Indraprastha Gas (IGL) Q4 03/04 earnings summary

Executive summary

• FY03/04 turnover reached Rs4,918.08m, up 38.8% YoY; profit after tax rose 52.3% to Rs821.94m.

• CNG and PNG volumes grew as infrastructure expanded; a 15% dividend was recommended, versus 5% a year earlier.

Financial highlights

• Audited sales, other income and stock change totaled Rs4,348.58m, versus Rs3,093.18m in FY02/03.

• Profit before tax was Rs1,285.99m, versus Rs860.40m; PAT was Rs821.94m, versus Rs539.83m.

• Gross CNG sales were Rs4,755.13m before Rs656.03m excise duty; PNG sales were Rs162.95m.

• Other income included Rs74.79m of liabilities/provisions written back, versus Rs5.58m in FY02/03.

Outlook and guidance

• FY04/05 planned investment: Rs1,171m for CNG expansion and Rs191m for PNG connections.

• PNG plans targeted 35,000 additional domestic, 175 small-commercial and 22 large-commercial connections in FY04/05.

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