Capitaline

Results 16-Aug-21

Analysis

Indraprastha Gas

Sales up 97%, OP up 356%

Indraprastha Gas consolidated net sales increased 96.91% to Rs 1257.39 crore in Q1FY22 compared to Q1FY21. CNG (Compressed natural gas) recorded sales of Rs. 850.13 crore, registering a 127% growth and PNG (piped natural gas) recorded sales of Rs. 398.27 crore registering a 54% growth over previous year.

Operating profit margin has jumped from 13.07% to 30.29%, leading to 356.45% rise in operating profit to Rs 380.86 crore. Purchase of finished goods cost fell from 46.80% to 44.70%. Employee cost decreased from 4.92% to 2.97%. Other expenses fell from 35.20% to 22.04%.

Other income fell 2.61% to Rs 29.83 crore. PBIDT rose 260.03% to Rs 410.69 crore. Provision for interest rose 24.05% to Rs 2.94 crore.

PBDT rose 265.04% to Rs 407.75 crore. Provision for depreciation rose 14.14% to Rs 77.81 crore.

Profit before tax grew 657.96% to Rs 329.94 crore. Share of profit/loss was 468.58% higher at Rs 33.66 crore. Provision for tax was expense of Rs 85.65 crore, compared to Rs 14.27 crore. Effective tax rate was 23.56% compared to 28.86%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 690.08% to Rs 277.95 crore.

During Q1FY22, CNG sales volume has increased by 126% to 331.78 million standard cubic metres (mscm) and PNG sales volumes increased 5% to 151.99 mscm. On an overall basis there is 96% increase in sales volume during this quarter to 483.77 mscm over corresponding quarter of FY21.

Promoters’ stake was 45.00% as of 30 June 2021 compared to 45.00% as of 30 June 2020 .

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 544 on the BSE.

Indraprastha Gas : Consolidated Results
Particulars	2106 (03)	2006 (03)	Var.(%)	2103 (12)	2003 (12)	Var.(%)
Net Sales	1,257.39	638.57	97	4,940.80	6,485.27	-24
OPM (%)	30.3	13.1		30.0	23.4
OP	380.86	83.44	356	1,482.99	1,519.64	-2
Other Inc.	29.83	30.63	-3	114.83	143.18	-20
PBIDT	410.69	114.07	260	1,597.82	1,662.82	-4
Interest	2.94	2.37	24	11.34	8.12	40
PBDT	407.75	111.7	265	1,586.48	1,654.70	-4
Depreciation	77.81	68.17	14	290.39	252.25	15
PBT	329.94	43.53	658	1296.09	1402.45	-8
Share of Profit/(Loss) from Associates	33.66	5.92	469	125.81	154.05	-18
PBT before EO	363.6	49.45	635	1421.9	1556.5	-9
EO Income	0	0	-	0	0	-
PBT after EO	363.6	49.45	635	1421.9	1556.5	-9
Taxation	85.65	14.27	500	249.35	307.51	-19
PAT	277.95	35.18	690	1172.55	1248.99	-6
Minority Interest (MI)	0	0	-	0	0	-
Net profit	277.95	35.18	690	1172.55	1248.99	-6
EPS (Rs)*	#	#		16.8	17.8
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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