Indraprastha Gas

NP down 86%

Aug 27, 2020 11:08 IST capital market

Indraprastha Gas net sales excluding excise duty fell 59% during Q1FY21 to Rs 638.57 crore compared to corresponding previous year quarter. The Ministry of Home has notified natural gas supply among the essential services which continued to operate within the locklown period in the crisis situation of COVlD 19. However, owing to reduction in demand due to restrictions in vehicular movement, the sales at the CNG stations were impacted. Similarly, demand from industrial and commercial customers were also impacted due to the lockdown. However, from June 2020, the demand has been gradually increasing in both industrial and CNG category

Product wise, CNG (Compressed natural gas) recorded sales of Rs. 375 crore, registering a 68% de-growth and PNG (piped natural gas) recorded sales of Rs. 258 crore also registering a 35% de-growth over previous year. Operating margins of the company fell 970 bps to 13.1%. As a result operating profit of the company fell 77% to Rs 83.44 crore.

Other income of the company fell to Rs 30.63 crore compared to Rs 35.4 crore in Q1FY20. Interest cost was Rs 2.37 crore compared to Rs 1.63 crore in the corresponding previous year period. Depreciation rose 13% to Rs 68.17 crore. PBT as a result fell 87% to Rs 43.53 crore. The effective tax rate fell 350 bps to 32.8% post, which the companys net profit was down 86% at Rs 29.26 crore. Further considering share of profit of associate net profit fell 86% to Rs 35.18 crore

During Q1FY21, CNG sales volume has decreased by 66% to 105 million kgs and PNG sales volumes decreased by 30% over Q1 of FY20 to 101 MMSCM. On an overall basis there is 57% decrease in sales volume during this quarter to 247 MMSCM over corresponding quarter of FY20.

Performance for year ended Mar20

For year ended Mar20, Net sales of the company excluding excise duty rose 12% to Rs 6485.27 crore compared to corresponding previous year quarter.

Operating margins of the company rose 160 bps to 23.4%. As a result operating profit of the company rose 21% to Rs 1519.64 crore.

Other income of the company rose 11% to Rs 143.18 crore compared to Rs 128.45 crore in FY19. Interest cost was Rs 8.12 crore compared to Rs 2.05 crore in the corresponding previous year period. Depreciation rose 25% to Rs 252.25 crore. PBT as a result rose 19% to Rs 1402.45 crore. The effective tax rate fell 1420 bps to 21.9% post, which the companys PAT was up 45% at Rs 1094.94 crore. Further considering share of profit of associate net profit rose 48% to Rs 1248.99 crore

The scrip is currently trading at Rs 408 on the BSE.

Indraprashtha Gas : Results

 

Particulars 2006 (3) 1906 (3) Var. (%) 2003 (12) 1903 (12) Var. (%)
Income from Operations 638.57 1,576.12 -59 6485.27 5764.84 12
OPM (%) 13.1 22.7 23.4 21.8
OP 83.44 358.46 -77 1519.64 1256.98 21
Other income 30.63 35.40 -13 143.18 128.45 11
PBIDT 114.07 393.86 -71 1662.82 1385.43 20
Interest 2.37 1.63 999 8.12 2.05 296
PBDT 111.70 392.23 -72 1654.70 1383.38 20
Depreciation 68.17 60.47 13 252.25 201.07 25
PBT 43.53 331.76 -87 1402.45 1182.31 19
Tax Expenses 14.27 120.31 -88 307.51 427.17 -28
PAT 29.26 211.45 -86 1094.94 755.14 45
Share of profit of Associates 5.92 33.59 -82 154.05 86.96 77
Net Profit 35.18 245.04 -86 1248.99 842.10 48
EPS (Rs)* # # 17.8 12.0
EPS on current equity of Rs 140.00 crore. Face Value: Rs 2 each
# EPS not annualized due to seasonality of business
LP: Loss to Profit PL: Profit to Loss;EO: Extraordinary items
Var. (%) exceeding 999 has been truncated to 999
EPS is calculated after excluding EO and relevant tax
Figures in Rs crore
Source: Capitaline Corporate Database

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