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Indraprastha Gas Ltd. posted recurring Ebitda/profit after tax of Rs 4.9/3.3 billion, below our estimates of Rs 5.1/3.6 billion, with stronger volumes offset by weaker than expected margins.
Higher capex drove up depreciation costs to Rs 761 million (up 16% YoY).
Other income dropped 10% YoY to Rs 280 million, driven by lower dividend income from associate companies Maharashtra Natural Gas Ltd./Central UP Gas Ltd.
FY21 Ebitda/profit after tax of Rs 14.8 billion/10 billion declined 2/11.5%.
Volumes continue to recover gradually and margins are also very strong versus historical levels, implying earnings should remain strong over F21-23E for the company, with added support to overall group earnings via Maharashtra Natural Gas/Central UP Gas profitability.
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