IGL’s underperformance may not reverse for now on pricing woes

In the September quarter, the average cost of gas for IGL rose to Rs 35.1 per scm, up Rs 5.1 per scm over the previous quarter, while average realisation increased by Rs 3.3 per scm. This resulted in a sharp compression in margin. The pressure on operating margin of IGL is likely to remain elevated unless the government puts a cap on domestic prices in the wake of surging global prices due to geopolitical tensions.

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