Indraprastha Gas Q4 Results Review: Systematix Maintains 'Buy' On Strong Margin Guidance

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Systematix Report

Indraprastha Gas Ltd. reported better-than-expected results with revenue/Ebitda/PAT beating estimates by 2.5%/15.3%/2.3%, supported by strong CNG and PNG volume growth. Total volumes rose 5.2% YoY to 9.2 mmscmd. PNG volumes grew 5% YoY, while CNG rose 5.2% YoY but remained flat QoQ.

Higher gas costs due to lower APM allocation impacted margins, though sequential Ebitda improved on higher customer pricing.

Ebitda margin expanded 290 bps QoQ to 12.6%. PAT came in at Rs 2.5 billion, down 8.8% YoY but up 22.2% QoQ.

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