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Indraprastha Gas Limited Company Research Report
Indraprastha Gas Limited Incorporated in 1998, Indraprastha Gas Limited today is one of the leading City Gas Distribution (CGD) companies in India. The company is a joint venture promoted by GAIL (India) Limited and Bharat Petroleum Corporation Limited (BPCL). The government of National Capital Territory (NCT) of Delhi is also a stakeholder with 5% equity. The company is in the city gas distribution business and provides safe and uninterrupted gas supply through its extensive distribution network to transport (CNG), domestic, commercial and industrial consumers (PNG). CNG stands for Compressed Natural Gas, is an auto fuel in gaseous state. It is mainly comprising of methane (80% to 90%). It is compressed to a pressure of 200-250 Kg/cmยฒ so that it can be stored in a larger capacity in the fuel tank. Hence, it is named Compressed Natural Gas. CNG is a substitute for other auto fuels such as petrol, diesel and auto LPG. PNG stands for Piped Natural Gas, is the natural gas supplied through mild steel (MS) and polyethylene (PE) pipelines to cater to the natural gas demand of customers in various segments, i.e. domestic, commercial and industrial segments. The operations of the company is spread over NCT of Delhi, Noida, Greater Noida, Ghaziabad and Hapur, Gurugram, Meerut, Shamli, Muzaffarnagar, Karnal, Rewari, Kanpur, Hamirpur and Fatehpur districts, Kaithal, Ajmer, Pali, Rajsamand, Banda, Chitrakoot and Mahoba districts. The company has two associates which also operates as city gas distribution companies i.e., Central U. P. Gas Limited (CUGL) and Maharashtra Natural Gas Limited (MNGL).
Indraprastha Gas Limited Incorporated in 1998, Indraprastha Gas Limited today is one of the leading City Gas Distribution (CGD) companies in India. The company is a joint venture promoted by GAIL (India) Limited and Bharat Petroleum Corporation Limited (BPCL). The government of National Capital Territory (NCT) of Delhi is also a stakeholder with 5% equity. The company is in the city gas distribution business and provides safe and uninterrupted gas supply through its extensive distribution network to transport (CNG), domestic, commercial and industrial consumers (PNG). CNG stands for Compressed Natural Gas, is an auto fuel in gaseous state. It is mainly comprising of methane (80% to 90%). It is compressed to a pressure of 200-250 Kg/cmยฒ so that it can be stored in a larger capacity in the fuel tank. Hence, it is named Compressed Natural Gas. CNG is a substitute for other auto fuels such as petrol, diesel and auto LPG. PNG stands for Piped Natural Gas, is the natural gas supplied through mild steel (MS) and polyethylene (PE) pipelines to cater to the natural gas demand of customers in various segments, i.e. domestic, commercial and industrial segments. The operations of the company is spread over NCT of Delhi, Noida, Greater Noida, Ghaziabad and Hapur, Gurugram, Meerut, Shamli, Muzaffarnagar, Karnal, Rewari, Kanpur, Hamirpur and Fatehpur districts, Kaithal, Ajmer, Pali, Rajsamand, Banda, Chitrakoot and Mahoba districts. The company has two associates which also operates as city gas distribution companies i.e., Central U. P. Gas Limited (CUGL) and Maharashtra Natural Gas Limited (MNGL).
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#SALES #GROWTH 5 Year CAGR 19.4%
In FY24, the sales declined by 0.9% YoY to โน15,457 cr because of decline in natural gas price. During the year, the total volume grew by 4.2% YoY to 8.43 mmscmd (v/s 8.09 mmscmd in FY23). The growth was supported by CNG sales volume growth of 4% YoY, PNG domestic volume growth of 15% YoY and PNG - industrial & commercial sales volume by 3% YoY. PNG - industrial & commercial sales volume growth was subdued because of shift of companies towards the lower price alternate fuels, i.e., Liquefied petroleum gas (LPG)/ propane gas. In H1 FY25, the sales grew by 5.2% YoY to โน7,980 cr led by volume growth. The total sales volume increased by 7% YoY to 8.83 mmscmd (v/s 8.25 mmscmd in H1 FY24) supported by growth in all the segment. The CNG sales volume grew by 6.5% YoY and PNG sales volume grew by 8.2% YoY. Out of the total CNG sales volume, Delhi contributes 70% of the volumes and other geographical areas 30%.
