{"id":155665,"date":"2023-11-02T06:51:52","date_gmt":"2023-11-02T10:51:52","guid":{"rendered":"https:\/\/44.250.171.167\/?p=155665"},"modified":"2023-11-02T06:51:54","modified_gmt":"2023-11-02T10:51:54","slug":"indraprastha-gas-limited-q2-fy24-earnings-conference-call-insights","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/indraprastha-gas-limited-q2-fy24-earnings-conference-call-insights\/","title":{"rendered":"Indraprastha Gas Limited Q2 FY24 Earnings Conference Call Insights"},"content":{"rendered":"<p><strong>Key highlights from Indraprastha Gas Limited (IGL) Q2 FY24 Earnings Concall<\/strong><\/p>\n<ul>\n<li><strong>Business Performance<\/strong>\n<ul>\n<li>Recorded highest ever quarterly profit of INR535 crores, up 29% YoY.<\/li>\n<li>Sales volume at 8.3 MMSCMD, up 3% YoY.<\/li>\n<li>EBITDA at INR656 crores, up 24% YoY.<\/li>\n<li>PBT at INR686 crores, up 26% YoY.<\/li>\n<li>Gross profit per SCM increased 11% YoY to INR14.12.<\/li>\n<li>EBITDA per SCM increased 21% YoY to INR8.60.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Delhi EV Transition Policy Impact on IGL<\/strong>\n<ul>\n<li>The scheme requires 50% EV share in new purchases in 3 years and 100% in 5 years.<\/li>\n<li>All fleets to switch to EVs by April 2030.<\/li>\n<li>60-65% of IGL&#8217;s CNG sales from Delhi.<\/li>\n<li>This is estimated to impact around 15% of IGL&#8217;s volumes over the long term.<\/li>\n<li>IGL targeting interstate bus transport and long haul LNG transportation as key growth sectors to mitigate the effects of the EV policy.<\/li>\n<li>Targeting conversion of dumper fleets in new GAs like Hamirpur, Banda, Mahoba.<\/li>\n<li>Expects additional CNG demand from interstate buses over next 3-4 years.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Business Segment Growth<\/strong>\n<ul>\n<li>Domestic P&amp;G up 15% YoY.<\/li>\n<li>Commercial P&amp;G up 12% YoY.<\/li>\n<li>Degrowth of 5% in industrial P&amp;G due to lower alternate fuel prices.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Regional Growth Trends<\/strong>\n<ul>\n<li>Delhi CNG sales grew around 3% YoY.<\/li>\n<li>NCR; Gurugram, Ghaziabad grew around 5%.<\/li>\n<li>Newer GAs grew 30-60% on lower base and have relatively lower contribution currently.<\/li>\n<li>Enterprise growth moderated due to global players deferring spends.<\/li>\n<li>Accelerating growth in domestic enterprise business with focus on managed services.<\/li>\n<\/ul>\n<\/li>\n<li><strong>IGL Volume Growth<\/strong>\n<ul>\n<li>Current volumes around 8.5 MMSCMD.<\/li>\n<li>Expects to exit FY24 at 9 MMSCMD, in line with previous guidance.<\/li>\n<li>Growth next year depends on EV policy impact, but expect 8-9% growth in passenger vehicles and non-aggregator segments.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Reducing CNG Queues<\/strong>\n<ul>\n<li>Significant queuing and congestion at CNG stations.<\/li>\n<li>IGL working to reduce this through new stations.<\/li>\n<li>Continuing investments in Delhi infrastructure.<\/li>\n<\/ul>\n<\/li>\n<li><strong>CNG Vehicle Conversion Trends<\/strong>\n<ul>\n<li>Monthly conversion was 15,900 in Q2FY24, 15,361 in July, and 17,131 in August.<\/li>\n<li>The company expects the conversion numbers to continue to grow in the future.<\/li>\n<\/ul>\n<\/li>\n<li><strong>CNG Volumes and Demand<\/strong>\n<ul>\n<li>Adani and Haryana Gas volumes continuing for now.<\/li>\n<li>Increased vehicle registrations positive but too early to quantify impact.<\/li>\n<li>Average vehicle replacement cycle around 8-10 years.<\/li>\n<li>Demand historically higher when price gap was larger.<\/li>\n<li>Balanced approach currently on pricing but can reduce spread to stimulate demand if required.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Future Capex Allocation<\/strong>\n<ul>\n<li>Plan to moderate INR1,400-1,500 crore annual capex guidance due to upcoming aggregator policy impact.<\/li>\n<li>Open to inorganic growth opportunities post change of control period ending in 1-2 years.