Indraprastha Gas Limited (IGL) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day, and welcome to Indrafrasta Gas Ltd. Q4-FI26 Earnings Conference Call hosted by ICICI Securities Ltd. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. If you do need assistance during this conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Provel Sain from ICICI Securities. Thank you, and over to you, sir.

Hi, thank you, Neera. Good afternoon, everyone. I would like to welcome everyone for making the time to attend this call and would like to welcome the senior management who has made the time to do this post-to-date call. Format will be pretty similar to what is normally done. We would invite the management for their opening remarks and then we would have an interactive Q&A session. We have with the senior members of the management of IGL, including Mr. Kamal Kishwaj Chathivar, the Indy, Mr. Mohit Barsiha, the Director of Commercial, Mr. Sanjay Kumar, the CFO, and Mr. Manjit Singh, the VP Finance. Without further ado, I would like to hand over to the management for the opening remarks. Sir, over to you.

A very good afternoon to all of you. I'm Kamal Kishore Jethiwal, Managing Director in Lutus Gas Limited, and on behalf of the management, I take pleasure to welcome you all for our earnings call on the financial results of FY2526. We appreciate your continued trust and supportive partnership of our company. We thank you for taking the time to join us today. With the geopolitical volatility in West Asia, CGD industry has faced challenges in gas sourcing due to volatility in the gas supply and pricing, yet the company has demonstrated resilience through disciplined execution and clear focus on our long-term strategic priorities and strengthen our operating model. Before heading to the Q&A round, I wish to highlight the key performance results for FY2526 based on the results declared yesterday evening. We have achieved the average sales volume during the current year at 9.39 MMS CMD as against 8.99 MMS CMD in previous years. And a substantial increase of 10% in CNG sales volume in kg terms if the declining sales from DTC and DIMS are excluded. DTC sales volume has reached to 3,000 kg per day in the last quarter and is expected to be nil in coming quarter. We have achieved sales volume increase of 17% in our new GAs. There is an 8% increase in gross turnover since the previous year at Rs. 17,785 crores, as again, 16,340 crores in the previous year. We have earned healthy EBITDA of 1850 crores during current year, though a decline of 6% over the previous year and a pair of Rs. 1364 crores, down by Rs. 103 crores as compared to last year. Due to one-time impact of reversal of OMC margin of Rs. 140 crores in the previous year, despite the increasing gas price amid international crisis, the activation of post-measure clause by our suppliers, we are able to maintain EBITDA in the current year with the national PNG Drive 2.0 to accelerate clean energy transition and natural gas adoption. We are quite hopeful that with the gas sourcing arrangement in place, increasing pipeline infrastructure with planned capex of rupees, 1,400 to 1,500 crores in the coming year. Volume growth seen in the new years, we can plan to achieve sales volume of 10.6 and an SMB at exit of the 526-27. We remain committed to driving sustainable growth, improving operational efficiency, and creating long-term value for all stakeholders. Now, I would like to invite our Director Commercial for his opening remarks.

Thank you. Good afternoon, everyone. I am Mohit Bhatia, Director Commercial of IGL, and I am pleased to welcome all our investors, NLS, stakeholders, and the members of the financial community joining us today. Thank you for joining us for our Company's Earnings Conference call on the financial results declared yesterday for the year ended 31st March 26th. As Managing Director has highlighted some of the points relating to the annual performance of the company from the results of the financial year 202526, let me add some of the perspective from my side. We have witnessed a 5% increase in CNG volumes during the current year, 9% annual increase in domestic CNG volumes. With 13% increase in particularly Q4 of this year as compared to Q4 of the previous year, with ongoing P&G Drive 2.0, there is a 4% increase in industrial sales and 9% increase in commercial sales in the current year over the previous year. It is also pleased to mention that we have clogged 10.2 mmHCMD of these cells during the month of February 26 itself. We have also crossed a mark of 1,000 CNG stations during the current year, with the total number clogging to 1024, assuring greater penetration and ease in availability of cleaner fuel mobility solutions. Increased steel pipeline network by 250 kilometers and MDP pipeline by 2,470 kilometers. Our domestic connections have increased by 3.7 lakhs during the current year, and we have witnessed an increase of almost 2 lakh plus customers in our built domestic customer base. As far as Q4 is concerned, we have achieved 6% increase in gross turnover, EBITDA of 423 crores, that is 4.85 per SEM, and PBT of 385 crores, in SEM terms, 4.41 per SEM in the current quarter. With the annual surge in the average new CNG vehicle additions, Post GST 2.0 and conversions are clogging at around 23,040 with an average increase, and in the later half of the month, it was almost touching 26,760 vehicles per month. We are expecting substantial increase of 10 to 13% in CNG sales volume growth. In the upcoming year, we are also pleased to inform that we have commissioned our second LNG station, that is at Concord, Dadri, a step towards long-haul trucking mechanism. With the introduction of two-zone traffic regime in the later end of the current year in place of three-zone structure to determine pipeline transmission costs for CNG and domestic. Customers under Zone 1, regardless of the geographical area, we are expecting lowering of gas costs in the coming year for CNG and domestic consumers and recovery of our declining profits and reduced costs. On behalf of the management, I assure you sustainable revenue growth. Market expansion and enhanced value delivery to customers despite dynamic business environment through geopolitical turbulence through a growth-driven discipline execution of strategies and customer center. With this, I welcome you all once again and open the session for Q&A. Thank you.

Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask the question, may press star and 1 on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants, you may press star and 1 to ask the question. The first question is from Delano Sabri Hazarika, from M.J. Global. Please go ahead.

Good afternoon, sir. I've got three questions. Partly, this volume guidance that you have given, so in 0.6, so is it average volumes or exit volumes for FIT?

So this is the last quarter exit guidance.

Exit volumes, and this 10 to 13% growth in CNG also, I mean that is also incorporated in this 10.6 exit volumes, is that right? Yes, yes. Okay, second question is on your EBITDA per STM guidance for FY27 as well as long term.

So that will be 7 to 8 rupees per HCM. Maybe the first quarter would be challenging, but we are making efforts to bring it back to 7 to 8.

Okay, and also, what was the capex for FY2026?

11.72 crores.

11.72 crores. And just one last question, your domestic PNG currently, what is the base and out of which, how much is burning customers? I mean, connected as well as burning versus connected as non-burning.

Actually, our total connected customers are close to 34.4 lakhs, and out of that, you can say the billed ones is 24.5. So, balance now with this PLG drive, Thank you. Connections have been done, and our target is 3.5 lakh connections. That is the build connection, not the infrastructure, but the build ones. And earlier, we used to do around 2.25 kind of numbers, 2.25, 2.5. So that will increase to 3.5.

3.5 build customers, which you are talking about, right?

Yes, yes, yes. And we...

And just a small follow-up, so how fast do you think it is achievable? Is there any project-related issues or it is just the customer mindset which can immediately lead to this conversion? Because I think the connectivity is already done.

I will tell you that actually we are in an advantageous position in the sense that there are five lab connections where, you know, very little is to be done. And just to give an example, we have close to 14,000, 15,000 connections in defense establishment where, you know, the connection is provided even to the servant quarters. It is only that earlier they were getting some quota for LPG, so they were a little reluctant. Now the MOD, Ministry of Defense, has issued some guidelines, and there is a huge conversion there. So, there we need not do anything. Only the customer, if he comes in, and there are some tithing issues with respect to NOC and other things that we are sorting it out. So, other than that, infrastructure-wise, there is no such major issue. Only the customer has to give his consent and we will start the guest. So those are the numbers that file a connection of such connections where very little is to be done and we can immediately start. Only the request has to come from the customer.

Got it. Thank you so much and all the best.

Thank you. Participants, you may press star and 1 to ask the question. Next question is from the land of EA Sundaram from Busbell Rock. Please, go ahead.

Yeah, good afternoon, sir, and thank you for the opportunity to participate. I don't have any questions about the quarterly performance or about the recent margins, but I do have some observations to share, and these are really a reiteration of what I had suggested earlier to IGL. So please permit me a few minutes to present these observations. I think, sir, that IGL needs to do more and be a little more proactive in terms of communication. While it is true that periodically any company with performance will face ups and downs, it is important that the company presents to the investment community the correct picture about its own comparative position and why, in your opinion, there is really nothing wrong with the company's ability to compete in the marketplace. In the past several months, there have been negative perceptions around IGL that are floating around in the investment community, and I wish to share a couple of them with you. For example, there is a fear that the electric vehicles will swamp out the CNG vehicle industry. And number two, the fresh registrations for auto rickshaws or two-wheelers will not be given in Delhi if the vehicle is not an electric vehicle. So these have actually created negative perceptions around IGL. Now, I really think, sir, it is part of the duty of IGL to put out facts in the public domain to dispel fears of this kind. Point number one, why should there be licenses for CGV businesses given to 300 cities if gas is meant to be discouraged? Number two, how can India meet its commitments to Paris Climate Accord if gas is not used extensively? Number three, what is the present level of new vehicle registrations in Delhi and NCR for CNG vehicles? Number four, why will gas continue to be a transition fuel for at least 15 years more, if not longer? And number five, what is the company doing to diversify its geographic presence? Now, IGL's ability to compete in the marketplace is beyond doubt, but being reticent about your own strengths is not what is required now. That is my observation, sir. Thank you for the opportunity.

