4 June 2012
Update | Sector: Oil and Gas
Indraprastha Gas
BSE SENSEX
S&P CNX
15,988
4,848
CMP: INR236
Await PNGRB/Government move
Under review
Delhi High Court order gives interim relief, in our view
Delhi High Court order favoring IGL: The Delhi High Court has quashed the tariff order
that the Petroleum & Natural Gas Regulatory Board (PNGRB) had served to
Indraprastha Gas (IGL) on 9 April 2012 to "fix the maximum retail price or requiring
IGL to disclose the Network Tariff and Compression Charges to its consumers."
Await PNGRB/Government move: We believe that the issue at hand could take the
following courses: (1) PNGRB goes to the Supreme Court and/or (2) the government
amends the PNGRB Act so as to strengthen its authority.
Interim relief to IGL, in our view: The High Court, while giving its decision, restricted
itself to the notified PNGRB Act, and we believe that the verdict clearly points out
the loopholes in the Act. Now, to get entities like IGL and Gujarat Gas under PNGRB's
authority, the government will have to strengthen the Act through amendments. In
our view, this order provides only interim relief to city gas distribution (CGD)
companies. Tariff determination (for third party volumes) for long distance pipeline
entities like Gujarat State Petronet and Gail India would continue.
Bloomberg
Equity Shares (m)
52-Week Range
1,6,12 Rel. Perf. (%)
M.Cap. (INR b)
M.Cap. (USD b)
IGL IN
140.0
453/170
12/-36/-17
33.0
0.6
Valuation summary (INR m)
Y/E March
2012
Sales
25,151
EBITDA
6,320
NP
3,072
EPS (INR)
21.9
EPS Gr. (%)
18.4
BV/Sh. (INR) 85.5
P/E (x)
10.8
P/BV (x)
2.8
EV/EBITDA (x) 5.9
EV/Sales (x)
1.5
RoE (%)
27.9
RoCE (%)
30.5
2013E
36,053
7,333
3,527
25.2
14.8
101.3
9.4
2.3
5.2
1.0
27.0
30.6
2014E
43,940
8,112
3,902
27.9
10.7
119.8
8.5
2.0
4.4
0.8
25.2
29.4
What the Delhi High Court order says
"PNGRB is not empowered to fix/regulate maximum retail price at which gas
is to be sold by entities like IGL, to the consumers". - We believe this was
never disputed by PNGRB.
"PNGRB is also not empowered to fix any component of Network Tariff/
Compression Charge for an entity like IGL having its own distribution network".
- The High Court says that as per the PNGRB Act, PNGRB can only fix the tariff to
be charged to other marketers of gas (tariff between entities) and not the
tariff to be charged to consumers (tariff charged by IGL, which has its own
network). The High Court acknowledges PNGRB's powers to fix tariff for the
third party, but these will apply to IGL post the completion of its exclusivity
period, when new entities can use IGL's network.
Shareholding pattern % (Mar-12)
Others, 14.9
Foreign,
18.1
Key arguments of PNGRB and IGL
Domestic
Inst, 17.0
Promoter
50.0
Stock performance (1 year)
Indrapras tha Gas
Sens ex - Reba s ed
480
405
330
255
180
PNGRB argued that it is not fixing the retail price of CNG but only the transport
cost. It further added that IGL had accepted its exclusivity grant, which was
subject to submission of tariff for PNGRB approval.
IGL says that the "Act" is supreme over "Rules" and the Act mentions tariff
determination only for Common Carrier.
Rating under review
While clarity is yet to emerge on the PNGRB/Government move, in the interim,
the verdict is positive for IGL, as it can maintain status quo in its operations.
If PNGRB goes to the Supreme Court and wins, and if marketing margin were
reduced from the current implied INR4.6/scm to INR0-3/scm, we estimate 20-
60% impact on IGL's EBITDA and 30-90% impact on PAT. Our rating is Under
Review.
1
Harshad Borawake
(HarshadBorawake@MotilalOswal.com);+91 22 3982 5432
Deepak Dult
(Deepak.Dult @MotilalOswal.com);+91 22 3982 5445

Indraprastha Gas
Background
On 9 April 2012, PNGRB issued an order on "network tariff" and "compression
charge" to IGL. This is PNGRB's first attempt to determine tariff/charge since it
was empowered to do so in 2008.
