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Dolat Capital Report
Indraprastha Gas Ltd. volume at 2.71 million metric standard cubic meter per day (down 56.6% YoY) with realizations of Rs 25.6 per standard cubic meter (down 7.1% YoY) was below our estimates.
Volumes in compressed natural gas segment took a bigger hit followed by de-growth in Industrial/commercial segment with strong performance in domestic piped natural gas segment of 39% YoY.
Ebitda/scm de-grew 46.4'% YoY and 49.2% at Rs 3.38/scm. Gas cost de-grew 25.4% in YoY and 17% sequentially to Rs 12.1/scm.
Gross spreads were strong at Rs 13.54 per SCM. Maintenance of spreads at gross and Ebitda levels will be the key monitorable to be watched out for.
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