Company Update : IGL Ltd by Motilal Oswal Financial Services Ltd
In-line performance; volume growth disappoints
* Total volumes were slightly below our estimate at 9.42mmscmd (our est.: 9.53mmscmd), up 3% YoY.
* CNG and PNG volumes stood 1%/3% below est.
* EBITDA/scm (adjusted for the labor code impact of INR293m) came in 5% above our est. at INR5.8.
* Realization decreased ~INR0.1/scm QoQ and gas costs decreased ~INR0.9/scm QoQ, while opex increased ~INR0.2/scm QoQ.
* Resulting adj. EBITDA was 4% above our estimate at INR5b (+38% YoY).
* IGL’s adj. PAT came in line with our est. at INR3.8b (+33% YoY).
* The Board has declared an interim dividend of INR3.25/sh (FV: INR2/sh).
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