PNGRB has determined IGL's network tariff at INR38.85/mmbtu (63% lower than
IGL's demand of INR104.05/mmbtu) and compression charge at INR2.75/kg (59%
lower than IGL's demand of INR6.66/kg). The proposed combined tariff at INR3.01/
scm works out to be ~60% lower than IGL's demand of INR7.56/scm. Lower tariff
would impact selling price by ~22%, if IGL is forced to pass on the tariff cuts to
consumers.
Tariff change retrospective; possible impact of ~INR15b for IGL: This could wipe
out IGL's net worth. PNGRB had indicated that the tariff would be applicable on
retrospective basis from April 2008. Since it would not be practical to reimburse
the difference to IGL's large base of retail customers, PNGRB was to propose
lowering the future selling price so as to equate it to the retrospective excess
tariff.
PNGRB's approved tariff ~60% lower than IGL's demand
Business
Network tariff
Compression charge
CNG + PNG
CNG only
Unit
INR/mmbtu
INR/kg
Submitted
by IGL
104.05
6.66
Determined
Reduction
by PNGRB
(%)
38.58
-63
2.75
-59
Source: PNGRB/MOSL
Key variations in assumptions by IGL and PNGRB for network tariff and compression charge determination
Components
Commencement
of operations
Capex
Variations in assumptions resulting in lowering of tariff Network tariff (INR/mmbtu) Compression charge (INR/kg)
PNGRB considered the start date for calculation as
22.49
0.45
01-04-2008 v/s 01-04-2009 proposed by IGL
PNGRB considered actual capex upto FY10 and future
19.64
0.26
capex based on average percentage of actual
achieved vis-à-vis IGL's assumption for FY09 and FY10
PNG volumes @ 22.5scm per month per household
16.04
1.62
and industrial/commercial volumes as per IGL + CNG
volumes @ 43% of the total compression capacity
Consumables @2% of average gross block & 3% for
9.7
1.63
compression
+ repair and maintenance @2% of average gross block
+ salaries have been escalated @4.5% with the
growth in manpower @3% every year
+ miscellaneous expenditure has been escalated
@4.5%
25 years from the date of commencement of
-2.4
-0.05
operations
65.47
3.91
Total impact (A)
As submitted by IGL (B)
104.05
6.66
38.58
2.75
As per PNGRB (B minus A)
Source: PNGRB/MOSL
PNG volumes
Other key
assumptions
Economic life
4 June 2012
2

Indraprastha Gas
Likely impact of 20-60% on earnings
If marketing margin were to be curbed at INR0-3/scm as against the current implied
marketing margin of INR4.6/scm, we estimate 20-60% impact on IGL's EBITDA (30-90%
on PAT).
IGL currently earns a gross margin (difference between realization and gas cost)
of ~INR7.6/scm.
Assuming PNGRB-determined "network tariff" of INR38.58/mmbtu and
"compression charge" of INR2.75/kg, we compute "marketing margin" at INR4.6/
scm.
If we were to limit the "marketing margin" to INR0-3/scm, as against the implied
INR4.6/scm, then EBITDA would be impacted by 20-60% (see exhibit below).
Assuming a curb on marketing margin; EBITDA impact ranges from 20-60%
Regulated earninigs from tariff
(network tariff + compression charge) as per PNGRB
Un-regulated earnings from marketing margin
(assumptions)
Likely earnings
Current earnings (gross margin)
Likely impact (%)
3.01
3.00
6.01
7.62
-21
3.01
2.00
5.01
7.62
-34
3.01
1.00
3.01
-
4.01
3.01
7.62
7.62
-47
-61
Source: PNGRB/MOSL
Excerpt from IGL's FY11 annual report
"Petroleum & Natural Gas Regulatory Board (PNGRB) is the regulator for downstream
business of Petroleum and Natural Gas. The Board has issued Regulations for
authorisation, exclusivity and tariff determination for City Gas Companies. These
Regulations have ramifications on the business of the Company. However, the
Company is fully prepared to adapt itself under the regulatory environment."
