PL First Cut - IGL Q2FY24

PL First Cut – IGL Q2FY24 – Swarnendu Bhushan – Co – Head of Research, Prabhudas Lilladher Pvt Ltd

IGL Q2FY24 Result: Volumes grow 2.6% YoY

# IGL reported higher than expected EBITDA/PAT of Rs 6.6bn (+3%Q/Q; PLe: Rs 6.4bn) and Rs5.3 bn (21%Q/Q; PLe: Rs 4.4bn).

# Other income came in higher than estimated at Rs1.3bn (Ple: Rs 0.5 bn)

# EBITDA/scm came in at Rs 8.6/scm ( (Q1: Rs8.6/scm; PLe: Rs8/scm)

# However, volumes came in below estimates at 8.3 mmscmd (+1% Q/Q; PLe 8.7 mmscmd)

# CNG volumes increased 1% QoQ to 6.25 mmscmd while PNG volume was at 2.06 mmscmd (+1%Q/Q)

# On a YoY basis, CNG and PNG volumes grew 2.6% and 2.8%, respectively.