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Results
25-Oct-22
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Analysis
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Indraprastha Gas
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Sales up 94%, OP down 1%
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Indraprastha Gas consolidated net sales
increased 94.08% to Rs 3554.01 crore in Q2FY23 compared to Q2FY22. Operating profit margin has declined from
28.95% to 14.84%, leading to 0.50% decline in operating profit to Rs 527.52
crore. Purchase of finished goods cost
rose from 50.74% to 73.42%. Employee cost decreased from 2.86% to 1.40%. Other expenses fell from 17.48% to
10.34%.
Other income rose 21.26% to Rs 50.99
crore. PBIDT rose 1.10% to Rs 578.51
crore. Provision for interest rose
20.31% to Rs 3.08 crore.
PBDT rose 1.01% to Rs 575.43 crore. Provision for depreciation rose 13.61% to Rs
91.43 crore.
Profit before tax down 1.06% to Rs 484.00
crore. Share of profit/loss was 30.29%
higher at Rs 69.69 crore. Provision for
tax was expense of Rs 126.85 crore, compared to Rs 124.05 crore. Effective tax rate was 22.91% compared to
22.86%.
Minority interest was nil in both the
periods. Net profit attributable to
owners of the company increased 1.96% to Rs 426.84 crore.
Equity capital stood at Rs 140.00 crore as of
30 September 2022 to Rs 140.00 crore as of 30 September 2021. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 45.00% as of 30
September 2022 ,compared to 45.00% as of 30 September 2021 .
For
year-to-date (YTD) results analysis
Net sales of Indraprastha Gas have increased
118.48% to Rs 6747.86 crore.
Operating profit margin has declined from
29.50% to 16.96%, leading to 25.61% rise in operating profit to Rs 1,144.40
crore. Purchase of finished goods cost
rose from 48.28% to 70.85%. Employee
cost decreased from 2.91% to 1.45%.
Other expenses fell from 19.33% to 10.75%.
Other income rose 13.70% to Rs 81.73
crore. PBIDT rose 24.74% to Rs 1226.13
crore. Provision for interest fell 1.27%
to Rs 5.43 crore.
PBDT rose 24.89% to Rs 1220.7 crore. Provision for depreciation rose 11.88% to Rs
177.1 crore.
Profit before tax grew 27.40% to Rs 1,043.60
crore. Share of profit/loss was 49.97%
higher at Rs 130.7 crore. Provision for
tax was expense of Rs 266.22 crore, compared to Rs 209.7 crore. Effective tax rate was 22.67% compared to
23.14%.
Minority interest was nil in both the
periods. Net profit attributable to
owners of the company increased 30.36% to Rs 908.08 crore.
Equity capital stood at Rs 140.00 crore as of
30 September 2022 to Rs 140.00 crore as of 30 September 2021. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 45.00% as of 30
September 2022 compared to 45.00% as of 30 September 2021 .
During H1FY23, CNG sales volume has increased
by 34% to 1100.05 million standard cubic metres (mscm) and PNG sales volumes
increased 10% to 361.96 mscm. On an overall basis there is 27% increase in
sales volume during this period to 1462.01 mscm over corresponding period of FY22.
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 383 on
the BSE.
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Indraprastha Gas : Consolidated
Results
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Particulars
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2209
(03)
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2109
(03)
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Var.(%)
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2209
(06)
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2109
(06)
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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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3,554.01
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1,831.19
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94
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6,747.86
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3,088.58
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118
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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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14.8
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29.0
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17.0
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29.5
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24.40
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30.0
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OP
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527.52
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530.18
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-1
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1,144.40
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911.04
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26
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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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50.99
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42.05
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21
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81.73
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71.88
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14
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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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578.51
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572.23
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1
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1,226.13
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982.92
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25
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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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3.08
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2.56
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20
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5.43
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5.5
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-1
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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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575.43
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569.67
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1
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1,220.70
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977.42
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25
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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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91.43
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80.48
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14
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177.1
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158.29
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12
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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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484
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489.19
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-1
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1043.6
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819.13
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27
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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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69.69
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53.49
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30
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130.7
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87.15
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50
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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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553.69
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542.68
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2
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1174.3
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906.28
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30
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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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0
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0
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-
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PBT
after EO
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553.69
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542.68
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2
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1174.3
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906.28
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30
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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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126.85
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124.05
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2
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266.22
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209.7
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27
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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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426.84
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418.63
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2
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908.08
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696.58
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30
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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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0
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0
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-
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Net
profit
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426.84
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418.63
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2
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908.08
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696.58
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30
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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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#
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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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