Summary of IGL's petition and its arguments
What was challenged by IGL?
a ) PNGRB Tariff Regulations (Determination of Network Tariff for City or Local Natural Gas
Distribution Networks and Compression Charge for CNG)
b) Regulation 17(5) of the PNGRB Network Regulations (Authorizing Entities to Lay, Build,
Operate or Expand City or Local Natural Gas Distribution Networks)
c) Regulation 7 of the PNGRB Quality Regulations (Code of Practice for Quality of Service for
City or Local Natural Gas Distribution Networks)
d) Scheme for Consumer Welfare Fund 2011 and
e ) alternatively in event of PNGRB being held to have power to fix network tariff & compression
charges, seeked direction for re-fixing thereof by following principles of natural justice.
What did IGL say in its arguments?
Act is supreme over Rules
IGL cited court verdicts where supremacy of Act was
accepted when there was conflict between "the Act"
and "the Rules".
IGL, in its petition though contended that PNGRB has
no powers to fix prices but, nevertheless submitted
the Network Tariff to the Board
Earlier IGL had challenged PNGRB's power
of authorization due to non-notification of Section 16
of PNGRB Act and then later govt. notified the Section
16 on July 15, 2010.
3
Despite in protest, IGL
submitted tariff
Earlier challenged PNGRB's
authorization power
4 June 2012

Indraprastha Gas
Details of the High Court order and observations
The Delhi High Court did not delve upon the quantum of Network Tariff and
Compression Charges fixed by the Board, but rather examined the powers of the
Board under the Act.
According to the High Court, the crux of IGL's argument is that Section 22 of the Act
empowers PNGRB to only fix the transportation tariff and as per Section 2(zn),
transportation rate is the rate to be charged either by a common carrier or a contract
carrier of gas from a person engaged in marketing of gas, for moving the gas. The
Act nowhere empowers/authorizes PNGRB to fix the price to be charged by a
marketer of gas from its consumers.
The Court said that the function of the Board thereunder is of regulating the inter
se relationship of entities under the Act and not to regulate/control the
relationship between the entities under the Act and the consumers.
Clause (f), while prescribing the function of monitoring prices, limits the same to
taking corrective measures to prevent restrictive trade practices by the entities.
Thus, only if the Board finds that the marketers of gas in a particular area have
formed a cartel or are indulging in any other restrictive trade practices, is the
Board empowered to monitor prices.
PNGRB's arguments and the High Court's remarks on the same
What did the PNGRB say in its defense?
Exclusivity grant
PNGRB letter to IGL, dated Jan 9, 2009 had
to IGL was
granted exclusivity to IGL on the term/
subject to terms
condition that IGL shall submit the Network
Tariff and Compression Charges for approval
of the Board
IGL accepted
Thus, since IGL accepted the condition for
exclusivity and
obtaining exclusivity it is bound by a
its conditions
contractual obligation with PNGRB and
hence IGL cannot challenge PNGRB
PNGRB said that
PNGRB pointed to various sections of the Act
the Act was for
which include
protecting
1. "Introduction" and "Statement of Objects
consumer
and Reasons" of the PNGRB Act;
interests
2. Sections 2(i), (m), (w) of the PNGRB Act
are all intended to ensure that the
consumer is not exploited;
3. Section 2(zn) of the Act defining the
"transportation rate".
Section 11(e),
empowers
PNGRB to
regulate
transportation
rates
PNGRB pointed attention to "Rule making
provision" i.e. Section 61. Section 61(2)
clauses (n), (t), (za) to show that Board is
empowered to make regulations for
transportation tariff and any other matter
which is required to be or may be specified
by Regulations or in respect of which
provision is to be made by Regulations;
PNGRB is fixing
PNGRB argued that it is not fixing the retail
tariff and not
price of CNG but is only fixing the
price
transportation cost
4 June 2012
What did the High court order say?
If PNGRB is not empowered to regulate/control price, then
while registering entities, it cannot impose a condition that
such entities would be bound by the maximum retail price
fixed by the Board. Such condition would be void.
Court agrees that Preamble to the Act empowers PNGRB to
"fix the price", but court further said that this is not enough
and a provision for price fixation has to exist in the body of
the statute also. Section 11 (functions of PNGRB) does not
state if legislature intended PNGRB to control/regulate/fix
price of natural gas.
Merely because the Board has been conferred with
regulatory powers it will not be interpreted to empower the
Board to exercise powers which the statute has not
conferred on it.
Transportation tariff mentioned in the Act is the tariff
charged by one entity from another and not the tariff which
the marketeer of gas under the Act is to charge from the
consumers. This position is fortified from Section 21(2).
