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Indraprastha Gas Ltd: Volumes Rebound - Views on News from Equitymaster
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Indraprastha Gas Ltd: Volumes Rebound
May 19, 2016

Indraprastha Gas Ltd (IGL) has announced its results for the quarter and the year ended March 2016. The company has reported 3.4% year on year (YoY) decline in the revenues while net profit for the quarter grew 12.3% YoY. Here is our analysis of the results.

Performance summary
  • The revenues for the quarter declined 3.4% YoY. For FY16, the revenues registered a flattish growth of 0.1% YoY.
  • The operating profit for the quarter grew 12.2% YoY with operating profit margin at 21.9%, up from 18.8% in 4QFY15. For FY16, operating profit declined 2.9% YoY, with operating profit margin at 20.7%, down from 21.3% in FY15.
  • The net profit for the quarter grew 12.3% YoY with net profit margins at 12.2%, up from 10.5% in the corresponding quarter last year. For FY16, the net profit declined 4.9% YoY, while net profit margin stood at 11.3%, down from 11.9% in FY15.
  • The Board of Directors has recommended a dividend payment worth Rs 6 per share (yet to be approved).
  • On a consolidated basis, net profit for the year FY 16 grew 3.6% , mainly due to increase in the share of profit in associates.

    Financial performance snapshot
    Rs m 4QFY15 4QFY16 Change FY15 FY16 Change
    Sales 9,129 8,816 -3.4% 36,699 36,737 0.1%
    Other operating income 39 41 4.6% 111 121 9.1%
    Total income 9,168 8,856 -3.4% 36,810 36,858 0.1%
    Expenditure 7,410 6,887 -7.1% 28,880 29,141 0.9%
    Operating profit (EBDITA) 1,720 1,929 12.2% 7,820 7,596 -2.9%
    EBDITA margin (%) 18.8% 21.9% 21.3% 20.7%
    Other income 68 66 -4.1% 345 299 -13.5%
    Finance costs 40 10 -74.8% 298 91 -69.7%
    Depreciation 374 398 6.4% 1,487 1,577 6.0%
    Profit before tax 1,413 1,627 15.2% 6,490 6,349 -2.2%
    Pretax margin (%) 15.5% 18.5% 17.7% 17.3%
    Tax 454 551 21.2% 2,113 2,187 3.5%
    Effective tax rate (%) 32.2% 33.9% 32.6% 34.4%
    Profit after tax/(loss) 959 1,076 12.3% 4,377 4,162 -4.9%
    Net profit margin 10.5% 12.2% 11.9% 11.3%
    No. of shares (m) 140
    Diluted earnings per share (Rs)* 29.7
    Price to earnings ratio (x)* 19.7

    *On the basis of last 12 months

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