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Results
13-May-23
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Analysis
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Indraprastha Gas
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Sales volume increase 7% in Q4FY23
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Indraprastha Gas consolidated net sales
increased 53.25% to Rs 3687.18 crore in Q4FY23 compared to Q4FY22. Operating profit margin has declined from
20.80% to 12.65%, leading to 6.83% decline in operating profit to Rs 466.28
crore. Purchase of finished goods cost
rose from 63.10% to 75.75%. Employee
cost decreased from 1.60% to 1.27%.
Other expenses fell from 14.50% to 10.35%.
Other income fell 12.03% to Rs 65.44
crore. PBIDT fell 7.50% to Rs 531.72
crore. Provision for interest fell
47.75% to Rs 2.55 crore.
PBDT fell 7.16% to Rs 529.17 crore. Provision for depreciation rose 24.58% to Rs
93.77 crore.
Profit before tax was down 11.99% to Rs
435.40 crore. Share of profit/loss was
6.32% lower at Rs 67.76 crore. Provision
for tax was expense of Rs 105.65 crore, compared to Rs 136.1 crore. Effective tax rate was 21.00% compared to
24.00%.
Minority interest was nil in both the
periods. Net profit attributable to
owners of the company decreased 7.76% to Rs 397.51 crore.
Equity capital stood at Rs 140.00 crore as of
31 March 2023 to Rs 140.00 crore as of 31 March 2022. Per share face Value remained same at Rs
2.00.
Promoters’ stake was 45.00% as of 31 March
2023 compared to 45.00% as of 31 March 2022.
During Q4FY23, CNG sales volume has increased
by 8% to 550 million standard cubic metres (mscm) and PNG sales volumes
increased 3% to 193 mscm. On an overall basis there is 7% increase in sales
volume during this period to 743 mscm over corresponding period of FY22.
Full
year results analysis
Net sales of Indraprastha Gas have increased
83.48% to Rs 14145.85 crore. Operating profit margin has declined from 24.40%
to 14.42%, leading to 8.43% rise in operating profit to Rs 2,039.78 crore. Purchase of finished goods cost rose from
56.99% to 73.78%. Employee cost
decreased from 2.28% to 1.33%. Other
expenses fell from 16.34% to 10.47%.
Other income rose 12.95% to Rs 202.91
crore. PBIDT rose 8.83% to Rs 2242.69
crore. Provision for interest fell
19.83% to Rs 10.59 crore. Loan funds
declined from Rs 107.64 crore as of 31 March 2022 to Rs 82.77 crore as of 31
March 2023. Inventories rose to Rs 49.17
crore as of 31 March 2023 from Rs 45.52 crore as of 31 March 2022. Sundry debtors were higher at Rs 903.35 crore
as of 31 March 2023 compared to Rs 520.56 crore as of 31 March 2022. Cash and bank balance rose to Rs 2,633.23
crore as of 31 March 2023 from Rs 1,361.64 crore as of 31 March 2022. Investments declined from Rs 2,625.69 crore
as of 31 March 2022 to Rs 1,521.93 crore as of 31 March 2023.
PBDT rose 9.01% to Rs 2232.1 crore. Provision for depreciation rose 14.60% to Rs
363.36 crore. Fixed assets increased to
Rs 7,154.28 crore as of 31 March 2023 from Rs 6,368.21 crore as of 31 March
2022. Intangible assets increased from
Rs 12.13 crore to Rs 13.00 crore.
Profit before tax grew 7.99% to Rs 1,868.74
crore. Share of profit/loss was 13.88%
higher at Rs 253.63 crore. Provision for
tax was expense of Rs 482.72 crore, compared to Rs 450.93 crore. Effective tax rate was 22.74% compared to
23.09%.
Minority interest was nil in both the
periods. Net profit attributable to
owners of the company increased 9.14% to Rs 1,639.65 crore.
Equity capital stood at Rs 140.00 crore as of
31 March 2023 to Rs 140.00 crore as of 31 March 2022. Per share face Value remained same at Rs
2.00.
Promoters’ stake was 45.00% as of 31 March
2023 ,compared to 45.00% as of 31 March 2022 .
Cash flow from operating activities increased
to Rs 2,230.59 crore for year ended March 2023 from Rs 1,897.90 crore for year
ended March 2022. Cash flow used in acquiring
fixed assets during the year ended March 2023 stood at Rs 1,122.05 crore,
compared to Rs 1,336.95 crore during the year ended March 2022.
During FY23, CNG sales volume has increased
by 20% to 2209 million standard cubic metres (mscm) and PNG sales volumes
increased 6% to 743 mscm. On an overall basis there is 16% increase in sales
volume during this period to 2952 mscm over FY22.
The scrip is currently trading at Rs 489 on
the BSE.
Indraprastha Gas : Consolidated
Results
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Particulars
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2303
(03)
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2203
(03)
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Var.(%)
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2303
(12)
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2203
(12)
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Var.(%)
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Net
Sales
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3,687.18
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2,405.92
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53
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14,145.85
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7,709.96
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83
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OPM
(%)
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12.65
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20.8
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14.42
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24.4
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OP
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466.28
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500.46
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-7
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2,039.78
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1,881.11
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8
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Other
Inc.
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65.44
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74.39
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-12
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202.91
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179.64
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13
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PBIDT
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531.72
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574.85
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-8
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2,242.69
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2,060.75
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9
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Interest
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2.55
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4.88
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-48
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10.59
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13.21
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-20
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PBDT
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529.17
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569.97
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-7
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2,232.10
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2,047.54
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9
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Depreciation
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93.77
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75.27
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25
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363.36
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317.06
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15
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PBT
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435.4
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494.7
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-12
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1868.74
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1730.48
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8
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Share
of Profit/(Loss) from Associates
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67.76
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72.33
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-6
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253.63
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222.72
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14
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PBT
before EO
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503.16
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567.03
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-11
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2122.37
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1953.2
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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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PBT
after EO
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503.16
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567.03
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-11
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2122.37
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1953.2
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9
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Taxation
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105.65
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136.1
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-22
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482.72
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450.93
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7
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PAT
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397.51
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430.93
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-8
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1639.65
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1502.27
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9
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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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397.51
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430.93
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-8
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1639.65
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1502.27
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9
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EPS
(Rs)*
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#
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#
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23.42
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21.46
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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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