Indraprastha Gas (IGL) Q4 02/03 earnings summary

Executive summary

• FY2002-03 turnover reached Rs. 3,543.5 million; profit after tax was Rs. 539.83 million, compared with Rs. 65.36 million in FY2001-02.

• Expansion of CNG stations, compression capacity, pipelines and PNG connections supported higher gas sales and service coverage across Delhi.

• Recommended maiden dividend of 5% on 140,000,160 equity shares of Rs. 10 each.

Financial highlights

• Sales, including CNG and PNG, totaled Rs. 3,543.50 million versus Rs. 1,286.57 million; net profit after tax was Rs. 539.83 million versus Rs. 65.36 million.

• Profit before tax was Rs. 860.40 million versus Rs. 124.34 million; tax expense was Rs. 320.57 million versus Rs. 58.98 million.

• Natural gas purchases cost Rs. 1,268.39 million; operating and other expenses were Rs. 607.51 million, depreciation Rs. 262.29 million and finance charges Rs. 83.15 million.

• Cash generated from operations was Rs. 1,476.12 million and net operating cash flow Rs. 1,272.15 million; fixed-asset purchases were Rs. 1,457.72 million.

Outlook and guidance

• Planned FY2003-04 investment of Rs. 1,473 million for CNG expansion in Delhi.

• Planned Rs. 360 million PNG capex to connect over 19,500 domestic households, 80 small commercial and 19 large commercial customers in FY2003-04.

• Feasibility assessment began for expansion into Noida, Greater Noida, Gurgaon and Faridabad.