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Result Review - 3QFY2011
Indraprastha Gas
IGL’s 3QFY2011 result was marginally below our expectation on the top-line as well as
bottom-line fronts. Top-line registered a growth of 59.7% yoy to `457cr (`286cr) as
against our expectation of `463cr. CNG volumes increased 13.7% yoy to 154.8mn kg
(136.1mn kg), which was below our expectation of 157.6mnkg. PNG volumes increased
92.4% yoy to 43.3mmscm (22.5mmscm), which was also below our expectation of
47mmscm. Overall, total volumes came in at 246.1mmscm (194.6mmscm), which was
below our expectation of 253.4mmscm. Gas cost per scm on a yoy basis increased to
`10.6/scm (`6.2/scm) v/s our expectation of `10.8/scm, on account of the increase in
APM gas price on June 8, 2010 and procurement of RLNG and KG-D6 gas for
incremental volume growth. OPM during the quarter contracted by 843bp yoy to 28.3%
(36.7%) due to higher gas prices and increased contribution from the domestic PNG
segment. Operating profit grew 23% yoy to `129.3cr (`105.1cr) mainly on account of
higher volume growth. Depreciation increased 32.8% yoy to `26.2cr (`19.7cr) on the back
of capex done over the last one year. Interest cost also came in higher at `4cr, which we
had estimated to be nil. Bottom-line for the quarter came in at `67.2cr (`58.9cr), up 14%
yoy and was marginally lower than our expectation primarily due to higher interest cost
and lower-than-expected other income. We had projected bottom-line of `70.2cr for the
quarter. We maintain our Neutral view on the stock.
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