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Nirmal Bang Report
Indrapratha Gas Ltd. reported consolidated Q2 FY23 profit after tax of Rs 4.3 billion, up 2% YoY and a 1.7%/1.9% beat on our/street estimates.
Revenue at Rs 35.54 billion was 3.5% above our estimate, while total gas volume at 8.09 million metric standard cubic meter per day saw a 3.7% beat and price per standard cubic meter was a marginal miss.
IGL's gross/Ebitda margins missed our estimates by 160 bps/102 bps due to cost of goods sold coming in 5.8% above estimate, lower unit Ebitda and beat on volume.
The administered price mechanism gas price review underway by the Kirit Parikh Panel could mitigate the adverse impact of the recent increase in domestic gas price to $8.57/metric million British thermal unit (gross calorific value) for H2 FY23.
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