Court questioned why the PNGRB ordered IGL (through April
9, 2012 order) to refund the tariff differential through
appropriate reduction in selling prices
4

Indraprastha Gas
Extract of relevant Sections from PNGRB Act
Background of PNGRB (Source: PNGRB Website)
The Petroleum and Natural Gas Regulatory Board (PNGRB) was
constituted under The Petroleum and Natural Gas Regulatory
Board Act, 2006 (NO. 19 OF 2006) notified via Gazette Notification
dated 31st March, 2006.
The Act provide for the establishment of Petroleum and Natural
Gas Regulatory Board to protect the interests of consumers
and entities engaged in specified activities relating to
petroleum, petroleum products and natural gas and to promote
competitive markets and for matters connected therewith or
incidental thereto.
Further as enshrined in the act, the board has also been
mandated to regulate the refining, processing, storage,
transportation, distribution, marketing and sale of petroleum,
petroleum products and natural gas excluding production of
crude oil and natural gas so as and to ensure uninterrupted
and adequate supply of petroleum, petroleum products and
natural gas in all parts of the country.
PNGRB Act 2006
An Act to provide for the establishment of Petroleum and
Natural Gas Regulatory Board to regulate the refining,
processing, storage, transportation, distribution, marketing and
sale of petroleum, petroleum products and natural gas
excluding production of crude oil and natural gas so as to
protect the interests of consumers and entities engaged in
specified activities relating to petroleum, petroleum products
and natural gas and to ensure uninterrupted and adequate
supply of petroleum, petroleum products and natural gas in
all parts of the country and to promote competitive markets
and for matters connected therewith or incidental thereto.
Section 2 - Definitions
(i) "city or local natural gas distribution network" means an
interconnected network of gas pipelines and the
associated equipment used for transporting natural gas
from a bulk supply high pressure transmission main to the
medium pressure distribution grid and subsequently to
the service pipes supplying natural gas to domestic,
industrial or commercial premises and CNG stations
situated in a specified geographical area.
Explanation :-
For the purposes of this clause, the
expressions "high pressure" and "medium pressure" shall
mean such pressure as the Central Government may, by
notification, specify to be high pressure or, as the case
may be, medium pressure;
(m) "contract carrier" means such pipelines for transportation
of petroleum, petroleum products and natural gas by more
than one entity pursuant to firm contracts for at least one
year as may be declared or authorised by the Board from
time to time under sub-section (3) of section 20;
4 June 2012
(w) "marketing service obligations" means obligations-
(i) to set up marketing infrastructure and retail outlets in
remote areas in respect ofnotified petroleum and
petroleum products;
(ii) to maintain minimum stock of notified petroleum and
petroleum products;
(iii) of a local distribution entity to supply natural gas to
consumers; and
(iv) such other obligations as may be specified by
regulations;
(x) "maximum retail price" means the maximum price fixed by
an entity at which the petroleum, petroleum products and
natural gas may be sold to the retail consumers and
includes all taxes, cess and levies, local or otherwise and
freight or commission payable to the dealers;
(zk) "retail service obligations" means obligations of dealers
and distributors for maintaining supplies to consumers
throughout the specified working hours and of specified
quality, quantity and display of maximum retail price of
notified petroleum, petroleum products and natural gas
including CNG and such other obligations, as may be
specified by regulations;
(zn) "transportation rate", in relation to common carrier or
contract carrier or a city or local natural gas distribution
network, means such rate for moving each unit of
petroleum, petroleum products or natural gas as may be
fixed by regulations.
Section 11 - Functions of the Board
The Board shall
(a) protect the interest of consumers by fostering fair trade
and competition amongst the entities;
(e) regulate, by regulations,-
(i) access to common carrier or contract carrier so as to
ensure fair trade and competition amongst entities
and for that purpose specify pipeline access code;
(ii) transportation rates for common carrier or contract
carrier;
(iii) access to city or local natural gas distribution network
so as to ensure fair trade and competition amongst
entities as per pipeline access code;
(f) in respect of notified petroleum, petroleum products and
natural gas-
(i) ensure adequate availability;
(ii) ensure display of information about the maximum
retail prices fixed by the entity for consumers at retail
outlets;
(iii) monitor prices and take corrective measures to prevent
restrictive trade practice by the entities;
(iv) secure equitable distribution for petroleum and
petroleum products;
5

Indraprastha Gas
Extract of relevant Sections from PNGRB Act (continued)
(v) provide, by regulations, and enforce, retail service
obligations for retail outlets and marketing service
obligations for entities;
(vi) monitor transportation rates and take corrective action
to prevent restrictive trade practice by the entities;
(j) perform such other functions as may be entrusted to it by
the Central Government to carry out the provisions of this
Act.
