Indraprastha Gas Limited

1. Abstract

Indraprastha Gas Limited (IGL) is a joint venture company between Bharat

Petroleum Corporation Limited, Gas Authority of India Limited and Government
of National Capital Territory, Delhi. It was started to lay the network for the
distribution of natural gas in the National Capital Territory of Delhi to consumers
in the domestic, transport, and commercial sectors.
Indraprastha Gas Ltd (IGL) is the sole supplier of compressed natural gas (CNG)
and piped natural gas (PNG) in the national capital territory (NCT) region of
Delhi. There is no competitor for IGL within the NCT region due to licensing
requirement and unavailability of firm gas allocat ions; hence any incremental
demand for PNG or CNG in this region would directly benefit IGL. IGL, co-
promoted by GAIL and BPCL, has a distinction of operating a low risk-high return
business model. The company is also foraying into new markets of Greater
Noida, Ghaziabad, Sonepat and Panipat, thus expanding its presence around the
NCT region. Indraprastha Gas Ltd (IGL) has better operational as well as net
profit margins compared to its industry peers. Since the company operates in the
retail space, margins seem to be on the higher side.
The following pages elaborate the results of study of the capital structure and
complete financials of the company.

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2. Introduction

Indraprastha Gas Ltd (IGL) is engaged in the marketing and distribution of

compressed natural gas (CNG) as well as piped natural gas (PNG) in the
National Capital Territory of Delhi (NCT). While the company distributes CNG to
customers like the Delhi Transport Corporation (DTC), three and four wheelers
and PNG to commercial and domestic users (small as well as large). Hospitals,
hotels, restaurants and other establishments depending upon their size are
classified as large and small commercial users of PNG.
Incorporated in 1998, IGL took over Delhi City Gas Distribution Project in 1999
from GAIL (India) Limited (Formerly Gas Authority of India Limited).
The two main business objectives of the company are:-
To provide safe, convenient and reliable natural gas supply to it’s
customers in the domestic and commercial sectors; and
To provide a cleaner, environment-friendly alternative as auto fuel to
Delhi’s residents. This will considerably bring down the alarmingly high
levels of pollution.
The transport sector uses natural gas as Compressed Natural Gas (CNG), while
the domestic and commercial sectors use it as Piped Natural Gas (PNG).

Milestones so far: -

Incorporated in 1998
Started with 9 CNG stations & 1000 PNG consumers
Crossed 100 stations in 2003
Maiden dividend in FY 2002-03
Completed 12” steel pipeline in December 2002
IPO listing on 26th December 2003
Two stations commissioned in Noida in December 2004

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 Indraprastha Gas Limited

3. Capital Structure of Indraprastha Gas Ltd.

The equity structure consists of equity contribution of 22.5% each by BPC And
GAIL and 5% by Government of Delhi and the balance by third parties. The
authorized share capital is Rs. 2.2 billion and BPC has contributed Rs. 315
million.

Shareholding Pattern of Indraprastha Gas Limited as on 31st Dec 2005:

No of Shares % Of Share
S. No. Category
Held Holding
A PROMOTERS HOLDING
1. Promoters*
- Indian Promoters 63,000,080 45.00%
- Foreign Promoters - -
2. Persons acting in Concert # - -
Sub-Total 63,000,080 45.00%
NON- PROMOTER
B
HOLDINGS
1. Institutional Investors
a) Mutual Funds and UTI 15,049,192 10.75%
Banks, Financial Institution,
Insurance Companies
b) (Central/ State Government 11,071,850 7.91%
Institutions/ Non -
Government Institutions
c) FIIs 31,491,582 22.49%
Sub-Total 57,612,624 41.15%
C OTHERS
1. Private Corporate Bodies 3,306,271 2.36%
2. Indian Public 15,306,677 10.93%
3. NRIs / OCBs 314,840 0.22%
4. Foreign Companies - -
D Any other:
(i) Trusts 4,405 -
(ii) HUF 358,241 0.26%
(iii) Clearing Members (NSDL 97,022 0.07%

