Indraprastha Gas registers 44% Profitability

Indraprastha Gas registers 44% Profitability

MUMBAI: Indraprastha Gas Ltd., one of the country’s largest natural gas distributors, posted a 44.4 percent profit growth for the first quarter of financial year 2015-16, beating street estimates.

The company’s net profit for the April-June period rose to Rs 148 crore from Rs 102.5 crore in the corresponding quarter of the previous year, it said in a filing to the exchanges. The consensus of analyst estimates compiled by Bloomberg stood at Rs 118.3 crore.

Revenue for the quarter-ended June decline 0.3 percent to Rs 897 crore from Rs 899.4 crore in the same quarter last year. The Bloomberg consensus estimate was Rs 894.4 crore.

Earnings before interest, taxes, depreciation and amortisation increased 27 percent to Rs 259.6 crore against Rs 204.3 crore year-on-year. The EBITDA margin expanded 620 points to 28.9 percent from 22.7 percent.

There was a 14.6 percent decline in the expense incurred by the company towards natural gas which fell to Rs 477.3 crore from Rs 558.6 crore year-on-year.

Following the announcement, Indraprastha Gas was trading 0.4 percent lower at Rs 696.4 per share on the Bombay Stock Exchange.