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 37,135 Cr.
  • Current Price 530
  • High / Low 604 / 364
  • Stock P/E 26.2
  • Book Value 90.5
  • Dividend Yield 0.68 %
  • ROCE 24.0 %
  • ROE 19.8 %
  • Face Value 2.00

Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 20.37% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 19.04%

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

Consolidated Figures in Rs. Crores / View Standalone

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 56 67 54 69 81 67 80 37 59 73 72 63
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 315 334 333 365 410 393 388 49 393 496 484 364
Tax % 34% 34% 31% 33% -1% 24% 25% 29% 3% 23% 23% 24%
Net Profit 207 221 228 245 416 297 291 35 380 382 375 278
EPS in Rs 2.95 3.15 3.26 3.50 5.94 4.25 4.15 0.50 5.43 5.45 5.36 3.97

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
3,681 3,686 3,815 4,535 5,765 6,485 4,941 5,560
2,887 2,910 2,851 3,409 4,506 4,949 3,446 3,779
Operating Profit 794 775 964 1,126 1,259 1,536 1,495 1,780
OPM % 22% 21% 25% 25% 22% 24% 30% 32%
Other Income 31 78 108 153 213 293 240 268
Interest 30 10 1 2 2 20 22 12
Depreciation 149 156 167 181 201 252 290 300
Profit before tax 645 687 904 1,096 1,269 1,556 1,422 1,736
Tax % 33% 33% 33% 34% 34% 20% 18%
Net Profit 448 458 606 722 842 1,249 1,173 1,415
EPS in Rs 6.40 6.54 8.66 10.31 12.03 17.84 16.75 20.21
Dividend Payout % 19% 18% 20% 19% 20% 16% 21%
Compounded Sales Growth
10 Years:%
5 Years:6%
3 Years:3%
TTM:0%
Compounded Profit Growth
10 Years:%
5 Years:20%
3 Years:19%
TTM:36%
Stock Price CAGR
10 Years:20%
5 Years:28%
3 Years:30%
1 Year:32%
Return on Equity
10 Years:%
5 Years:21%
3 Years:21%
Last Year:20%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
140 140 140 140 140 140 140
Reserves 1,975 2,430 2,872 3,507 4,176 5,218 6,194
Borrowings 145 0 0 0 0 96 113
833 882 1,186 1,453 1,871 2,094 2,606
Total Liabilities 3,093 3,452 4,198 5,100 6,187 7,548 9,054
1,956 2,019 2,117 2,432 2,877 3,557 4,321
CWIP 254 267 352 386 478 777 847
Investments 308 327 784 1,316 1,778 630 2,288
575 839 945 966 1,054 2,584 1,598
Total Assets 3,093 3,452 4,198 5,100 6,187 7,548 9,054

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
664 653 946 879 1,157 1,361 1,546
-364 -175 -1,114 -717 -1,121 -521 -1,826
-327 -256 -160 -84 -169 -243 -297
Net Cash Flow -27 223 -328 78 -133 597 -577

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 23 25 19 18 14 10 19
Inventory Days 7 10 10 8 6 5 8
Days Payable 30 26 48 50 35 22 69
Cash Conversion Cycle 1 9 -19 -23 -15 -7 -41
Working Capital Days -36 -32 -63 -68 -75 -82 -142
ROCE % 29% 32% 32% 30% 31% 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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