Indraprastha Gas - Q1FY2014 Result Review - Angel Broking

Indraprastha Gas reported its 1QFY2014 results. Its net sales grew by 18.7% yoy to Rs. 903cr. The company's EBITDA grew by 8.2% yoy to Rs. 194cr due to higher net sales. The cost of gas sold also increased by 21.6% yoy to Rs. 596cr due to greater mix of high cost RLNG. Depreciation grew by 24.4% yoy to Rs. 53cr and tax rate also grew to 33.5% in 1QFY2014 compared to 31.9% in 1QFY2013 which led to net profit growing by only 3.6% yoy to Rs. 88cr. We maintain our Neutral view on IGL due to the regulatory overhang on the stock.

Source : Equity Bulls

Keywords