Dolat Capital: Indraprastha Gas - Lockdown Impacted Volumes And Realisations; Strong Spreads Maintained 
A gas pipeline at Jawaharlal Nehru Port in Navi Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

Dolat Capital: Indraprastha Gas - Lockdown Impacted Volumes And Realisations; Strong Spreads Maintained 

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Dolat Capital Report

Indraprastha Gas Ltd. volume at 2.71 million metric standard cubic meter per day (down 56.6% YoY) with realizations of Rs 25.6 per standard cubic meter (down 7.1% YoY) was below our estimates.

Volumes in compressed natural gas segment took a bigger hit followed by de-growth in Industrial/commercial segment with strong performance in domestic piped natural gas segment of 39% YoY.

Ebitda/scm de-grew 46.4'% YoY and 49.2% at Rs 3.38/scm. Gas cost de-grew 25.4% in YoY and 17% sequentially to Rs 12.1/scm.

Gross spreads were strong at Rs 13.54 per SCM. Maintenance of spreads at gross and Ebitda levels will be the key monitorable to be watched out for.

Click on the attachment to read the full report:

Dolat Capital Indraprastha Gas Q1FY21 Result Update.pdf

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