In FY24, the sales declined by 0.9% YoY to โน15,457 cr because of decline in natural gas price. During the year, the total volume grew by 4.2% YoY to 8.43 mmscmd (v/s 8.09 mmscmd in FY23). The growth was supported by CNG sales volume growth of 4% YoY, PNG domestic volume growth of 15% YoY and PNG - industrial & commercial sales volume by 3% YoY. PNG - industrial & commercial sales volume growth was subdued because of shift of companies towards the lower price alternate fuels, i.e., Liquefied petroleum gas (LPG)/ propane gas. In H1 FY25, the sales grew by 5.2% YoY to โน7,980 cr led by volume growth. The total sales volume increased by 7% YoY to 8.83 mmscmd (v/s 8.25 mmscmd in H1 FY24) supported by growth in all the segment. The CNG sales volume grew by 6.5% YoY and PNG sales volume grew by 8.2% YoY. Out of the total CNG sales volume, Delhi contributes 70% of the volumes and other geographical areas 30%.
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#EBITDA #GROWTH 5 Year CAGR 13.5%
In FY24, the EBITDA grew by 17% YoY to โน2,364 cr. EBITDA/scm (standard cubic meter) during the year increased to โน7.7/scm as against โน6.9/scm in FY23. The cost of gas per scm came down from โน35.3 in FY23 to โน31.8 in FY24. In H1 FY25, the EBITDA declined by 14.2% YoY to โน1,115 cr. The decline was due to an increase in the input cost of the gas as compared to same period last year. The EBITDA/scm declined to โน6.9/scm as against โน8.6/scm in H1 FY24. In October 2024, there was a reduction of ~20% in the allocation of the APM (Administered Pricing Mechanism) gas by the authorities. On 16th November 2024, the government further reduced the APM gas allocation. This will have an impact on the profitability during the year. APM allocation is declining because domestic production is not keeping pace with commissioning of geographical areas (GAs).
In FY24, the EBITDA grew by 17% YoY to โน2,364 cr. EBITDA/scm (standard cubic meter) during the year increased to โน7.7/scm as against โน6.9/scm in FY23. The cost of gas per scm came down from โน35.3 in FY23 to โน31.8 in FY24. In H1 FY25, the EBITDA declined by 14.2% YoY to โน1,115 cr. The decline was due to an increase in the input cost of the gas as compared to same period last year. The EBITDA/scm declined to โน6.9/scm as against โน8.6/scm in H1 FY24. In October 2024, there was a reduction of ~20% in the allocation of the APM (Administered Pricing Mechanism) gas by the authorities. On 16th November 2024, the government further reduced the APM gas allocation. This will have an impact on the profitability during the year. APM allocation is declining because domestic production is not keeping pace with commissioning of geographical areas (GAs).
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#PAT #GROWTH 5 Year CAGR 16.8%
In FY24, the PAT grew by 18% YoY to โน1,642 cr. Other income of the company increased by 20% YoY to โน261 cr. The PAT including share of profit from associates increased by 21% YoY to โน1,983 cr. Share of profit from associates (Central U. P. Gas Limited and Maharashtra Natural Gas Limited on equity method considering 50% share in profit) increased by 34% YoY to โน341 cr. In H1 FY25, the PAT declined by 15.3% YoY to โน763 cr. The other income increased to โน155 cr (v/s โน107 cr in H1 FY24). The consolidated profit (including associates) declined by 13.1% YoY to โน934 cr (v/s โน1,075 cr in H1 FY24). Share of profit from associates (Central U. P. Gas Limited and Maharashtra Natural Gas Limited on equity method considering 50% share in profit) stood at โน171 cr (v/s โน174 cr in H1 FY24).