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& CDSL)
Sub-Total 19,387,456 13.85%
GRAND TOTAL 140,000,160 100%
Notes:
Total Foreign Shareholding No of Shares
% of Share Holding
includes: Held
Non Resident Indians 314,840 0.22%
Overseas Corporates -
Foreign Nationals -
FII's 31,491,582 22.49%
TOTAL 31,806,422 22.72%
ADR/GDR - NIL
No. of Shares
% of Share holding
Held
Person acting in concert - 0.00%
- 0.00%
TOTAL - 0.00%

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 Indraprastha Gas Limited

4. Financials

a. Statements
Following are the financial statements for Indraprastha Gas Ltd. The financial
sound status of the company is easily sensed by the figures reflecting in the
financial statements.

i. Profit / Loss A/C

As on 31-Mar-05 Rs mn %OI
Net Sales 4580.51 98.72
Operating Income (OI) 4640.05 100
OPBDIT 1999.04 43.08
OPBDT 1876.8 40.45
OPBT 1395.38 30.07
Non-Operating Income 15.93 0.34
Extraordinary/Prior Period -13.96 -0.3
Tax 470.5 10.14
Profit after tax(PAT) 926.85 19.98
Cash Profit 1408.27 30.35
Dividend-Equity 280 6.03

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 Indraprastha Gas Limited

ii. Balance Sheet:

Assets Rs mn %BT
Gross Block 4774.47 97.04
Net Block 3436.34 69.84
Capital WIP 310.28 6.31
Investments 0 0
Inventory 180.48 3.67
Receivables 118.31 2.4
Other Current Assets 874.9 17.78
Balance Sheet Total(BT) 4920.32 100

Liabilities Rs mn %BT
Equity Share Capital 1400 28.45
Reserves 1724.68 35.05
Total Debt 515.17 10.47
Creditors and Acceptances 564.33 11.47
Other current liabilities/ provision 716.13 14.55
Balance Sheet Total (BT) 4920.32 100

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iii. Cash Flow Statement:

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Indraprastha Gas Limited

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b. Notes:

1. Significant Accounting Policies

1.1 Basis of Preparation of Financial Statements

The financial statements are prepared on the accrual basis under the
historical cost convention in accordance with Generally Accepted
Accounting Principles and applicable accounting standards issued by the
Institute of Chartered Accountants of India and the provisions of
Companies Act, 1956.

1.2 Use of Estimates

The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent liabilities on the date of financial statements.
Actual results in future could differ from those estimates. Any revision to
accounting estimates is recognised prospectively in current and future
periods.

1.3 Fixed Assets

i. Fixed assets are stated at their original cost including freight, duties, taxes
and other incidental expenses relating to acquisition and installation.
ii. Expenditure incurred during the period of construction including, all direct
and indirect expenses, incidental and related to construction is carried
forward and on completion, the costs are allocated to the respective fixed
assets.
iii. Gas distribution systems are commissioned on commencement of supply
of gas to consumers. In the case of commissioned assets where final
payment to the contractors is pending, capitalisation is made on an
estimated basis pending receipt of final bills from the contractors, and

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 Indraprastha Gas Limited

shall be subject to adjustment in cost and depreciation in the year of

settlement.
iv. Insurance spares are capitalised with the cost of the plant and machinery
and depreciated over the useful life of the asset.
v. Capital inventory represents items of capital nature lying in the store and
valued at cost.
vi. The carrying amount of the assets, including those assets that are not yet
available for use, are reviewed at each Balance Sheet date to determine
whether there is any indication of impairment. If any such indication exists,
the assets recoverable amount is estimated. An impairment loss is
recognised in the Profit and Loss Account whenever the carrying amount
of an asset exceeds its recoverable amount. An impairment loss can be
reversed if there are changes in estimates used to determine the
recoverable amount in future periods. An impairment loss is reversed only
to the extent that the carrying amount of asset does not exceed the net
book value that would have been determined, if no impairment loss had
been recognized.

1.4 Depreciation
Depreciation is charged on a pro-rata basis on the straight line method
over the estimated useful lives of the assets determined as follows:

Mother Compressors, Online 7 years

Compressors and Booster
Compressors
Leasehold land Over the period of lease
Bunkhouses 5 years
Signages 10 years*
All other assets All other assets Rates prescribed under
Schedule XIV to the Companies Act,
1956.

