Company Update : Indraprastha Gas Ltd by Motilal Oswal Financial Services Ltd
EBITDA/scm margin below our estimate; volume growth disappoints
* Total volumes were slightly below our estimate at 9.31mmscmd (our est.: 9.66mmscmd), up 3% YoY.
* CNG and PNG volumes stood 4%/3% below our estimate.
* EBITDA/scm came in 9% below our estimate at INR5.2.
* Realization decreased ~INR0.1/scm QoQ; gas costs rose ~INR1.5 per scm QoQ, while opex declined ~INR0.6 per scm QoQ.
* The resulting EBITDA was 13% below our est. at INR4.4b (-17% YoY).
* IGL’s PAT came in 7% below our est. at INR3.7b (-14% YoY), as other income was above our estimate.
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