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Dolat Capital Report
Indraprastha Gas Ltd. volume at 6.82 million metric standard cubic meter per day (up 9.5% YoY) with realisations of Rs 25.1 per standard cubic meter (down 7.5% YoY) was in line with our estimates.
Volumes in compressed natural gas segment grew 7%, strong performance from industrial segment which showed a growth of 27%, commercial segment de-grew 13% and domestic piped natural gas segment grew 10% YoY.
Ebitda/scm grew 20.5% YoY at Rs 8/scm. Gas cost de-grew 20.1% in YoY and grew by 10.6% sequentially to Rs 11.6/scm.
Gross spreads were strong at Rs 13.4 per scm.
Maintenance of spreads at gross and Ebitda levels will be the key monitorable to be watched out for.
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