Indraprastha Gas Q4 Review - Ebitda/scm Normalises; Stronger Crosswinds Ahead: Motilal Oswal

An employee refuels a vehicle with compressed natural gas at an Indraprastha Gas Ltd. gas station in New Delhi. (Photographer: Prashanth Vishwanathan/Bloomberg)

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.

Click on the attachment to read the full report:

Motilal Oswal IGL Q4FY21 Result Update.pdf

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