Indraprastha Gas (IGL) Q1 24/25 earnings summary

Executive summary

• Sales volume for Q1 FY25 reached 786 million Sm³, up 5% year-over-year, with daily sales at 8.64 million Sm³ compared to 8.2 million Sm³ last year.

• Standalone net profit for Q1 FY25 was ₹401.45 crore, down 8% year-over-year from ₹438.40 crore in Q1 FY24; consolidated net profit was ₹480.22 crore, down from ₹521.99 crore.

• Revenue for Q1 FY25 was INR 3,891.47 crores, a 3–4% increase year-over-year.

• EBITDA stood at INR 582 crores, down 9% year-over-year but up 11% sequentially; standalone EBITDA margin was 17% in Q1 FY25, down from 19% in Q1 FY24.

• CNG sales volume grew 5% year-over-year despite a decline in DTC bus sales; PNG sales rose 7% year-over-year; PNG Domestic sales volume increased 16% year-over-year.

Financial highlights

• EBITDA per SCM improved from 6.58 in Q4 FY24 to 7.4 in Q1 FY25, driven by operational efficiencies and better gas sourcing.

• CapEx for Q1 FY25 was INR 297 crores, up from INR 202 crores last year; full-year CapEx guidance is INR 1,700–1,800 crores.

• Standalone EPS for Q1 FY25 was ₹5.74, compared to ₹6.26 in Q1 FY24; consolidated EPS was ₹6.87, down from ₹7.46.

• CNG price reduction in March had a full impact in Q1, but net realization remained stable due to geographic sales mix and operational improvements.

• Standalone total comprehensive income for Q1 FY25 was ₹400.65 crore, down 9% year-over-year.

Outlook and guidance

• Targeting an exit volume rate of 9.5 MMSCMD by Q4 FY25, with 10–12% annual growth expected over the next 5–6 years.

• LNG business is expected to contribute significantly, with 5–6 new stations planned this year and a long-term plan for 100 stations pan-India.

• CBG blending to reach 5% of total volumes by 2027, with 10 CBG plants planned.

• EBITDA per SCM is targeted to exceed 8 in the next quarter.

• Management and auditors expressed no material misstatements or concerns in the review reports.