Purchase of natural gas as a percentage of net sales (net of stock adjustment) fell 400 bps to 55.2% while employee benefit expenses fell 50 bps to 1.8% and other expenses increased 340 bps to 21.7%.

Other income of the company rose to Rs 20.88 crore compared to Rs 6.55 crore in Q4FY'16. Interest cost was Rs 1.21 crore compared to Rs 1.91 crore in the corresponding previous year period. Depreciation rose 37% to Rs 24.37 crore. PBT as a result rose 26% to Rs 207.49 crore. The effective tax rate rose 160 bps to 35.4% post, which the company's net profit was up 23% at Rs 134.07 crore.

During Q4FY17, CNG sales volume has increased by 11% and PNG sales volumes increased by 25% over Q4FY16. On an overall basis there is 16% increase in sales volume during this quarter over corresponding quarter of FY16.

Performance for the year ended March 2017

For year ended March 2017, Net sales of the company excluding excise duty rose 3% to Rs 3814.78 crore compared to corresponding previous year quarter. Product wise, CNG recorded sales turnover of Rs. 3286 crores, registering a growth of 7% and PNG recorded sales turnover of Rs. 919 crores registering a decline of 6% over previous year. In spite of increase in sales volume, PNG sales value has decreased because of decrease in the average selling price of PNG segment by 20% mainly on account of reduction in prices of industrial & Commercial segment due to substantial reduction in the price of Term-RLNG in the month of January 2016.

Operating margins of the company rose 420 bps to 25.3%. Purchase of natural gas as a percentage of net sales (net of stock adjustment) fell 710 bps to 54.6% while employee benefit expenses rose 30 bps to 2.4% and other expenses increased 260 bps to 17.7%. As a result operating profit of the company rose 24% to Rs 963.75 crore.

Other income of the company rose 118% to Rs 65.22 crore compared to Rs 29.89 crore in FY'16. Interest cost was Rs 1.21 crore compared to Rs 9.92 crore in the corresponding previous year period. Depreciation rose 7% to Rs 167.07 crore. PBT as a result rose 35% to Rs 860.69 crore. The effective tax rate fell 70 bps to 33.6% post, which the company's net profit was up 36% at Rs 571.07 crore.

During FY17, sales volume increased from 1465 million scm in FY 16 to 1675 million scm showing a growth of 14% over FY16. CNG sales volume increased by 10% and PNG sales volumes increased 19% over FY16.

The scrip is currently trading at Rs 1018 on the BSE.