Indraprastha Gas Q4 Review - No Major Surprises: Nirmal Bang
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Nirmal Bang Report
Indraprastha Gas Ltd. reported consolidated Q4 FY21 profit after tax at Rs 3.75 billion, up 29% YoY and was 2.45%/2.9% beat versus our/street estimate.
Revenue was a tad lower at Rs 15.5 billion versus our estimate of Rs 15.57 billion.
Total gas volume at 614 million standard cubic meter was just 0.5% below our estimate.
Gross/Ebitda margin beat our estimates by 36 basis points/157 basis points as gas cost/operating expenditure came in below our estimates.
Compressed natural gas volume was down 2.6% while piped natural gas volume was up 5.2% versus our estimates.
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