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Delhi&#8217;s EV Policy Response<\/strong>\n<ul>\n<li>Not concerned about policy impact until EV ecosystem develops further.<\/li>\n<li>Cost, lack of charging infra remains barriers to mass EV adoption currently.<\/li>\n<li>IGL expanding into EV charging\/battery swapping; pilot project underway.<\/li>\n<li>No slowdown in IGL&#8217;s infrastructure expansion plans despite EV policy.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Volume Guidance<\/strong>\n<ul>\n<li>Expect to exit FY23 at 9 MMSCMD, growth of 1.5 MMSCMD over next 18 months.<\/li>\n<li>Growth driven by NCR region, passenger vehicles, LCVs.<\/li>\n<li>Focusing on interstate buses; already supply to some Uttarakhand, UP govt. buses.<\/li>\n<li>Infrastructure expansion continuing, targeting 100+ new stations this fiscal.<\/li>\n<li>Floods, G20 summit delayed some permits and approvals for new stations in Delhi.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Key highlights from Indraprastha Gas Limited (IGL) Q2 FY24 Earnings Concall Business Performance Recorded highest ever quarterly profit of INR535 crores, up 29% YoY. Sales volume at 8.3 MMSCMD, up 3% YoY. EBITDA at INR656 crores, up 24% YoY. PBT at INR686 crores, up 26% YoY. Gross profit per SCM increased 11% YoY to INR14.12. [&hellip;]<\/p>\n","protected":false},"author":1767,"featured_media":154818,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9825,392,5753],"tags":[10169,11167],"class_list":["post-155665","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-call-highlights","category-earnings","category-industrials","tag-earnings","tag-gas-energy"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":142832,"url":"https:\/\/alphastreet.com\/india\/earnings-summary-of-indraprastha-gas-limited-for-q3-fy23\/","url_meta":{"origin":155665,"position":0},"title":"Earnings Summary Of Indraprastha Gas Limited For Q3 FY23","author":"Hardik Bhandare","date":"February 27, 2023","format":false,"excerpt":"Indraprastha Gas Limited (NSE: IGL) is engaged in the distribution of natural gas in the National Capital Territory of Delhi and adjoining areas. The company is responsible for the supply of piped natural gas (PNG) to domestic households, commercial establishments, and compressed natural gas (CNG) to automobiles. IGL also provides\u2026","rel":"","context":"In &quot;Earnings&quot;","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":146571,"url":"https:\/\/alphastreet.com\/india\/indraprastha-gas-limited-q4-fy23-earnings-conference-call-insights\/","url_meta":{"origin":155665,"position":1},"title":"Indraprastha Gas Limited Q4 FY23 Earnings Conference Call Insights","author":"Praveen","date":"May 18, 2023","format":false,"excerpt":"Key highlights from Indraprastha Gas Limited (IGL) Q4 FY23 Earnings Concall Management Update: [00:01:29] IGL reported highest ever sales volume of 2,952 million cubic meters for FY23, averaging 8.09 million cubic meters per day. [00:05:03] IGL said that government announced a new pricing formula for domestic gas prices, which is\u2026","rel":"","context":"In &quot;Concall Highlights&quot;","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":154569,"url":"https:\/\/alphastreet.com\/india\/indraprastha-gas-benefiting-from-the-changes-in-the-industry\/","url_meta":{"origin":155665,"position":2},"title":"Indraprastha Gas: Benefiting from the Changes in the Industry?","author":"Karan_Singh","date":"September 8, 2023","format":false,"excerpt":"\u201cLast financial year we have seen a lot of volatility and very high prices of natural gas due to geographical situation and supply related challenges across the world. The CGD industry has faced the challenge quite successfully. Now with implementation of the Kirit Parikh Committee report there is visibility in\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/alphastreet.com\/india\/category\/energy-stocks\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/06\/iStock-165814335.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/06\/iStock-165814335.