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*The Company has during the current year revised the estimated useful
life of signages to 10 years. This has resulted in an additional depreciation
charge of Rs. 4,210,765 in the current year.
Assets costing Rs. 5,000 or less are fully depreciated in the year of
purchase. Rates of depreciation are equal to or more than Schedule XIV
to the Companies Act, 1956.

1.5 Investments
Current investments are stated at the lower of cost and fair value.

1.6 Inventories
i. Stores are valued at lower of cost on First In First Out (FIFO) basis or Net
Realisable Value.
ii. Stock of CNG in cascades and Natural Gas in pipelines have been valued
at lower of cost on First In First Out (FIFO) basis or Net Realisable Value.
iii. Management has estimated the closing stock of Natural Gas in pipelines
on a volumetric basis. This being the first year of such estimation, the
impact on consumption of natural gas and profit for the year is not
material.

1.7 Revenue Recognition

i. Revenue on sale of Piped Natural Gas is recognised on consumption.
ii. Revenue on sale of Compressed Natural Gas (CNG) is recognised on
sale of gas to customers from CNG stations.

1.8 Foreign Currency Transactions

Transactions in foreign currency are translated at the exchange rates
prevailing on the date of the transaction. Monetary foreign currency assets
and liabilities are translated at exchange rates prevailing as at the year-
end. Exchange gains or losses arising out of fluctuation in exchange rates
on settlement during the year/ translation at year-end are recognized in

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the Profit and Loss Account except in case of liabilities related to

acquisition of imported fixed assets, which are adjusted to the carrying
cost of the respective asset and is depreciated over the remaining useful
life of the underlying asset.

1.9 Borrowing Costs

Borrowing costs that are directly attributable to the acquisition or
construction of a capital asset is capitalised as a part of the cost of that
asset. Other borrowing costs are recognised as an expense in the period
in which they are incurred.

1.10 Retirement Benefits

The liability in respect of gratuity and leave encashment is provided for on
the basis of actuarial valuation as on the Balance Sheet date.

1.11 Operating Leases

Lease rentals are recognised as an expense on straight-line basis over
the term of the lease.

1.12 Taxation
Income tax expense comprises current tax (that is amount of tax for the
period determined in accordance with the Income-tax Act, 1961) and
deferred tax charge or credit (reflecting the tax effects of timing difference
between accounting income and taxable income for the period). The
deferred tax charge or credit and the corresponding deferred tax liability or
deferred tax asset are recognised using the tax rates that have been
enacted or substantially enacted by the Balance Sheet date. Deferred tax
assets are recognised only to the extent there is reasonable certainty of
realisation.
Such assets are reviewed at each Balance Sheet date to reassess
realisation. Where there are unabsorbed depreciation and carry forward

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losses under tax laws, deferred tax assets are recognised only if there is
virtual certainty supported by convincing evidence that such deferred tax
assets can be realised in future.

1.13 Deposits with Government Agencies, Local Authorities and Other

Electricity Companies
Deposits given to Government Agencies, Local Authorities and other
Electricity Companies that are perennial in nature are charged to revenue
in the year of payment.

2. Segment Reporting:
The Company operates in a single segment of Natural Gas Business.
In view of the Accounting Standard Interpretation issued by the Institute of
Chartered Accountants of India for companies operating in single
segment, the disclosure requirements as per Accounting Standard 17
Segment Reporting are not applicable to the Company.

3. Operating Lease Arrangements

The Company has taken certain equipments, vehicles and premises for
office use under operating lease agreements.
The total lease rentals recognised as expense during the year under the
above lease agreements amounts to Rs.137,879,024 (Previous Year
Rs.109,695,213). Lease obligations under non-cancelable periods are as
follows:

Amounts payable in the next 1 year Rs. 64,355,285

Amounts payable in the next 2 to 5 years Rs. 20,369,576

4. Cash and cash equivalents represent cash and bank balances and short-
term investments. Cash and bank balances include Rs. 878,137 (previous
year Rs. Nil) lying with bank pertaining to unclaimed dividend.

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5. The above Cash Flow Statement has been prepared under the indirect
Method as set out in the Accounting Standard-3 on Cash Flow Statements
issued by the Institute of Chartered Accountants of India.

