IGL Q4 Review - Volumes Returned To Pre Covid-19 Levels With Strong Spreads Maintained: Dolat Capital
Vehicles wait in line to be refueled with compressed natural gas (CNG) at an Indraprastha Gas Ltd. gas station in New Delhi, India. (Photographer: Prashanth Vishwanathan/Bloomberg)

IGL Q4 Review - Volumes Returned To Pre Covid-19 Levels With Strong Spreads Maintained: Dolat Capital

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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.

Click on the attachment to read the full report:

Dolat Capital Indraprastha Gas Q4FY21 Result Update.pdf

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