Indraprastha Gas Q4 Review - Ebitda/scm Normalises; Stronger Crosswinds Ahead: Motilal Oswal
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Motilal Oswal Report
Indraprastha Gas Ltd. reported a mixed bag result, with lower than our estimate Ebitda/standard cubic meter (at Rs 8) and higher than our estimate volumes (at 6.8 million metric standard cubic meter per day)- translating to in line Ebitda at Rs 4.9 billion (up 31% YoY).
Compressed natural gas volumes rose 8% YoY, although down versus pre-Covid-19 levels of 4.92mmscmd (in Q2-Q3 FY20).
Ebitda/scm was lower than our estimate due to higher opex, despite the company taking a compressed natural gas price hike of Rs 0.7/kilogram in Q4 FY21 to compensate for the increase in cost.
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