Dolat Capital: Indraprastha Gas Q2 Review - Volume On Recovery Path With Decline In Realisations; Strong Spreads Maintained

Dolat Capital: Indraprastha Gas Q2 Review - Volume On Recovery Path With Decline In Realisations; Strong Spreads Maintained

Vehicles wait in line to be refueled with compressed natural gas at an Indraprastha Gas Ltd. gas station in New Delhi, India. (Photographer: Prashanth Vishwanathan/Bloomberg)  

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Dolat Capital Report

Indraprastha Gas Ltd. volume at 5.5 million metric standard cubic meter per day (down 16.4% YoY) with realisations of Rs 25.7 per standard cubic meter (down 7.9% YoY) was above our estimates.

Volumes in compressed natural gas segment de-grew 20%, while Industrial/commercial segment was flat with strong performance in domestic piped natural gas segment of 21% YoY.

Ebitda/scm grew 24% YoY at Rs 8/scm. Gas cost de-grew 26.3% YoY and was flat sequentially at Rs 12.1/scm.

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Dolat Capital Indraprastha Gas Q2FY21 Result Update.pdf
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