Section 16 - Authorisation
No entity shall
(a) lay, build, operate or expand any pipeline as a common
carrier or contract carrier,
(b) lay, build, operate or expand any city or local natural gas
distribution network, without obtaining authorisation
under this Act : Provided that an entity :-
(i) laying, building, operating or expanding any pipeline
as common carrier or contract carrier; or
(ii) laying, building, operating or expanding any city or local
natural gas distribution network, immediately before
the appointed day shall be deemed to have such
authorisation subject to the provisions of this Chapter,
but any change in the purpose or usage shall require
separate authorisation granted by the Board.
Section 21- Transportation tariff
(1) Subject to the provisions of this Act, the Board shall lay
down, by regulations, the transportation tariffs for common
carriers or contract carriers or city or local natural gas
distribution network and the manner of determining such
tariffs.
(2) For the purposes of sub-section (1), the Board shall be
guided by the following, namely:-
(a) the factors which may encourage competition,
efficiency, economic use of theresources, good
performance and optimum investments;
(b) safeguard the consumer interest and at the same time
recovery of cost oftransportation in a reasonable
manner;
(c) the principles rewarding efficiency in performance;
(d) the connected infrastructure such as compressors,
pumps, metering units, storage and the like connected
to the common carriers or contract carriers;
(e) benchmarking against a reference tariff calculated
based on cost of service, internal rate of return, net
present value or alternate mode of transport;
(f) policy of the Central Government applicable to
common carrier, contract carrier and city or local
distribution natural gas network.
Section 22: Transportation tariff
(1) Subject to the provisions of this Act, the Board shall lay
down, by regulations, the transportation tariffs for common
carriers or contract carriers or city or local natural gas
distribution network and the manner of determining such
tariffs.
(2) For the purposes of sub-section (1), the Board shall be
guided by the following, namely:-
(a) the factors which may encourage competition,
efficiency, economic use of the resources, good
performance and optimum investments;
(b) safeguard the consumer interest and at the same time
recovery of cost of transportation in a reasonable
manner;
(c) the principles rewarding efficiency in performance;
(d) the connected infrastructure such as compressors,
pumps, metering units, storage and the like connected
to the common carriers or contract carriers;
(e) benchmarking against a reference tariff calculated
based on cost of service, internal rate of return, net
present value or alternate mode of transport;
(f) policy of the Central Government applicable to
common carrier, contract carrier and city or local
distribution natural gas network.
Section 61: Power of Board to make Regulations
(1) The Board may, by notification, make regulations
consistent with this Act and the rules made there under to
carry out the provisions of this Act.
(2) In particular, and without prejudice to the generality of
the foregoing power, such regulations may provide for all
or any of the following matters, namely:-
(n) the form and manner in which an application under
sub-section(1) or sub-section (2) of section 17 shall be
made and the fee which shall accompany such
application under sub-section (3) of section 17;
(t) the transportation tariffs for common carriers or
contract carriers or city or local natural gas distribution
network and the manner of determining such tariffs
under sub-section (1) of section 22;
(za) any other matter which is required to be, or may be,
specified by regulations or in respect of which provision
is to be or may be made by regulations.
4 June 2012
6

Indraprastha Gas
Financials and Valuation
Income Statement
Y/E March
Net Sales
Change (%)
Raw Materials Cons
Employee Costs
Other Exp (incl Stock Adj)
EBITDA
% of Net Sales
Depreciation
Interest
Other Income
PBT
Tax
Rate (%)
PAT
Change (%)
2010
10,781
26.4
4,949
308
1,717
3,807
35.3
775
0
211
3,244
1,089
33.6
2,154
24.9
2011
17,437
61.7
9,835
379
2,304
4,919
28.2
1,029
132
95
3,853
1,259
32.7
2,594
20.4
2012E
25,151
44.2
15,392
426
3,013
6,320
25.1
1,432
479
103
4,512
1,440
31.9
3,072
18.4
2013E
36,053
43.3
23,687
490
4,543
7,333
20.3
1,678
520
145
5,281
1,754
33.2
3,527
14.8
(INR Million)
2014E
43,940
21.9
29,772
563
5,492
8,112
18.5
1,895
578
204
5,843
1,941
33.2
3,902
10.7
Balance Sheet
Y/E March
Share Capital
Reserves
Net Worth
Loans
Deferred Tax
Capital Employed
Gross Fixed Assets
Less: Depreciation
Net Fixed Assets
Capital WIP
Investments
Curr. Assets, L & Adv.