In FY24, the PAT grew by 18% YoY to โน1,642 cr. Other income of the company increased by 20% YoY to โน261 cr. The PAT including share of profit from associates increased by 21% YoY to โน1,983 cr. Share of profit from associates (Central U. P. Gas Limited and Maharashtra Natural Gas Limited on equity method considering 50% share in profit) increased by 34% YoY to โน341 cr. In H1 FY25, the PAT declined by 15.3% YoY to โน763 cr. The other income increased to โน155 cr (v/s โน107 cr in H1 FY24). The consolidated profit (including associates) declined by 13.1% YoY to โน934 cr (v/s โน1,075 cr in H1 FY24). Share of profit from associates (Central U. P. Gas Limited and Maharashtra Natural Gas Limited on equity method considering 50% share in profit) stood at โน171 cr (v/s โน174 cr in H1 FY24).
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#EBITDA #MARGIN
In FY24, the EBITDA margin expanded by 230 bps YoY to 15.3%. In Q3 FY24 and Q4 FY24, the company witnessed margin contraction QoQ due to lower allocation of APM gas. APM gas allocation is expected to decline from current level as domestic production is not keeping pace with commissioning of new GAโs. This will impact the margin in the near term. The companyโs purchase of stock in trade of natural gas constitutes 75% of the total expenses followed by other expenses 12%, excise duty 11%, and employee benefits expense 2%. In H1 FY25, the EBITDA margin contracted by 316 bps YoY to 14%.
In FY24, the EBITDA margin expanded by 230 bps YoY to 15.3%. In Q3 FY24 and Q4 FY24, the company witnessed margin contraction QoQ due to lower allocation of APM gas. APM gas allocation is expected to decline from current level as domestic production is not keeping pace with commissioning of new GAโs. This will impact the margin in the near term. The companyโs purchase of stock in trade of natural gas constitutes 75% of the total expenses followed by other expenses 12%, excise duty 11%, and employee benefits expense 2%. In H1 FY25, the EBITDA margin contracted by 316 bps YoY to 14%.
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#PAT #MARGIN
In FY24, the PAT margin expanded by 174 bps YoY to 10.6%. The effective tax rate during the year stood at 25.4% as compared to 25.8% in FY23. In H1 FY25, the PAT margin contracted by 232 bps YoY to 9.6%. LNG (liquefied natural gas) business has better margins than CNG business because there is no excise duty component in LNG.
In FY24, the PAT margin expanded by 174 bps YoY to 10.6%. The effective tax rate during the year stood at 25.4% as compared to 25.8% in FY23. In H1 FY25, the PAT margin contracted by 232 bps YoY to 9.6%. LNG (liquefied natural gas) business has better margins than CNG business because there is no excise duty component in LNG.
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#Management
The management is targeting to open 100 LNG stations in next 5-6 years. Of the total sales volume, it is expecting LNG volume contribution of ~20%-25% in 5 years from now. โข In FY25, it plans to set up 90 CNG stations of which ~10-12 station would be set up in Delhi region and rest outside Delhi region. โข IGL is also exploring the possibilities of putting up green hydrogen generation plant for blending with natural gas for which a detailed feasibility study has been carried out by a leading consultant and a detailed assessment of green hydrogen project is being carried out with subject matter experts. โข The company is increasing its footprint in electric vehicle (EV) charging stations. within 5 years from the notification date. By April 1, 2030, all aggregators must have an all-electric fleet. Delhi Government. โข The Delhi government has proposed an EV transition policy for cab aggregators, delivery services, and e-commerce companies. This policy requires a gradual shift to electric vehicles, with 50% of new purchases being electric within three years and 100% โข The company expects some impact in the CNG sales volume in Delhi over the long run due to EV transition policy for cab aggregators. Currently ~15% of the total volume comes from Delhi cab aggregators. Going ahead, lesser addition of new CNG vehicles by aggregators would impact the sales growth in this segment in the coming years. โข In FY23, the volume from DTC buses was 3.1 lakh kg per day. It reduced to 2.5 lakh kg per day in Q1 FY24 and 1.5 lakh kg per day in Q1 FY25. In the next 2-3 years, the management expects the volume from DTC would cease to exist due to the stated policy of Delhi Government