6. Purchases of fixed asset are stated inclusive of movements of capital work

in progress, capital inventory and preoperative expenses and are treated
as part of investing activities.
Corresponding figures of the previous year have been regrouped and
reclassified wherever considered necessary to conform to current year is
figures.

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5. Summary of financials:

The above financials can be summarized in the following chart:

Sr. Description Value

1 OPBIT/Prod.cap.empl. (%) 55.8
2 PBIT/Cap. Employed (%) 45.64
3 PAT/Networth (%) 29.66
4 Tax/PBT (%) 33.67
5 Total Debt/Networth (x) 0.16
6 Long Term Debt/Networth (x) 0.15
7 PBDIT/Finance Charges (x) 16.37
8 Current Ratio (x) 0.92
9 RM Inventory (days consumption) 0
10 FG inventory (days cost of sales) 0.31
11 Receivables (days gross sales) 8.18
12 Creditors (days cost of sales) 77.99
13 Op. curr. Assets (days OI) 44

Share Statistics:

Sr. Description Value

1 EPS (Rs.) 6.62
2 CFPS (Rs.) 10.06
3 Book Value (Rs.) 22.32
4 DPS (Rs.) 2

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 Indraprastha Gas Limited

6. Comment on IGL future:

Indraprastha Gas Ltd (IGL) is a city gas distribution (CGD) company, operating in
the national capital territory (NCT) region of Delhi. With just 3% penetration of
CNG within the private vehicles segment (92% of FY06 revenues) and 1%
penetration of PNG within the domestic household segment (8%) in the NCT
region, there is huge potential for growth going forward. IGL is foraying into
newer markets surrounding the NCT region (Greater Noida and Ghaziabad).
Considering the economical and environmental advantages of both CNG and
PNG over conventional sources of fuel, I believe IGL will be a key beneficiary of
an increasing customer base for these fuels.
IGL's revenues are expected to grow at a CAGR of 14.5% over FY06-08 and
PAT is expected to grow at a CAGR of 18.2% over the same period. Its PNG
business is expected to grow at a CAGR of 60% (in volume terms) over FY06-
08E, clearly outpacing the 9% CAGR growth in CNG (volume terms) over the
same period IGL is currently debt-free, and is generating an RoCE of 41.8% and
RoE of 28.2% for FY06E. The company is expected to generate better returns
going forward as it penetrates further in the NCT region of Delhi and obtains
better efficiency in its operations. IGL's operating margins are expected to
improve from 40.9% in FY06E to 43.2% in FY08E.

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The following facts and figures make IGL a healthy company and show
tremendous growth prospects in 5 years:

a. Sole player in the high potential Delhi market

i. Low penetration levels:

Figure 1 CNG station growth and total sales volume

IGL is the only supplier of CNG and PNG in the NCT region of Delhi. Any new
player would have to obtain a CGD license and a firm allocation of gas from the
government to enter this region. Even if a new player obtains the license, it will
be very difficult for it to match IGL's existing infrastructure. Currently, only 3% of
private vehicles (passenger cars) in the NCT region operate on CNG and only
1.3% of household population in Delhi use PNG. Hence, there is a huge growth
potential of CNG and PNG suppliers in the NCT region of Delhi. IGL would be a
key beneficiary of this potential and is currently taking significant initiatives in this
regard. Currently IGL has 146 CNG stations catering to around 106,000 vehicles
and going forward 12-15 stations annually are planned for the NCT region.

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 Indraprastha Gas Limited

ii. Increased private cars conversion to be a trigger:

Figure 2 CNG vehicles break-up

Currently, there are around 800,000 - 1 mn private cars running in Delhi, of which
only 30,000 cars have converted to CNG (3%). With CNG becoming increasingly
prefer red due to its inherent cost and environmental benefits, we believe that
more and more private car owners would convert to CNG. This argument is
supported by the fact that leading passenger car manufacturers (Maruti, Tata
Motors, etc) in India are introducing CNG variant models. IGL is expanding its
retail outlets (currently 146 CNG stations) and is also planning a tie-up with
BPCL for supplying CNG to consumers at their retail outlets. The company
expects around 20,000-22,000 cars to be converted every year going forward.
The 9% CAGR growth in CNG revenues of IGL over FY06EFY08E would be
mainly led by increased private car conversions to CNG variant and to a small
extent by the conversion of buses and autos to CNG variant.

iii. Buses constitute 60% of CNG revenues:

IGL has a 5-year contract with Delhi Transport Corporation (DTC) for supply of
CNG for their 4,000 buses. This contract contributes around 25% to IGL's overall
CNG sales. Overall, buses (private and DTC) constitute around 60% of IGL's
total CNG sales.