Inventory
Debtors
Cash & Bank Balance
Loans & Advances
Other Current Assets
Current Liab. & Prov.
Liabilities
Provisions
Net Current Assets
Application of Funds
E: MOSL Estimates
2010
1,400
6,854
8,254
552
238
9,045
11,053
4,539
6,514
1,826
170
2011
1,400
8,639
10,039
4,633
408
15,079
17,160
5,566
11,594
3,423
416
2012E
1,400
10,564
11,964
5,268
408
17,639
22,560
6,998
15,563
4,000
416
2013E
1,400
12,780
14,180
5,738
408
20,326
27,060
8,676
18,385
4,000
416
(INR Million)
2014E
1,400
15,372
16,772
6,190
408
23,370
30,560
10,570
19,990
4,000
416
278
335
1,213
686
60
1,262
776
534
9,045
359
745
173
815
141
1,729
859
-355
15,079
612
841
749
686
60
4,107
1,181
-2,340
17,639
878
1,208
962
686
60
4,922
1,348
-2,475
20,326
1,071
1,473
3,183
686
60
6,157
1,352
-1,036
23,370
4 June 2012
7

Indraprastha Gas
Financials and Valuation
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
Book Value
DPS
Payout
Valuation (x)
P/E
Cash P/E
EV / EBITDA
EV / Sales
Price / Book Value
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
Turnover Ratios
Debtors (No. of Days)
Asset Turnover (x)
Leverage Ratio
Debt / Equity (x)
2010
15.4
20.9
59.0
4.5
29.2
2011
18.5
25.9
71.7
6.0
32.4
2012E
21.9
32.2
85.5
7.0
31.9
2013E
25.2
37.2
101.3
8.0
31.8
2014E
27.9
41.4
119.8
8.0
28.7
15.3
11.3
8.5
3.0
4.0
1.9
12.7
9.1
7.6
2.2
3.3
2.5
10.8
7.3
5.9
1.5
2.8
3.0
9.4
6.3
5.2
1.0
2.3
3.4
8.5
5.7
4.4
0.8
2.0
3.4
28.6
39.7
28.4
33.0
27.9
30.5
27.0
30.6
25.2
29.4
22
0.8
19
0.9
21
1.0
22
1.2
21
1.3
0.1
0.5
0.4
0.4
0.4
Cash Flow Statement
Y/E March
OP/(Loss) before Tax
Depreciation
Others
Direct Taxes Paid
(Inc)/Dec in Wkg. Capital
CF from Op. Activity
(Inc)/Dec in FA & CWIP
(Pur)/Sale of Investments
Inc from Invst
CF from Inv. Activity
Issue of Shares
Inc / (Dec) in Debt
Dividends Paid (incl.tax)
Interest paid
CF from Fin. Activity
Inc / ( Dec) in Cash
Add: Opening Balance
Closing Balance
E: MOSL Estimates
2010
3,244
775
131
-1,126
244
3,268
-3,905
0
167
-3,739
0
0
-655
0
-655
-1,126
2,339
1,213
2011
3,857
1,029
616
-1,141
-150
4,210
-4,349
0
81
-4,269
1
0
-983
0
-982
-1,040
1,213
173
2012E
4,512
1,432
635
-1,440
2,561
7,699
-5,977
0
0
-5,977
1
0
-1,147
0
-1,146
577
173
750
2013E
5,281
1,678
470
-1,754
349
6,024
-4,500
0
0
-4,500
1
0
-1,310
0
-1,309
215
749
963
(INR Million)
2014E
5,843
1,895
452
-1,941
781
7,031
-3,500
0
0
-3,500
1
0
-1,310
0
-1,309
2,222
962
3,184
4 June 2012
8

Indraprastha Gas
N O T E S
4 June 2012
9

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