Associates
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53.49
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28.84
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85
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87.15
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34.76
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151
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125.81
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154.05
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-18
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PBT
before EO
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542.68
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392.87
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38
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906.28
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442.32
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105
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1421.9
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1556.5
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-9
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EO
Income
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0
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0
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-
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0
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0
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-
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0
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0
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-
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PBT
after EO
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542.68
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392.87
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38
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906.28
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442.32
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105
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1421.9
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1556.5
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-9
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Taxation
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124.05
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12.42
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899
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209.7
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26.69
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686
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249.35
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307.51
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-19
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PAT
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418.63
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380.45
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10
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696.58
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415.63
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68
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1172.55
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1248.99
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-6
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Minority
Interest (MI)
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0
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0
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-
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0
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0
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-
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0
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0
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-
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Net
profit
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418.63
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380.45
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10
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696.58
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415.63
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68
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1172.55
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1248.99
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-6
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EPS
(Rs)*
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#
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#
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#
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#
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16.8
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17.8
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Notes
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*
EPS is on current equity of Rs 140.00 crore, Face value of Rs 2, Excluding
extraordinary items.
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#
EPS is not annualised
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bps
: Basis points
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EO
: Extraordinary items
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Figures
in Rs crore
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Source:
Capitaline Corporate Database
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