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/06\/iStock-165814335.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":149656,"url":"https:\/\/alphastreet.com\/india\/indraprastha-gas-ltd-q1-fy24-4-rise-in-profits\/","url_meta":{"origin":155665,"position":3},"title":"Indraprastha Gas Ltd Q1 FY24; 4% rise in Profits","author":"Hardik Bhandare","date":"July 24, 2023","format":false,"excerpt":"Incorporated in the year 1998, Indraprastha Gas Limited (IGL) is in the business of city gas distribution in the National Capital Territory of Delhi. IGL also supplies the gas to the near by regions of Noida, Greater Noida, Ghaziabad, Hapur, Gurugram, Meerut, Shamli, Kanpur, Muzaffarnagar, Karnal and Rewari, Hamirpur, Fatehpur,\u2026","rel":"","context":"In &quot;AlphaGraphs&quot;","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/07\/image-149.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/07\/image-149.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/07\/image-149.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/07\/image-149.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/07\/image-149.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/07\/image-149.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":133439,"url":"https:\/\/alphastreet.com\/india\/a-deep-dive-on-indraprastha-gas-ltd-q1-fy-23\/","url_meta":{"origin":155665,"position":4},"title":"A deep dive on Indraprastha Gas Ltd Q1 FY 23","author":"sreerupa","date":"August 24, 2022","format":false,"excerpt":"Stock Data Ticker: \u00a0IGL Exchange :NSE and BSE Industry: Natural Gas The share price of IGL increased by 1.21% as on 24 Aug, 2022, 01:46 PM IST based onthe previous closing price of Rs 406.85.The share has reached Rs 602.05 in 52 Week high and Rs 321.00 in 52 week\u2026","rel":"","context":"In &quot;Analysis&quot;","block_context":{"text":"Analysis","link":"https:\/\/alphastreet.com\/india\/category\/stock-analysis\/"},"img":{"alt_text":"Research Summary","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/04\/Research-summary.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/04\/Research-summary.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/04\/Research-summary.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":172386,"url":"https:\/\/alphastreet.com\/india\/indraprastha-gas-q2-fy26-earnings-results\/","url_meta":{"origin":155665,"position":5},"title":"Indraprastha Gas\u00a0Q2 FY26 Earnings Results","author":"Divyansh_Kasana","date":"November 13, 2025","format":false,"excerpt":"Indraprastha Gas Limited (IGL), a city gas distribution company servicing Delhi and surrounding regions, announced mixed financial results for Q2FY26. Financial Highlights: Revenues rose 8.79% year-on-year to \u20b94,023 crore from \u20b93,698 crore. Total expenses increased 13.06% to \u20b93,713 crore from \u20b93,284 crore. Consolidated net profit declined 15.2% to \u20b9385 crore\u2026","rel":"","context":"In &quot;AlphaGraphs&quot;","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"Q2 FY26","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/11\/igl.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/11\/igl.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/11\/igl.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/11\/igl.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/11\/igl.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/11\/igl.png?resize=1400%2C800&ssl=1 4x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/155665","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/1767"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=155665"}],"version-history":[{"count":0,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/155665\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/154818"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=155665"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=155665"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=155665"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}