The Cadila Pharmaceuticals-backed company is into the business of city gas distribution. Though IRM Energy’s profit and EBITDA margins fell drastically in FY23, many brokerage houses still swear by the company.
The city gas distribution company plans to use the bulk of its IPO proceeds on capex for expansion. However, it cautions that its growth will slow down in the years to come due to the higher base effect.
And lastly, last year, we have just added one more geographical area in the state of Tamil Nadu, which is Namakkal and Trichy. On a volume share front, Banaskantha contributes to around 40% and 55% of volumes come from Fatehgarh Sahib and Diu and Gir Somnath is also contributing around 5%.