Yeah, thank you for valuable advice. I would say first suggestion is very well taken, and in that line, in fact, we have created one advocacy group, because we need to reach out to many, many people, including the investing community. So that part we are doing. As far as electric is concerned, there have been some positive developments, because recently Haryana has notified a TV policy. In which the CNG for aggregator, now aggregator only CNG and EV have been allowed. It's similar to what the Delhi policy was earlier. So that is a very, very positive development. Second is that now the aggregator part in the Delhi EV policy, the debate is clear that CNG would be allowed in that aggregator part, the four-wheeler part. Only the challenge would be three-wheeler. That also we are submitting our, we have done a study, we have commissioned a study, the report is yet to come with dairy, and now we are also doing some tests. with ICAT and IRAI. So those, if they are shared with the decision makers, I think that will give a confidence to them also that CNG is a cleaner fuel as compared to the perception right now they have or some of the lab readings that they have got. We don't know the source of those readings. But those are the things that we are working on. And we don't see gas as a transition fuel. We believe it is a destination fuel simply because now all the future or renewable fuels like CBG, hydrogen, the future fuel, so they can be blended in the existing infrastructure that can be used to blend those. Now, similar to the ethylone story, if CBG say mandate is today 5%, IGL has taken 10%, going forward, that can also be increased. to 20-25%, and add to that if you blend hydrogen into that network. So it becomes a future-ready network. So in that sense, our network is very resilient, and if you can blend some of these future fuels or the renewable fuels into natural gas, so that should support us. And your other questions are related to new GAs. So, we have given acceptance for Haryana and Gurgaon and Faridabad. So, those are two new geographical areas that we'll be working on. In addition to that, now that the push for PNG is more, and some of the players, the weaker players, may opt to go out, and then those opportunities will be available to us. So, we are open to those, and yeah.

So, the third one which you said on the registration of the CNG vehicle, so some data, some statistics I would like to share with you. Like I mentioned in my opening remarks also, around 23,000 on an average monthly basis, the new addition of CNG vehicle is happening across IGL, Delhi, and entire other GS. And if we see in the later half of the year, it touched to almost 26,000 also after the GST 2.0 came and it got reduced from 28% to 18%. Secondly, if we see the segment-wise data, so CNG last year contributed to almost 34%, and petrol vehicles contributed to around the addition was 35%, diesel was 20%. Yes, EV is picking up, as NB also said, it was around 8% to 10%. But I think CNG is going on very, very healthy numbers.

See, thank you for the feedback. My only request is that, you know, let's make it a regular exercise that you put out these numbers and these details in the public domain through either a presentation on your own website, etc., so that we need not have to wait for an analyst meet or something like that to ask these questions. That's the only request I have.

Yeah, yeah. I think your point is well taken, and we'll come out with certain mechanisms so that timely, more effective communication and something on the website will be also published.

Okay.

Thank you, sir. Thank you for your time.

Thank you.

Next question is from the line of Akash Mehta from Canva HSBC Live. Please, go ahead.

Hi, sir. Thank you for making my question. So, my first question is on the Haryana policy, but I mean, I mean, that was there in the news. So, I mean, in terms of the implementation and this going through, what would be the next steps that you, I mean, will kind of happen in terms of adopting cleaner fuels in Haryana? So, that's my first question.

Okay. So, as I think MD also just shared that I think yesterday only some EV policy and CNG policy of Haryana Head has come, where in the aggregator's case, they have preferred to go for CNG and EV on a tandem basis and further curtailment of petrol vehicles and all. So, since we have also gone ahead with the acceptance of the GA Haryana, in particularly Faridabad and Burwa, I think it will be a beneficial thing for IGA.

So, in terms of volumes, any number that you can share that could kind of, I mean, increment in terms of incremental volume, any assessment that you have done?

