News: Revenue increased 53.2%YoY (and 21% QoQ) to Rs.2215.5 crore. Sales volume was 7.7 mmscmd, up 22.3% YoY and 5.8% QoQ. Gross margins fell Rs.2.8/scm YoY (and Rs.1.7/scm QoQ) to Rs.11.7/scm due to higher gas costs that offset higher realisation. EBITDA was at Rs.469.6 crore, down 6.2% YoY and 11.4% QoQ. PAT was down 7.9% YoY (23% QoQ) to Rs.308.5 crore (our estimates: Rs.272.4 crore).
Views: IGL reported better than expected sales volume as well as earnings. IGL had hiked prices in Q3FY22 to pass on increase in gas sourcing costs. In the current quarter (Q4FY22E-TD), the company further hiked prices. Further volume growth coupled with steady margins will be important in the near term.
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