The management is targeting to open 100 LNG stations in next 5-6 years. Of the total sales volume, it is expecting LNG volume contribution of ~20%-25% in 5 years from now. โข In FY25, it plans to set up 90 CNG stations of which ~10-12 station would be set up in Delhi region and rest outside Delhi region. โข IGL is also exploring the possibilities of putting up green hydrogen generation plant for blending with natural gas for which a detailed feasibility study has been carried out by a leading consultant and a detailed assessment of green hydrogen project is being carried out with subject matter experts. โข The company is increasing its footprint in electric vehicle (EV) charging stations. within 5 years from the notification date. By April 1, 2030, all aggregators must have an all-electric fleet. Delhi Government. โข The Delhi government has proposed an EV transition policy for cab aggregators, delivery services, and e-commerce companies. This policy requires a gradual shift to electric vehicles, with 50% of new purchases being electric within three years and 100% โข The company expects some impact in the CNG sales volume in Delhi over the long run due to EV transition policy for cab aggregators. Currently ~15% of the total volume comes from Delhi cab aggregators. Going ahead, lesser addition of new CNG vehicles by aggregators would impact the sales growth in this segment in the coming years. โข In FY23, the volume from DTC buses was 3.1 lakh kg per day. It reduced to 2.5 lakh kg per day in Q1 FY24 and 1.5 lakh kg per day in Q1 FY25. In the next 2-3 years, the management expects the volume from DTC would cease to exist due to the stated policy of Delhi Government
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#FUTURE #PLAN
โข The company had started laying pipeline in new geographical areas, i.e., Banda, Mahoba and Chitrakoot districts in the state of Uttar Pradesh (UP). It is also expanding its network in the existing geographical areas, i.e, Ajmer, Pali, Rajsamand, Muzaffarnagar, Meerut, Shamli, Karnal and Kaithal. New pipeline network in Ajmer, expansion of pipeline in Muzaffarnagar, Shamli, Karnal and Kaithal would increase the volume going forward. โข The company would expand its pipeline in new geographical areas, i.e., Banda, Chitrakoot, Mahoba, Kanpur, Fatehpur, Hamirpur, Ajmer, Pali, Rajsamand, Karnal and Kaithal. โข The company is targeting to close FY25 with sales volume of ~9.5 mmscmd with increased focus on growth in CNG volumes as well as industrial segment. โข They envisage Ajmer GA to contribute significantly to volumes in the next 2 years. โข The management expects EBITDA/scm to remain at ~โน6/scm-โน7/scm in FY25. โข The management is targeting growth of ~10%-12% in next 5-6 years. The growth would be supported by liquefied natural gas business. โข It anticipates the commercial, PNG and industrial segments would grow by ~15% in FY25 while the CNG segment to grow by ~10%-15%. Delhi would grow by ~4%-5%. โข The company is planning to set up 10 LNG stations in near future. It sees potential of LNG to replace long haul vehicles currently running on diesel. In addition to this, the company is working on conversion of dumpers and commercial trucks in its geographical areas. The company plans to commission 3 new LNG station by the end of this year. โข In FY25, it plans to commission 10 CBG (compressed bio-gas) plant. The capital expenditure would be ~โน300-โน350 cr for 10 CBG plants.
โข The company had started laying pipeline in new geographical areas, i.e., Banda, Mahoba and Chitrakoot districts in the state of Uttar Pradesh (UP). It is also expanding its network in the existing geographical areas, i.e, Ajmer, Pali, Rajsamand, Muzaffarnagar, Meerut, Shamli, Karnal and Kaithal. New pipeline network in Ajmer, expansion of pipeline in Muzaffarnagar, Shamli, Karnal and Kaithal would increase the volume going forward. โข The company would expand its pipeline in new geographical areas, i.e., Banda, Chitrakoot, Mahoba, Kanpur, Fatehpur, Hamirpur, Ajmer, Pali, Rajsamand, Karnal and Kaithal. โข The company is targeting to close FY25 with sales volume of ~9.5 mmscmd with increased focus on growth in CNG volumes as well as industrial segment. โข They envisage Ajmer GA to contribute significantly to volumes in the next 2 years. โข The management expects EBITDA/scm to remain at ~โน6/scm-โน7/scm in FY25. โข The management is targeting growth of ~10%-12% in next 5-6 years. The growth would be supported by liquefied natural gas business. โข It anticipates the commercial, PNG and industrial segments would grow by ~15% in FY25 while the CNG segment to grow by ~10%-15%. Delhi would grow by ~4%-5%. โข The company is planning to set up 10 LNG stations in near future. It sees potential of LNG to replace long haul vehicles currently running on diesel. In addition to this, the company is working on conversion of dumpers and commercial trucks in its geographical areas. The company plans to commission 3 new LNG station by the end of this year. โข In FY25, it plans to commission 10 CBG (compressed bio-gas) plant. The capital expenditure would be ~โน300-โน350 cr for 10 CBG plants.
