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Results
10-Aug-22
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Analysis
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Indraprastha Gas
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Sales volume up 48%
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Indraprastha Gas consolidated net sales
increased 154.01% to Rs 3193.85 crore in Q1FY23 compared to Q1FY22.
Operating profit margin has declined from
30.29% to 19.33%, leading to 62.14% rise in operating profit to Rs 617.51
crore. Purchase of finished goods cost
rose from 44.70% to 67.98%. Employee
cost decreased from 2.97% to 1.50%.
Other expenses fell from 22.04% to 11.19%.
Other income rose 3.05% to Rs 30.74
crore. PBIDT rose 57.84% to Rs 648.25
crore. Provision for interest fell
20.07% to Rs 2.35 crore.
PBDT rose 58.41% to Rs 645.9 crore. Provision for depreciation rose 10.10% to Rs
85.67 crore.
Profit before tax grew 69.80% to Rs 560.23
crore. Share of profit/loss was 79.38%
higher at Rs 60.38 crore. Provision for
tax was expense of Rs 139.37 crore, compared to Rs 85.65 crore. Effective tax rate was 22.46% compared to
23.56%.
Minority interest was nil in both the
periods. Net profit attributable to
owners of the company increased 73.14% to Rs 481.24 crore.
Promoters’ stake was 45.00% as of 30 June
2022 compared to 45.00% as of 30 June 2021.
During Q1FY23, CNG sales volume has increased
by 63% to 539.8 million standard cubic metres (mscm) and PNG sales volumes
increased 17% to 178.04 mscm. On an overall basis there is 48% increase in
sales volume during this quarter to 717.84 mscm over corresponding quarter of
Q1FY22.
Full
year results analysis
Net sales of Indraprastha Gas have increased
56.05% to Rs 7709.96 crore. Operating
profit margin has declined from 30.02% to 24.40%, leading to 26.85% rise in
operating profit to Rs 1,881.11 crore.
Purchase of finished goods cost rose from 45.13% to 56.99%. Employee cost decreased from 2.72% to
2.28%. Other expenses fell from 22.14%
to 16.34%.
Other income rose 56.44% to Rs 179.64
crore. PBIDT rose 28.97% to Rs 2060.75
crore. Provision for interest rose
16.49% to Rs 13.21 crore. Loan funds
declined from Rs 113.04 crore as of 31 March 2021 to Rs 107.64 crore as of 31
March 2022. Inventories declined from Rs
45.55 crore as of 31 March 2021 to Rs 45.52 crore as of 31 March 2022. Sundry debtors were higher at Rs 520.56 crore
as of 31 March 2022 compared to Rs 260.71 crore as of 31 March 2021. Cash and bank balance rose to Rs 1,361.64
crore as of 31 March 2022 from Rs 1,132.29 crore as of 31 March 2021. Investments rose to Rs 2,625.69 crore as of
31 March 2022 from Rs 2,288.40 crore as of 31 March 2021 .
PBDT rose 29.06% to Rs 2047.54 crore. Provision for depreciation rose 9.18% to Rs
317.06 crore. Fixed assets increased to
Rs 6,368.21 crore as of 31 March 2022 from Rs 5,150.74 crore as of 31 March
2021. Intangible assets declined from Rs
17.07 crore to Rs 12.13 crore.
Profit before tax grew 33.52% to Rs 1,730.48
crore. Share of profit/loss was 77.03%
higher at Rs 222.72 crore. Provision for
tax was expense of Rs 450.93 crore, compared to Rs 249.35 crore. Effective tax rate was 23.09% compared to
17.54%.
Net profit attributable to owners of the
company increased 28.12% to Rs 1,502.27 crore.
During FY22, CNG sales volume has increased
by 36% to 1847 million standard cubic metres (mscm) and PNG sales volumes
increased 20% to 704 mscm. On an overall basis there is 31% increase in sales
volume to 2551 mscm over FY21.
Equity capital stood at Rs 140.00 crore as of
31 March 2022 to Rs 140.00 crore as of 31 March 2021. Per share face Value remained same at Rs
2.00.
Promoters stake was 45.00% as of 31 March
2022 compared to 45.00% as of 31 March 2021.
The scrip is currently trading at Rs 358 on
the BSE.
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Indraprastha Gas : Consolidated
Results
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Particulars
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2206
(03)
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2106
(03)
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Var.(%)
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2203
(12)
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2103
(12)
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Var.(%)
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Net
Sales
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3,193.85
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1,257.39
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154
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7,709.96
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4,940.80
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56
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OPM
(%)
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19.3
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30.3
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24.4
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30.0
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OP
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617.51
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380.86
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62
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1,881.11
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1,482.99
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27
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Other
Inc.
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30.74
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29.83
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3
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179.64
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114.83
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56
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PBIDT
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648.25
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410.69
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58
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2,060.75
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1,597.82
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29
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Interest
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2.35
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2.94
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-20
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13.21
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11.34
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16
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PBDT
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645.9
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407.75
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58
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2,047.54
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1,586.48
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29
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Depreciation
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85.67
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77.81
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10
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317.06
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290.39
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9
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PBT
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560.23
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329.94
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70
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1730.48
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1296.09
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34
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Share
of Profit/(Loss) from Associates
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60.38
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33.66
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79
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222.72
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125.81
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77
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PBT
before EO
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620.61
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363.6
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71
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1953.2
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1421.9
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37
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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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PBT
after EO
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620.61
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363.6
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71
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1953.2
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1421.9
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37
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Taxation
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139.37
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85.65
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63
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450.93
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249.35
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81
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PAT
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481.24
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277.95
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73
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1502.27
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1172.55
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28
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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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Net
profit
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481.24
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277.95
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73
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1502.27
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1172.55
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28
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EPS
(Rs)*
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#
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#
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21.5
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16.8
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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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