See, I think, yeah, so whatever area we have presently of Gurgaon, we have a very limited area, one-third of the area, but going forward, I think another one-third we'll be getting, and the Gurgaon, I think a lot of potential is there in terms of vehicular addition, And going forward, it is almost, we are selling around 2.5 lakhs of CNG per day, whereas our competitors with other CDD entities, they are almost touching around 8 lakhs to 1 million. So with this, because in CNG, what happens if you have a CNG station at the bordering area, and with a price competition and other services, I think you can attract a lot of volume from the competitors.

Well, if I may supplement that, when we were looking at the vehicle conversion GA-wise, we find that Gurgaon is one of the promising ones where, you know, after Delhi, the number of conversions there are on the higher side, like 6,000, as against 10,000 in Delhi. So, the conversion rate in Gurgaon is also very high, and that, we feel, would benefit us.

If we talk about the penetration, so Gurgaon has one of the highest penetration among our GAs. It is around 47%. So all the new vehicles which are sold in Gurgaon, 47% is on CNG. So we already see high penetration there, and given the continuance of CNG in the new policy as an educated fuel, I think it supports our current position. For me, it will help us in higher growth in this group.

Sure, so that's quite helpful. Just on the margin rate, if you can just help us with the incremental gas price hike that would be needed on basis of the current gas cost for us to kind of maintain the EBITDA per SEM, if you could just give us some indicative number and your gas cost split as of now in terms of sourcing.

Yeah, in terms of sourcing, you can say it's a 50-50 mix, that 50% is RL engine, 50% is domestic, and out of that 6 to 7% would be HD gas, and 43 to 44% is APM and Newell, and that keeps on changing the mix, but you can say 60% is APM, 40% is Newell, and based on that, the situation is very, very dynamic. So, what we feel is that we have taken a price hike of 3 rupees, that should help the EBITDA margin, and going forward, we are watching the situation, and based on our assessment, we will take a call on any price increase if required.

Sure, sir, but I think another 4 to 5 rupees would be needed. I mean, this is how things are going.

I can only share that the input cost has increased by around 25 percent as of now, but tomorrow is the situation improves. The crude comes down to say 70, 80 levels. Then I think this will get improved. The input cost will get improved. In that sense, so, as of now, we can't tell you how much is needed for us to maintain 728 for the entire year, because the year has just started. Because our strategy has always been to have a balance between growth and a bit of margin. But margin guidance, 7 to 8, is a very reasonable expectation that we feel. And growth, you know, the conversion numbers are very, very robust. In the last quarter, there was around 27,000. Year average was around 23,000. So if we have to maintain that momentum, so I think the... That would be one factor which is A on our minds.

Just to not take the EBITDA number at a particular point of time, rather let us see as an average, quarterly average or annual average. And in that sense, whatever, and we have said that 7 to 8 is something which we are looking at, and over a period of one year, we will be able to achieve that.

Sure, sir. Thanks a lot. Yeah, that's it for myself.

Thank you. I request all the participants, can you limit yourself to two questions per participant? Next question is from Lion of Yogesh Patil from Dollar Capital. Please go ahead.

Thanks for an opportunity, sir. You just mentioned that input gas cost on overall level has gone up by 50% or 15%, sir? 25 percent. Okay, so is it right to assume gas cost per unit in a Q4 was approximately 36.8 per SCM, that has gone up by 25 percent, is that right to understand?

No, no, it is not in the last quarter, but I was talking from the pre-war levels, so 32 kind of numbers.

Okay, okay. Well, second question, sir, considering 3 rupees per kg CNG price high and exchange rate remains the same at the current level, then can we expect EBITDA in the range of 6 rupees plus in a Q2?

Actually, we are watching the situation, especially with respect to alternate fuels, competing fuels also. And, you know, that has been our endeavor that whatever we were at 5.4 in the first, we finished at 5.4. So whatever is needed to reach 7, we will take those measures.

Okay, sir, a few data-keeping questions. How many DTC buses sales out during the Q4, and what was the CNG consumption of DIMM buses during the Q4?

You see, now DTCs, only 25 buses are remaining with us, and DIMM's around 1790, what is the number? 1790 buses are there.

Any consumption number of DIMM buses, CNG consumption number?

During the Q4, BIMS number, yes, just a second, I think BIMS number, 1.5, BIMS we are

feeling now around 1.9, 1.9, 1.9, 1.9, 1.9.

