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ICICI Securities Report
Indraprastha Gas Ltd.’s Q4 FY21 standalone earnings per share was up 31% YoY driven by margin increase due to price hikes in compressed natural gas and piped natural gas; volumes were up QoQ and YoY.
FY21 standalone recurring earnings was down 6% YoY despite 18% YoY rise in margin, hit by 17% YoY volume fall.
Consolidated Q4 earnings rise was less steep than standalone at 29% due to 9% YoY fall in share of profit of associates.
Factoring in the impact on Q1 volumes due to lockdown has meant cut in FY22E volume estimate by 4%.
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