- #Sensex,#Nifty surge over 1%
- #Cipla, #AdaniEnterprises, #ONGC and more in focus
Find out where money is moving in the market today with Hiral Dadia and Agam Vakil on 'Hot Money'. #NDTVProfitLive
- #Cipla, #AdaniEnterprises, #ONGC and more in focus
Find out where money is moving in the market today with Hiral Dadia and Agam Vakil on 'Hot Money'. #NDTVProfitLive
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18:09 Are we starting?
18:13 [SIDE CONVERSATION]
18:16 Welcome to NDTV Profit.
18:39 We're speaking with the management of Indraprastha
18:42 Gas about the Quatergon Buy.
18:44 The company has reported a pack number of 475.5 crore rupees.
18:49 That's a decline of about 14% on a sequential basis.
18:52 That's on the back of a top line growth of about 2.7%
18:56 or thereabouts.
18:57 I'm joined by Kamal Kishore Chakwal, who is the managing
18:59 director of the company.
19:00 Mr. Chakwal, thanks so much for taking the time
19:03 and for speaking to NDTV Profit.
19:05 Let me first ask about the volume picture, 8.5 MMS CMD
19:10 for the Quatergon Buy.
19:12 Was that expected?
19:14 Was that in line with expectations?
19:16 And what is your reading of the current volume trajectory?
19:22 Very good afternoon to your viewers.
19:25 Our guidance has been that we will be exiting the year
19:29 at around 9.
19:30 So we were expecting around 8.6 in this quarter.
19:35 So there has been a slight 0.1 million drop.
19:41 And the major reason has been that the festival season
19:43 in between that has impacted two, three days of sales.
19:49 So that has been the cause.
19:50 In addition to that, we had to increase the prices of CNG
19:56 twice during the quarter due to the reduced APM allocations.
20:01 Although that has not impacted our convergence too much,
20:05 but this quarter we had 400-500 buses of CNG,
20:12 100 buses of DGP.
20:14 They retired during the quarter.
20:16 So in fact, we have been able to absorb the loss of those volumes
20:21 and increased around 2%.
20:24 Understood.
20:25 So are you confident of hitting that 9 MMS CMD in March
20:30 or is it going to be challenging to do so?
20:34 We are confident of exiting at around 9 because of some of the days of the week
20:39 we are already crossing 9 million.
20:41 And some of the steps that we have taken, commissioning 50-60 stations,
20:46 increasing the dispensing points, so that should help us achieve
20:51 or cross around 9 million completely.
20:55 Understood.
20:56 On the cost side, and you mentioned this already,
20:59 the lower APM gas allocation is proven to be a bit of a pain point.
21:05 As I understand it, it was around 82% in the quarter gone by
21:09 and in quarters past it has been as high as 87-89%,
21:14 which has forced you to take those price increases.
21:17 Is that something that is likely to continue going forward?
21:22 Yes, as you know, more and more entities, as more and more GAs get commissioned
21:27 and the domestic gas is not increasing at the same pace.
21:31 So this percentage is going to go down for all the entities, not only for IGL.
21:36 And although we had made up some of the volumes through HPHT,
21:41 high pressure, high temperature, in this 82% there is around 4% of those volumes
21:46 that we had sourced in December.
21:50 That has somewhat reduced.
21:52 Otherwise, the APM allocation is at 78% and going forward,
21:56 all the entities will have to source gas outside
22:01 because APM allocation is going to go down.
22:04 We have taken some of the steps towards sourcing.
22:07 One of the major areas that we feel all CGD entities should work is the CBG segment
22:14 because that is the cheapest source, cheaper than even the APM
22:18 because there is no transportation involved, transportation costs are not.
22:23 There is some tax advantage there.
22:26 So keeping that in view, it is 10% to 15% cheaper than APM.
22:31 So that is one segment that we are working on.
22:34 We are setting up 10 plants, CBG plants, as well as 20 through other LOI holders.
22:42 I mean, they will be setting up plants and we will be sourcing gas.
22:46 So 20, 30 CBG plants…
22:49 What is the expectation in terms of the mix on account of this addition
22:53 and when will that change, sir?
22:55 I think whatever decrease would be there in APM,
23:01 we are trying to make up through this CBG volumes.
23:04 So whatever 1 lakh, 2 lakh volume decrease will be there.
23:07 So we intend to make up that so that the source of gas,
23:12 the APM, CBG, as well as HPST, they remain around 80% to 83%.
23:18 When will that come on stream, sir?
23:20 Some of them have already started commissioning,
23:26 but in next one year, we would see all the plants getting commissioned.
23:31 Okay, so then can I assume, Mr. Chhatwal,
23:35 that there is going to be a little bit of volatility in the margins
23:38 because of this uncertain cost environment
23:41 and because of the dependence at this juncture on imported LNG.
23:45 Is there going to be volatility in margins?
23:48 There won't be so much volatility,
23:52 but because we have all the long-term rest,
23:56 18%, 20%, whatever is the balance.
23:59 Right now, we are sourcing around total 31% of our volumes is through RLNG.
24:04 I mean, what we are talking is only CNG and domestic PNG.
24:09 In addition to that, we source for industrial and commercial segment also.
24:13 So total around 69% is this volume and 31% we are sourcing.
24:19 And we have all the long-term contracts.
24:21 So there is not much volatility in long-term and medium-term contracts.
24:25 So we have all-term contracts.
24:27 Spot volumes is very, very less or rather negligible.
24:31 So that's the reason that we see that our margins may not have that much volatility.
24:36 I'm only asking, sir, because you've seen a considerable drop
24:39 on a sequential basis in the EBITDA margin.
24:42 I'm just wondering whether that is likely to happen in Q4 as well,
24:47 assuming that this APM is going to continue to go down
24:51 and you're going to take about a year to bring the CBG on stream completely.
24:57 So there could, in fact, be a bit of an issue dealing with those costs.
25:03 Will you have to take price increases in Q4 as well?
25:08 No. In Q4, fortunately, we had a slight increase in APM allocation,
25:14 120,000 or so.
25:16 That has increased from 1st of January.
25:19 So that should help us.
25:21 In addition to that, whatever the CBG plans are coming on stream,
25:24 what I said was that one year is for all the plans to come on stream.
25:28 So every month or two months, we are commissioning new plans.
25:33 So that's 7.23 EBITDA per SCM.
25:38 It's a wrap on Hot Money, but lots more lined up on the other side.
25:42 Stay tuned to NDTV Profit.
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