So DIMP is 1.9 and 1.3, yeah, 1.3, exactly. 1.3 and DTT is now almost, now, left hardly 1,000 kg per day. So DTC is all gone. DIMP still, it is there. It is reducing, but almost 1.3 lakh per day, it is there.

Oh, yeah, and the last one. Yes, sir. Yes, sir. And the last one, sir, we have seen a sharp jump in operating expenses sequentially. Was it include any one-off expense?

No, no. Operational expenses per CM, if you calculate, that would be, I think, a better metric.

Sequentially, CSR expenditure is generally between the last quarter.

But if you see as compared to previous year, like Wendy also said, Rupees per STM will be the correct measure to understand. So we have reduced by around 8 to 10 Pesha in our OPEX expenses per STM this year.

Okay, sir, one fundamental question on this.

Can I request you to come back, please?

Sure, sure. Thank you. I request to all the participants, please limit yourself to two questions per participant. Next question is from the line of Malik Patel from Equirus. Please go ahead.

Hi, thanks for the opportunity. I have two questions. One is that what is the growth you have achieved in these three different? One is in Delhi, second is in the NCR region, third is in the UGA for the CNG segment, if you can give the specific number.

So, like we mentioned in the opening also, Delhi is flat in CNG, it's almost 1% only, and we have to take care of the DTC volumes lost also, and Noida, Ghazi Abad is around 6-8%, and other GAs have grown by 16-17%, and if we knock off the historical volumes of the DTC, Then the entire IGL, at IGL level, it is around 9.8% to 10% growth.

Got it. Got it. The second question, in terms of supply mix, did you have any of these force measures during the quarter because of whatever has happened related to the RAS, LEF and volume? Did we have any force measures? And if it's there, how do we have replaced that?

Oh. So, as you are aware that after the Middle East issues in February end, so there was a force measure imposed by Qatar Energy at Qatar after the Ras Lafan attacks and all. And then immediately, first, government has come up with a reform. They have come up with the Gazette notification for prioritizing domestic PNG and CNG as priority number one and subsequently to fertilizer. So first thing they have given, on the basis of the last six months average sales, we have been getting almost 100% allocation in terms of consumption. That is the priority number one, DPNG 105% and CNG maybe around 35 to 40%. Then there has been a pooled gas mechanism which has come out and the Gale is offering on that pooled gas mechanism pricing is there. That is there. And for industrial and commercial, some spot back to back, we have made some arrangements. So it was like that. Got it. Got it. Thank you, sir.

Thank you. Next question is from the line of Nitin Tiwani from Phillip Capital. Please go ahead.

Aitha, good evening. Thanks for the opportunity. Just a few keeping ones from my end. What was the CNG sales in kg in this quarter?

The call is 50,20,000. It was the average for the year for a quarter 51,30,000.

51,30,000. I thought it was 50,000. Right. Thank you. And, sir, my second question was with respect to the industrial and commercial consumers. So, what was our pricing for these consumers in the previous quarter and what's the pricing right now? And related to that, sir, also, if you could highlight what was our average LNG procurement cost in the previous quarter and what it is now. I mean, I'm talking about spot LNG.

And Spark and NGPUT. Some quantities which we had specifically bought for a few of the customers on back-to-back days, that came at around $17 during that crisis. When it started, it was around $21, and then subsequent month, it was at around $17.5. So that was the pricing in terms of the forex component of the gas cost. The entire cost has been passed on to the customer, and given that the alternate fuels are also not available to them, they are basically coming back to P&E and lots of demand is there at this point of time. Demand has not gone down. Okay.

Yeah, that was what I was trying to get at. So, what is the price that we charged in the previous quarter and what we are charging right now to industrial and commercial entrepreneurs?

So, if I tell you, around 35% to 40% increase in prices have taken take over 2-3 months.

35% to 50% you said?

Around 35% to 40%.

But you have a 40% increase. And that's the trend that we are continuing, right?

And if it is on back-to-back spot basis, then it is almost 50-60%. Okay.

And lastly, sir, what's the CAPEX number for 27?

For 27, we expect to be around 1,500 scores. We can be pushed on ENG by the government. So, last year we had a total capex of 1,122 crores. We expect that to go up and reach approximately around 15 million crores. The core segment of the area. Sure. Thank you so much.

Thank you. Next question is from the line of Pratyush, from Incrut Capital. Please go ahead.