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 Indraprastha Gas Limited

iv. PNG to be a key revenue driver going forward:

The PNG business contributes around 8% to FY06E revenues. Of the total PNG
sales, around 80% constitutes commercial & industrial sales and 20% constitutes
domestic users. Currently there are around 3.6 mn users of LPG in Delhi, of
which only 50,000 user s (around 1 .3%) have converted to PNG. Going forward,
we expect PNG volumes for IGL to grow at a CAGR of 60% over FY06E-08E,
significantly outpacing the growth in CNG volumes (9% CAGR). Recently the
company has also tied up with BPCL to procure re-gasified LNG (RLNG) for
supplying to large and small industrial users.

b. Economical and environmental advantages

i. CNG and PNG being increasingly preferred:

CNG is increasingly being preferred over petrol and diesel due to its inherent
economic and environmental advantages. At the prevailing fuel prices, CNG is
about 70% cheaper than petrol and about 40% cheaper than diesel.
Also, CNG is environment friendly considering low harmful emissions from
vehicles running on it. Going forward, increasing number of vehicles are
expected to convert to CNG, considering the Delhi government's initiatives
against high pollution levels in the capital.

ii. Various advantages over LPG:

As PNG is 50% cheaper than LPG; it is increasingly becoming a preferred source
of domestic and industrial fuel in the NCT region of Delhi. Apart from being
economical and safer, PNG has many other advantages over LPG that include:
• Reduced possibility of leakage.
• Uninterrupted supply & narrower range of ignition.
• Inbuilt safety during installation & metered reading.

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 Indraprastha Gas Limited

c. Low risk-high return business model

i. High entry barriers:

Currently, IGL enjoys no competition in CGD business in the NCT region. Going
forward, even if the government allows another player to operate in the NCT
region, it will be very difficult for the new entrant to match the infrastructure set-
up by IGL for distribution of gas. The new entrant would be forced to operate in a
joint venture with IGL, thus restricting the loss of market share for the company.

ii. Long-term visibility of revenues:

As the only supplier of CNG and PNG in Delhi, any incremental demand for
these fuels would directly benefit IGL. With the initial cost (Rs5,500 per
installation) of setting up PNG infrastructure being high for a consumer,
probability of a customer shifting back to LPG for domestic fuel is very low.
Hence once a customer for PNG is added, there is an assurance of revenues for
long-term. Similar ly h igh investment is required (CNG kit installation costing
Rs30,000 - 40,000) for conversion of vehicles to CNG. Hence, once the vehicles
are converted to CNG, there is low probability of consumers turning back to
petrol/diesel.

iii. Assurance of gas supply:

As GAIL (the gas transmission and distribution major) is the co-promoter; it gives
an advantage to IGL in terms of an assured supply of gas. IGL has entered into a
5-year contract with GAIL for supply of 2 mmscmd of gas. However, the company
currently procures only 1.4 mmscmd of gas, hence we do not foresee any need
for the company to enter into an additional contract for procurement of gas in the
near-term.

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 Indraprastha Gas Limited

iv. Attractive return ratios:

IGL is currently generating RoE of 28.2% and RoCE of 41.8% in FY06E. The
company is expected to at least maintain or improve upon these ratios going
forward. These high return ratios are indicative of superior operational efficiency
of IGL considering the capital -in tensive nature of it s busines s. Going forward,
the compa ny's strategy is to improve upon it s asset turnover rather than expand
its network. This would further give a boost to its RoCE going forward.

d. IGL's business model depicted through Porter's model

e. Expansion into newer territories and segments

i. Foray into areas surrounding the NCT region:

IGL is foraying into new markets of Greater Noida, Ghaziabad, Sonepat and
Panipat. The company has already obtained a NOC to set-up infrastructure for
CNG and PNG marketing and would be competing with other players (Gujarat
Adani Energy) in these markets. However, considering its experience of
successfully operating in Delhi, it should be able to replicate its success in these
markets too. We believe that expanding into newer markets is a key positive for
IGL, giving it good long-term visibility of revenues.

