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Indraprastha Gas net sales excluding excise duty rose 17% during Q2FY'18 to Rs 1126.09 crore compared to corresponding previous year quarter. Product wise, CNG (Compressed natural gas) recorded sales of Rs. 962 crore, registering a growth of 14% and PNG (piped natural gas) recorded sales of Rs. 279 crore registering a growth of 23% over previous year. Operating margins of the company rose 30 bps to 25%. As a result operating profit of the company rose 18% to Rs 281.59 crore.
Cost of natural gas as a percentage of net sales (net of stock adjustment) fell 270 bps to 52.7% while employee benefit expenses fell 10 bps to 2.3% and other expenses increased 250 bps to 20%.
Other income of the company rose to Rs 24.97 crore compared to Rs 21.08 crore in Q2FY'17. Interest cost was Rs 0.36 crore compared to Rs 0.25 crore in the corresponding previous year period. Depreciation rose 7% to Rs 45.02 crore. PBT as a result rose 20% to Rs 261.18 crore. The effective tax rate rose 160 bps to 35.3% post, which the company's net profit was up 17% at Rs 168.87 crore.
During Q2FY18, CNG sales volume has increased by 9% to 257 million kgs and PNG sales volumes increased by 18% to 120 million scm (standard cubic meter) over Q2FY17. On an overall basis there is 14% increase in sales volume to 480 million scm during this quarter over corresponding quarter of FY17
Performance for the half year ended September 2017
For half year ended September 2017, Net sales of the company excluding excise duty rose 17% to Rs 2175.31 crore compared to corresponding previous year quarter. Product wise, CNG recorded sales turnover of Rs. 1863 crore, registering a growth of 14% and PNG recorded sales turnover of Rs. 535 crore up by 25%.
Operating margins of the company fell 70 bps to 25.7%. Cost of natural gas as a percentage of net sales (net of stock adjustment) fell 180 bps to 52.5% while employee benefit expenses fell 20 bps to 2.3% and other expenses increased 260 bps to 19.5%. As a result operating profit of the company rose 13% to Rs 558.9 crore.
Other income of the company rose 47% to Rs 42.85 crore compared to Rs 29.11 crore in H1FY'17. Interest cost was Rs 0.72 crore compared to Rs 0.5 crore in the corresponding previous year period. Depreciation rose 8% to Rs 88.92 crore. PBT as a result rose 17% to Rs 512.11 crore. The effective tax rate rose 210 bps to 35.5% post, which the company's net profit was up 13% at Rs 330.13 crore.
During H1FY18, sales volume increased from 816 million scm in H1FY17 to 926 million scm showing a increase of 13%. CNG sales volume increased by 11% to 505 million kgs and PNG sales volumes increased 17% to 229 million scm.
The scrip is currently trading at Rs 318 on the BSE.
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