Yeah, Dr. Jok, I have just two questions. First, regarding, you know, sourcing of natural gas. So, you know, after the crisis, the government pulled the gas and, you know, kind of... I tried to allocate the gas, and since the CCDs were put in the priority list one, I suppose that you'd be getting about 100% of the gas. Just wanted to understand of the pricing mechanism. You know, on the basis of which you get the gas for at least your priority sectors like C&G and P&G domestic. And second, regarding the industrial segment, consumers, since the, you know, the propane wasn't available. So I'm assuming that, you know, the margins would have got elevated at least for this quarter. And how are you seeing the quarter one of FY27 as far as, you know, P&G industrial is concerned?

Okay, so we'll start with the APM. You know that it is based on Kirat Parekh committee pricing mechanism, and now it is increasing year-on-year basis. So now currently it is actually CBG loading is also there, so $7.7 per MMPTU is the APM price first. Then the second part is the new well gas, which is at a premium of 20% of the Indian crude basket. So Indian crude basket has already gone up, so it is almost touching now $13 per MMPTU. That is the new well gas. The third, I also earlier mentioned that There has been a new working on the pooled gas, because the government has given a mandate of priority one to PNG and CNG. So there is a different mechanism of pooled gas, and that is being also sourced at around $14 to $15. And apart from that, spot is there. The spot depends like it is now 17 to 18, and apart from that, on the industrial, as we mentioned earlier, whatever we are sourcing additional, that is given on a back-to-back basis with a little bit of markup, and that is passed to the customer.

Got it, sir. Am I correct in understanding that, you know, for example, if 100% is a requirement and if about 60% or 50% is getting fulfilled by, let's say, by APM and SDPT, then whatever rest 50%, at least for your CNG and PNG domestic, you know, fulfillment, that would be, that gas would be, you know, you'll be given through the pooled gas mechanism and the pricing which the government has decided. Am I right in assuming that?

Yes, you can. It is almost like that.

Got it. And also, there was one media circulation regarding the unavailability of the plumbos due to which the CGT's companies are not able to meet the requirement of the P&T connections. The government has mandated about 1 lakh connections per day. So, it is said that only 10,000 to 12,000 connections is being made. So, I just wanted to understand your view on that. Is it correct as far as IGL is concerned or is it not that relevant for IGL?

No, actually, we are right that for the industry, this is one of the issues. But for IGL, this is not an area of concern because we were already doing 2.5 to 3 lakh build connections and 3.5, 3.7 lakhs last year we did infrastructure-wise, if you say. So we were already doing and there is a small increment in that. So that sense and being also the national capital, so there is some advantages. So we are not facing the plumber issue as compared to other entities that are facing this issue.

Got it, sir. Thanks a lot for answering your question.

Thank you. Next question is from the land of Rajkir and Gandhi from SBI Mutual Fund. Please go ahead.

Hi, sir. Thanks for the opportunity. Sir, you mentioned that the gas cost has increased by 25% on a base of Rs.32 pre-war cost, means that, you know, your gas cost has gone up by Rs.8, whereas we've taken a Rs.3 per kg hike as yacht, which is about Rs.1.4 per SEM. So, even to maintain this Q4 margin, maybe OPEX normalize and all. I'm just wondering, maybe even in Q1 and all, it will require a significant high increase, right? Just to pass on what is already there.

No, actually, industrial and commercial segment, we have been able to increase the prices because the competing fuels were substantially higher. So, there we have no issues. The domestic segment is covered through APM, so that also is not an issue. And we had taken a 1.7 rupee increase in last month for any increase in this APM price. So, that has been factored in. Only the CNG portion... We believe that if the situation improves and the cost comes down, because slowly we are seeing that the Henry Hub quantities that were curtailed due to this force measure, they are getting restored. Now, in case that is done, because that is one gas where we have not seen much volatility. The Henry Hub has remained between $2.6 or $2.5 to $3. So if that is given 100%, then that will solve some of our problems.

And on the industrial and commercial side, as you said, more price hikes have been taken and you've been able to pass through there. Any breakdown, if you can give, how are margins in that segment versus pre-war?

Margins, we have almost kept flat. We reduced a little bit, but then we are able to maintain the same level of profitability on those. Sure, thanks a lot. That course has been passed. Profitability is maintained, that's what I can say at this point.

Okay, sure.

Thank you. Next question is from Lain of Sarthak from Namora. Please go ahead.

