Indraprastha Gas Ltd shares climbed as much as 8% in intra-day trade to hit their 52-week high levels on Friday, i.e. November 8, after the company got a double shot in the arm from robust earnings for the September quarter along with inclusion in the MSCI India Index.
At 12:35 pm, shares of Indraprastha Gas were trading at Rs 423.10, up 7.6%, after hitting the day’s high of Rs 427. Notably, the stock has risen by a massive 58% in the past one year.
Indraprastha Gas on Thursday said that its standalone Q2 net profit rose 74.5% to Rs 381 crore compared with Rs 218.4 crore in the quarter ended June. Meanwhile, revenue was up 7.4% to Rs 1,692.4 crore versus Rs 1,576.1 crore in the previous quarter.
The rise in profit in the second quarter was mainly on account of a tax gain. The company availed the lower corporate tax rate announced by the government which resulted in a “gain of Rs 143.12 crore,” it said.
At the operating level, earnings before interest, tax, depreciation and amortisation (Ebitda) rose 9.5% sequentially to Rs 392.6 crore in the September quarter, while margin rose to 23.2%.
The company registered CNG sales volume growth of 10% in the September quarter, while PNG sales volume growth stood at 12%. “IGL registered an overall sales volume growth of 12% over the corresponding quarter in the last fiscal, with the average daily sale going up from 5.89 million standard cubic meters per day (mmscmd) to 6.57 mmscmd,” a company statement said.
In a related development, Morgan Stanley Capital International (MSCI) added Indraprastha Gas in the MSCI India Index along with seven other stocks namely Berger Paints, DLF, HDFC AMC, ICICI Prudential Life Insurance Company, Info Edge, SBI Life and Siemens India. Those deleted included BHEL, Glenmark Pharmaceuticals, Indiabulls Housing Finance, L&T Finance, Vodafone Idea and Yes Bank.
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Source: News18