Capitaline

Results 24-Jul-23

Analysis

Indraprastha Gas

Sales volume increase 4% in Q1FY24

Indraprastha Gas consolidated net sales increased 6.67% to Rs 3406.99 crore in Q1FY24 compared to Q1FY23. Operating profit margin has declined from 19.33% to 18.85%, leading to 4.03% rise in operating profit to Rs 642.38 crore. Purchase of finished goods cost rose from 67.98% to 68.49%. Employee cost decreased from 1.50% to 1.49%. Other expenses fell from 11.19% to 11.15%.

Other income rose 48.54% to Rs 45.66 crore. PBIDT rose 6.14% to Rs 688.04 crore. Provision for interest rose 0.85% to Rs 2.37 crore.

PBDT rose 6.16% to Rs 685.67 crore. Provision for depreciation rose 15.48% to Rs 98.93 crore.

Profit before tax grew 4.73% to Rs 586.74 crore. Share of profit/loss was 38.44% higher at Rs 83.59 crore. Provision for tax was expense of Rs 148.34 crore, compared to Rs 139.37 crore. Effective tax rate was 22.13% compared to 22.46%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 8.47% to Rs 521.99 crore.

Promoters’ stake was 45.00% as of 30 June 2023 ,compared to 45.00% as of 30 June 2022. .

During Q1FY24, CNG sales volume has increased by 4% to 561.42 million standard cubic metres (mscm) and PNG sales volumes increased 4% to 184.77 mscm. On an overall basis there is 4% increase in sales volume during this period to 746.19 mscm over corresponding period of FY23.

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 470 on the BSE.

Indraprastha Gas : Consolidated Results
Particulars	2306 (03)	2206 (03)	Var.(%)	2303 (12)	2203 (12)	Var.(%)
Net Sales	3,406.99	3,193.85	7	14,145.85	7,709.96	83
OPM (%)	18.9	19.3		14.42	24.4
OP	642.38	617.51	4	2,039.78	1,881.11	8
Other Inc.	45.66	30.74	49	202.91	179.64	13
PBIDT	688.04	648.25	6	2,242.69	2,060.75	9
Interest	2.37	2.35	1	10.59	13.21	-20
PBDT	685.67	645.9	6	2,232.10	2,047.54	9
Depreciation	98.93	85.67	15	363.36	317.06	15
PBT	586.74	560.23	5	1868.74	1730.48	8
Share of Profit/(Loss) from Associates	83.59	60.38	38	253.63	222.72	14
PBT before EO	670.33	620.61	8	2122.37	1953.2	9
EO Income	0	0	-	0	0	-
PBT after EO	670.33	620.61	8	2122.37	1953.2	9
Taxation	148.34	139.37	6	482.72	450.93	7
PAT	521.99	481.24	8	1639.65	1502.27	9
Minority Interest (MI)	0	0	-	0	0	-
Net profit	521.99	481.24	8	1639.65	1502.27	9
EPS (Rs)*	#	#		23.4	21.5
Notes
* EPS is on current equity of Rs 140.00 crore, Face value of Rs 2, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database

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