Good afternoon, sir. My first question is across the IGL portfolio, what percent of CNG volume goes to the cab aggregators and delivery services?

So cab aggregator or mix has been that 48 percent is the private vehicles and CAB aggregators around 12-13% is there.

12-13% of total? It's just a very scientific way in which this data is available. So 12-13% is what we arrive at from different methods. Directly it's not different.

Okay. And secondly, can you please tell us the total CNG volume that comes from Haryana?

Thank you.

Yes.

The total volume from Arianna is 0.81 million, 0.65 million of C&G, and 0.16 million of C&G.

Okay, thank you, sir.

Arianna had a overall growth of around 11-12%.

I'm going to be here, so I'm going to be here.

We have around four years there in Haryana, Karnal, Kethal, Rivari, and Guru Ram. And overall, it had around 11 to 12 percent of growth.

Okay. Thank you, sir.

Year on year. On average, annual basis.

Okay. Thank you. Next question is from Ryan of Kishan Munra from Dam Capital Advisors. Please go ahead.

Hi, sir. Just one question, data-keeping question, actually. So, if you could provide the detailed breakup of gas procurement that we have done in 4Q, bifurcated into APM, NWG, HPST, Henry Hub, and Brent Link contract, if possible, in MMSEMD terms, and then also if you could compare it to what we are getting currently after the gas pooling mechanism.

So, okay. So, I'll give you off for Q4. Is it okay?

Sure.

Yeah, that's okay. So, as we mentioned, domestic gas is around 55%, and the breakup of this 55% APM is around On domestic gas, 37% is APM, 8% new well gas, CBG, 1%. HPHT is 4%. Then we get some from IGX also, we take around 3%. Then coal-based methane, 1%. So this is on the domestic. RLNG front short-term is almost 7%, and the long-term contracts what we have is around 38%. So this is roughly the breakup in terms of percentage.

It's the overall mix, not for the priority segment.

Okay. And, sir, if you could help us just revise how many long-term contracts do you have currently in MMSEMD terms, and what is the split between Brent-linked and Henry-up-linked?

We have close to 4.8 million, and two-thirds of that is Henry-up-linked.

And are you looking to, I mean, are you scouting for more long-term contracts, R&D contracts?

Yes, yes, because some of our contracts are expiring in 28, so we are looking at long-term contracts beyond 29 onwards. We are in discussion with various suppliers.

Thank you.

Thank you. Next question is from Ranastanmai Koteja from Nuama. Please go ahead.

Hi, I only had a bookkeeping question. What are the numbers of industrial and commercial customers that IGL has as of the end of the quarter?

End of the quarter. So, we have around 7,500 commercial customers and around 5,500 industrial commisters.

Okay.

Thank you. Thank you. Next follow-up question is from land of E.A. Sundaram from Beagle Rock. Please go ahead.

Yeah, thank you, sir. Just regarding the question that you had earlier answered from another gentleman, you said that, you know, you have one-third of Gurgaon and you're expecting to get another one-third. Can you give more details, please?

No, no. We never said that we have one-third and we are expecting another one-third. So, what we meant was that whatever authorization is with us is one-third of the Gurugram area.

Okay. So, it will remain one-third. Is that what is meant?

Yes, because we have not accepted the authorization. The case was subjudice and still it is subjudice. With some conditions, we have given our acceptance for starting the work.

Okay, but is it the intention to gain more territory in Gurgaon? Is that the intention of IGF?

I think there is no option like that available. If it is available, then we will definitely, but right now there is no option, because once you get an authorization, you have an exclusivity from the carriers. So that option is not there.

Okay, okay, fine. Thank you.

Thank you very much. Ladies and gentlemen, we'll take that as a last question. I'll now hand the conference over to the management for closing comments.

Thank you, everyone. Thank you for joining this call, annual running call for IGL. Thank you for taking time out from your busy schedule. Next year, of course, this was a challenging year in terms of the gas cost, and it is still continuing. Hopefully, when we meet next time, this geopolitical situation will be behind us, and we'll be interviewing with better numbers. So, on this note, I would just like to also share that I'll be going back to my parent organization, VPCN. So, Manjeev will be taking over as CFO, and from 21st onwards, he will be the point of contact for you all. So, thank you so much. See you. I'll probably meet you somewhere by next time. Thank you so much. Thank you.

Thank you.

Thank you very much. On behalf of ICICI Securities Limited, that concludes this conference. Thank you for joining us, and you may now disconnect tonight. Thank you.