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Financial Results of Indraprastha Gas Ltd for Q2 of FY20

Posted On: 2019-11-07 21:34:51


During Q2 of FY20, CNG sales volume has increased by 10% and PNG sales volumes increased by 12% over Q2 of FY19. On an overall basis there is 12% increase in sales volume during this quarter over corresponding quarter of FY19.

Total gross sales value during this quarter is Rs. 1866 crores registering a growth of 19% over sales turnover of Rs. 1564 crores shown in Q2 of FY19. Product wise, CNG recorded sales of Rs. 1438 crores, registering a growth of 22% and PNG recorded sales of Rs. 428 crores registering a growth of 10% over previous year.

Total profit before tax for this quarter is Rs. 367.65 crores against profit before tax of Rs. 290.31 crores of Q2 of FY19 showing a growth of 27% over last year.

Total comprehensive income for this quarter is Rs. 380.72 crores against total comprehensive income of Rs. 187.23 crores of Q2 of FY19 showing a growth of 103% over last year which is mainly on account of the following reason:

The Company elected to exercise the option permitted under section 115BAA of the Income Tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance 2019. Accordingly, the Company has recognized provision for income-tax for the six months ended 30 September 2019 basis the revised rates resulting in a reduction in current tax expense to the extent of Rs. 63.34 crores. The Company has also re-measured its deferred tax liability on the basis of the rate prescribed in the said section resulting in a reversal of net deferred tax liability to the extent of Rs. 79.78 crores. The total impact of the tax reduction of Rs. 143.12 crores, which has been taken in the current quarter's financial results.

Increase in operating expenses during the quarter is mainly due to the following:

i) Increase in power & fuel expenses due to increase in sales volume and unit cost of power.

ii) Increase in AMC cost of Compressors and civil maintenance.

The earning per share has been Rs. 5.44 per share during this quarter against Rs. 2.68 per share in Q2 of FY19.

Shares of INDRAPRASTHA GAS LTD. was last trading in BSE at Rs.394 as compared to the previous close of Rs. 391.2. The total number of shares traded during the day was 30104 in over 714 trades.

The stock hit an intraday high of Rs. 395 and intraday low of 389.85. The net turnover during the day was Rs. 11824052.


Source: Equity Bulls

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