Indraprastha Gas Ltd

About

Incorporated in the year 1998, Indraprastha Gas Limited (IGL) is in the business of city gas distribution in the National Capital Territory of Delhi. IGL also supplies the gas to the near by regions of Noida, Greater Noida, Ghaziabad, Hapur, Gurugram, Meerut, Shamli, Kanpur, Muzaffarnagarm, Karnal and Rewari, Hamirpur, Fatehpur, Ajmer, Pali, Rajasmand.

IGL is formed as a JV promoted by GAIL (India) Limited and Bharat Petroleum Corporation (BPCL). Government of NCT of Delhi is holding 5% equity. [1]

Key Points

Leading player in CIty Gas Distribution
Indraprastha Gas Limited (IGL) is one of the pioneer and leading City Gas Distribution (CGD) company in India catering to more than 1.1 million CNG vehicles,1.4 million domestic PNG customers and over 5,500 commercial & industrial customers. It achieved a new milestone of setting up 550th CNG station in FY 2019-20. [1] [2]

See full details
  • Market Cap 35,686 Cr.
  • Current Price 510
  • High / Low 604 / 374
  • Stock P/E 29.3
  • Book Value 83.9
  • Dividend Yield 0.71 %
  • ROCE 24.0 %
  • ROE 18.1 %
  • Face Value 2.00

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 21.22%

Cons

  • The company has delivered a poor sales growth of 6.04% over past five years.

Peer comparison

Sector: Gas Distribution Industry: Miscellaneous

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
1,423 1,510 1,543 1,576 1,692 1,664 1,553 639 1,305 1,446 1,551 1,257
1,113 1,191 1,211 1,218 1,300 1,272 1,176 555 898 945 1,059 877
Operating Profit 310 320 331 358 393 392 377 83 407 501 492 381
OPM % 22% 21% 21% 23% 23% 24% 24% 13% 31% 35% 32% 30%
Other Income 32 38 51 35 39 51 31 31 66 26 28 30
Interest 1 1 0 2 2 2 3 2 2 3 4 3
Depreciation 50 51 52 60 62 64 66 68 71 75 76 78
Profit before tax 290 306 330 332 368 376 340 44 399 449 440 330
Tax % 35% 35% 32% 34% -4% 25% 25% 27% 23% 25% 25% 26%
Net Profit 187 198 226 218 381 284 253 32 308 335 331 244
EPS in Rs 2.68 2.83 3.22 3.12 5.44 4.05 3.62 0.45 4.40 4.78 4.73 3.49

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
1,078 1,746 2,517 3,367 3,914 3,681 3,686 3,815 4,535 5,765 6,485 4,941 5,560
694 1,251 1,883 2,603 3,131 2,887 2,910 2,851 3,410 4,506 4,949 3,446 3,779
Operating Profit 384 495 634 764 783 794 775 964 1,125 1,259 1,536 1,495 1,780
OPM % 36% 28% 25% 23% 20% 22% 21% 25% 25% 22% 24% 30% 32%
Other Income 21 7 8 12 21 34 29 65 90 144 152 149 149
Interest 3 14 49 61 45 30 10 1 2 2 20 22 12
Depreciation 77 103 143 187 220 149 156 167 181 201 252 290 300
Profit before tax 324 386 450 528 540 649 638 861 1,032 1,200 1,416 1,331 1,618
Tax % 34% 33% 32% 33% 33% 33% 34% 34% 35% 34% 20% 24%
Net Profit 216 260 306 354 360 438 419 571 671 787 1,137 1,006 1,218
EPS in Rs 3.08 3.71 4.38 5.06 5.15 6.25 5.99 8.16 9.58 11.24 16.24 14.37 17.40
Dividend Payout % 29% 27% 23% 22% 21% 19% 20% 21% 21% 21% 17% 25%
Compounded Sales Growth
10 Years:11%
5 Years:6%
3 Years:3%
TTM:0%
Compounded Profit Growth
10 Years:14%
5 Years:19%
3 Years:16%
TTM:28%
Stock Price CAGR
10 Years:20%
5 Years:25%
3 Years:28%
1 Year:35%
Return on Equity
10 Years:21%
5 Years:20%
3 Years:20%
Last Year:18%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
140 140 140 140 140 140 140 140 140 140 140 140
Reserves 685 864 1,089 1,353 1,623 1,958 2,376 2,787 3,373 3,990 4,922 5,732
Borrowings 55 282 539 458 352 145 -0 -0 -0 -0 96 113
229 481 557 682 739 833 868 1,164 1,419 1,823 2,017 2,606
Total Liabilities 1,110 1,767 2,325 2,634 2,855 3,076 3,384 4,091 4,932 5,953 7,176 8,591
651 1,159 1,580 1,847 1,895 1,956 2,019 2,117 2,432 2,877 3,557 4,321
CWIP 183 327 375 291 262 254 267 352 386 478 777 847
Investments 17 42 98 143 117 291 259 677 1,148 1,544 258 1,826
259 238 272 352 580 575 839 945 966 1,054 2,584 1,598
Total Assets 1,110 1,767 2,325 2,634 2,855 3,076 3,384 4,091 4,932 5,953 7,176 8,591

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
327 410 612 643 648 664 653 946 879 1,157 1,361 1,546
-374 -757 -606 -362 -300 -364 -175 -1,114 -717 -1,121 -521 -1,826
-66 268 65 -218 -241 -327 -256 -160 -84 -169 -243 -297
Net Cash Flow -112 -79 71 63 106 -27 223 -328 78 -133 597 -577

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 11 16 19 19 20 23 25 19 18 14 10 19
Inventory Days 22 13 9 7 6 7 10 10 8 6 5 8
Days Payable 90 53 43 32 26 30 26 48 50 35 22 69
Cash Conversion Cycle -57 -24 -14 -6 0 1 9 -19 -23 -15 -7 -41
Working Capital Days -23 -29 -37 -32 -30 -36 -32 -63 -68 -75 -82 -142
ROCE % 41% 37% 33% 32% 29% 31% 27% 32% 31% 29% 29% 24%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
45.00 45.00 45.00 45.00 45.00 45.00 45.00 45.00 45.00 45.00 45.00 45.00
21.14 19.93 21.08 22.82 23.83 24.49 22.77 22.29 21.27 23.22 23.80 23.87
17.15 18.71 18.03 16.71 15.88 15.74 16.75 17.22 17.39 16.08 15.93 14.79
5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00
11.71 11.36 10.89 10.47 10.29 9.77 10.48 10.49 11.34 10.70 10.27 11.34

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