Indraprastha Gas - 4QFY2013 Result Review - Angel Broking

Indraprastha Gas reported robust 4QFY2013 results. Its net sales grew by 22.5% yoy to Rs. 882cr. The company's EBITDA grew by 10.7% yoy to Rs. 186cr. The cost of gas sold also increased by 20.1% yoy to Rs. 585cr due to greater mix of high cost RLNG. The interest cost for the company declined by 8.7% yoy to Rs. 13cr and other income grew by 88.2% yoy to Rs. 3cr. Therefore the company reported a PAT growth of 5.3% yoy to Rs. 84cr.

We maintain our Neutral view on IGL due to the regulatory overhang on the stock.

Source : Equity Bulls

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