IGL Q2FY23 PAT up 1.96% at Rs426.84 crore sales prices fail to rise in sync with input costs

25 Oct 2022 , 01:42 PM

Indraprastha Gas reported 94.55% growth in total revenues for the September 2022 quarter on consolidated basis at Rs3,922 crore.

Revenue growth was 11.09% in sequential terms. Total volumes in the quarter were up 12% at 744.17 million SCM.

In terms of product break-up, the CNG volumes were up 15% while the PNG-domestic volumes were up 11%. Growth in natural gas volumes and industrial PNG were flat yoy.

The revenue growth of 94.5% was largely led by 103% growth in CNG followed by 74% growth in PNG realizations.

Consolidated Profit after tax (PAT) for September 2022 quarter was up 1.96% at Rs426.84cr but it was -11.30% lower on sequential basis.

On a yoy basis, the EBITDA was lower by -1% at Rs527 crore, since the prices were not allowed to be raised in sync with the input costs. EBITDA margins, as a result, fell sharply from 29% in Q2FY22 to just 15% in Q2FY23.

PAT margins at 10.88% were lower than net margins at 20.77% in the year ago quarter and at 13.63% in the sequential quarter. Cost pressure is evident in the spike in raw materials.

Financial highlights for Sep-22 compared yoy and sequentially

	Indraprastha Gas
Rs in Crore	Sep-22	Sep-21	YOY	Jun-22	QOQ
Total Income (Rs cr)	₹ 3,922.02	₹ 2,015.99	94.55%	₹ 3,530.34	11.09%
Net Profit (Rs cr)	₹ 426.84	₹ 418.63	1.96%	₹ 481.24	-11.30%
Diluted EPS (Rs)	₹ 6.19	₹ 5.98		₹ 6.87
Net Margins	10.88%	20.77%		13.63%