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#SECTORIAL #POTENTIAL
โข Natural gas is the cleanest fossil fuel among the available fossil fuels. However, it currently makes up only 6.7% of all energy consumed in the country. Gas as clean fuel has been given a top priority and Indian government wants to make the Indian economy as a gas-based economy. In this regard, the government is targeting its share to rise to 15% by 2030. โข The government has taken steps to increase indigenous production, creating pipeline infrastructure throughout the country and increasing the capacity of liquefied natural gas (LNG) terminals. Other initiatives like LNG corridor along golden quadrilateral and expansion of City Gas Distribution (CGD) network in the entire country are likely to boost natural gas demand in the country. โข CGD networks are being expanded with coverage of around 70% population and 50% area of the country till 10th round of bidding by Petroleum and Natural Gas Regulatory Board (PNGRB) with massive investment plans. In order to promote the development of CGD network, the Government has accorded priority in domestic gas allocation to PNG (Domestic) and CNG (Transport) segments. โข The government has also taken up initiatives for the expansion of the city gas networks by opening up โMake in Indiaโ market for ancillary equipment needed for piped natural gas to households and refueling CNG vehicles. โข The government offer various incentives to make electric vehicles more affordable. This may pose a threat to growth in CNG demand in the medium to long term. โข The union cabinet had decided to index the administered price mechanism (APM) prices of gas to the price of imported crude oil. APM will be priced at 10% of the price of a basket of crude oil that India imports. The rate is, however, capped at $6.5 per million British thermal units, with a floor price of $4 per mmBtu. The minister further informed that these caps and floor prices will remain the same for two years and will increase by $0.25 per mmBtu per year thereafter.
โข Natural gas is the cleanest fossil fuel among the available fossil fuels. However, it currently makes up only 6.7% of all energy consumed in the country. Gas as clean fuel has been given a top priority and Indian government wants to make the Indian economy as a gas-based economy. In this regard, the government is targeting its share to rise to 15% by 2030. โข The government has taken steps to increase indigenous production, creating pipeline infrastructure throughout the country and increasing the capacity of liquefied natural gas (LNG) terminals. Other initiatives like LNG corridor along golden quadrilateral and expansion of City Gas Distribution (CGD) network in the entire country are likely to boost natural gas demand in the country. โข CGD networks are being expanded with coverage of around 70% population and 50% area of the country till 10th round of bidding by Petroleum and Natural Gas Regulatory Board (PNGRB) with massive investment plans. In order to promote the development of CGD network, the Government has accorded priority in domestic gas allocation to PNG (Domestic) and CNG (Transport) segments. โข The government has also taken up initiatives for the expansion of the city gas networks by opening up โMake in Indiaโ market for ancillary equipment needed for piped natural gas to households and refueling CNG vehicles. โข The government offer various incentives to make electric vehicles more affordable. This may pose a threat to growth in CNG demand in the medium to long term. โข The union cabinet had decided to index the administered price mechanism (APM) prices of gas to the price of imported crude oil. APM will be priced at 10% of the price of a basket of crude oil that India imports. The rate is, however, capped at $6.5 per million British thermal units, with a floor price of $4 per mmBtu. The minister further informed that these caps and floor prices will remain the same for two years and will increase by $0.25 per mmBtu per year thereafter.
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Indraprastha Gas Limited IGL 335-395
Expected level 500
Support 294
Expected level 500
Support 294
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