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ii. Contract from Indian Railways:

IGL has successfully implemented a pilot project for supply of CNG to the Indian
Railways. The company currently supplies CNG for two locomotives and has a
retail outlet in their premises. According to IGL management, the company would
be supplying to 20 locomotives in FY07, which would contribute around Rs85.4
mn (1.4% of FY07E revenues) to IGL's topline. We believe this to be a long-term
positive for the company going forward.

iii. Medium-term trigger from LCV conversion

60,000 LCVs operating in Delhi: In the past, the Delhi government had passed an
order for conversion of DTC buses (running on Diesel) to convert to CNG. On
similar lines, a court order for conversion of LCV vehicles to CNG is awaited. We
believe that this would be a major trigger for IGL as there are around 60,000
LCVs operating in the NCT region, and IGL would be a key beneficiary of this.
However, there is already a voluntary conversion of LCVs due to inherent
economic benefits of CNG. Hence, the order would result in accelerating LCV
conversion and we believe that around 6,000 LCVs would convert to CNG
annually once the order is passed. If this happens, our forecast for FY07E PAT
would increase by Rs146 mn (11.8% upside) and EPS would increase from
Rs8.9 to Rs9.9.

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7. Concerns – Suggestions to improve on them:

a. Limited supply contract with GAIL:

IGL has entered into a contract with GAIL for supply of 2 mmscmd of gas
at a uniform price of Rs3,200/tcm. According to our estimates, this
contracted amount of gas would suffice IGL's requirement till FY10. As
IGL's customer base expands, it would have to procure more gas to cater
to the increasing demand. In case IGL is unable to procure the required
quantity of gas, it would negatively impact its growth going forward. GAIL
should look out for new sources for long-term gas supply (settingup
pipeline to import gas from neighbouring countries). Also, other companies
like Reliance and GSPC can also be sources of gas. I therefore believe
IGL would have many options to procure gas over the long-term.

b. Infrastructural and executional constraints:

As IGL's customer base for CNG and particularly for PNG expands, the
company has to invest in setting up additional infrastructure to reach out to
new consumers. Similarly for CNG, it has to increase the number of CNG
stations (146 currently) to cater to an increasing number of CNG vehicles.
This infrastructure set up in a huge metropolitan, highly congested city like
Delhi is a challenge in terms of requirement of additional approvals,
permissions and clearances from government authorities. Hence, a limited
growth is possible in a particular time period.
This can be sorted with coordination with Delhi Government, also a
partner in the business. Best alternatives towards lying of infrastructure
can e sought from engineers and city development team of the
government.

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 Indraprastha Gas Limited

c. Geographical limitations:
IGL's operations are currently restricted to the NCT region of Delhi. Any
macro factors affecting the NCT region could have an impact on IGL's
operations.
The company should diversify into newer markets of Greater Noida,
Ghaziabad, Sonepat and Panipat.

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8. Conclusion:

Indraprastha Gas Ltd (IGL) is the sole supplier of compressed natural gas (CNG)
and piped natural gas (PNG) in the national capital territory (NCT) region of Delhi
Consider ing the inherent economical and environmental advantages of both
CNG and PNG over conventional fuels like petrol, diesel and LPG, demand for
these fuels is expected to accelerate going forward.

There is no competitor for IGL within the NCT region due to licensing
requirement and unavailability of firm gas allocations; hence any incremental
demand for PNG or CNG in this region would directly benefit IGL. The company
is also awaiting the Supreme Court's decision on light commercial vehicles'
(LCV) conversion to CNG variants, which would be a good medium-term revenue
trigger.

IGL, co-promoted by GAIL and BPCL, has a distinction of operating a low risk-
high return business model. The company is also foraying into new markets of
Greater Noida, Ghaziabad, Sonepat and Panipat, thus expanding its presence
around the NCT region.

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9. References:

1. Equity Analysis Reports from Ask-Raymond James & Associates Private

Limited, Mumbai.

2. CIMA books

3. www.bharatpetroleum.org

4. www.equitymaster.com

5. www.myiris.com

6. www.sebiedifar.nic.in

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