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HDFC Securities Report
Indraprastha Gas Ltd.'s Q1 FY21 revenue/Ebitda/adjusted profit after tax was 16.8/11.5/14.4% above our estimates, owing to 19% higher than anticipated volumes, offset by 7% lower per unit Ebitda.
Blended volume stood at 2.7 million metric standard cubic meter per day (estimated 2.3mmscmd), down 56.4/56.6% QoQ/YoY.
Volumes were down due to weak compressed natural gas demand (60% of volume mix in Q1 FY21 versus 75% in Q1 FY20).
Compressed natural gas/piped natural gas volumes stood at 1.6/1.1mmscmd. Volume numbers cannot be compared on a YoY or QoQ basis because of the adverse impact of the nationwide lockdown in Q1.
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