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Indraprasth Gas
Indraprastha Gas reported its 2QFY2012 results. Net sales growth of 34.0%
yoy to `597cr was driven by higher sales as well as realization. CNG and PNG
volumes increased by 14.4% and 62.2% yoy to 177.4mn kg and 68.2mmscm,
respectively. Average CNG realization increased by 8.5% yoy to `29.6/kg,
mainly due to hike in prices of CNG from `29.8/kg to `30/kg. Average PNG
realization increased by 45.5% yoy to `20.4/scm as the company had hiked
price by `3/scm during September 2011. However, raw-material costs
increased by 40.7% yoy to `358cr. Hence, despite higher growth in net sales,
EBITDA grew only by 27.4% yoy to `158cr in 2QFY2012. EBITDA margin
slipped by 303bp yoy to 26.4% in 2QFY2012. Further, interest expense stood
at `12cr in 2QFY2012 compared to `2cr in 2QFY2011. Hence, net profit
grew by 17.8 % yoy to `77cr. We maintain our Neutral view on the stock.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Indraprasth Gas
Indraprastha Gas reported its 2QFY2012 results. Net sales growth of 34.0%
yoy to `597cr was driven by higher sales as well as realization. CNG and PNG
volumes increased by 14.4% and 62.2% yoy to 177.4mn kg and 68.2mmscm,
respectively. Average CNG realization increased by 8.5% yoy to `29.6/kg,
mainly due to hike in prices of CNG from `29.8/kg to `30/kg. Average PNG
realization increased by 45.5% yoy to `20.4/scm as the company had hiked
price by `3/scm during September 2011. However, raw-material costs
increased by 40.7% yoy to `358cr. Hence, despite higher growth in net sales,
EBITDA grew only by 27.4% yoy to `158cr in 2QFY2012. EBITDA margin
slipped by 303bp yoy to 26.4% in 2QFY2012. Further, interest expense stood
at `12cr in 2QFY2012 compared to `2cr in 2QFY2011. Hence, net profit
grew by 17.8 % yoy to `77cr. We maintain our Neutral view on the stock.
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