MUMBAI, 26 OCTOBER, 2023 (GPN): Shares of IRM Energy debut on the exchange. The scrip listed at Rs 479 per share on BSE and Rs 477.25 per share on NSE. The company’s share price slipped to an intraday low of Rs 450 and recovered to closed at Rs 472.95 per share on the BSE, and at Rs 472.45 per share on the NSE.

As per NSE, the total quantity traded stood at 54.29 lakh shares, on BSE the total Quantity stood at 3.77 lakh shares. Total Turnover (BSE+NSE) on Day 1 stood at Rs 58.06 crore. The Market Capitalization of the Company at today’s closing price stood at Rs. 1,941.92 Crore as per BSE and Rs. 1,939.86 Crore as per NSE.

IRM Energy Limited got listed on NSE and BSE today. The company is engaged in the business of developing, operating, and expanding of local natural gas distribution network. The Public issue was of INR 545.40 Cr.

Overall, the issue was subscribed 27.05 times, with Non-Institutional Investors Portion was subscribed with 48.34 times, Qualified Institutional Buyer Portion with 44.73 times, whereas Retail Portion subscribed 9.29 times. Employee Portion was subscribed 2.05 times.

IRM Energy Limited (IRMEL) in order to capitalize on synergetic its business opportunities, has entered into a strategic and technical partnership with Shizuoka Gas Co. Ltd, Japan (“ShizGas”) fourth largest gas company in Japan by natural gas sales volume, by infusing capital through a private placement in IRMEL. On the other hand, in order to achieve business integration, it invested in Farm Gas Private Limited, Venuka Polymers Private Limited Ni Hon Cylinders Private Limited. Additionally, it has signed a memorandum of understanding (“MoU”) with Mindra EV Private Limited for setting up an electric vehicle (“EV”) charging infrastructure at DODO Stations and COCO Stations for a period of five years, with a vision of transitioning of becoming an energy-oriented company.

The company has operations at Banaskantha (Gujarat), Fatehgarh Sahib (Punjab), Diu & Gir Somnath (Union Territory of Daman and Diu/Gujarat), and Namakkal & Tiruchirappalli (Tamil Nadu), serving 184 industrial customers, 269 commercial customers, 52,454 domestic customers, as at June 30, 2023.

The company’s revenue from operations increased by 6.51% from Rs 230.27 crore for the three months ended June 30, 2022 to Rs 245.25 crore for the three months ended June 30, 2023, primarily due to an increase in the sale of compressed natural gas, piped natural gas and increase in connection income and other operating revenue. Whereas, profit after tax increased by 31.01% from Rs 20.54 crore in the three months ended June 30, 2022 to Rs 26.91 crore in the three months ended June 30, 2023 due to increase in total revenue.

Revenue for fiscal 2023 grew 90.27% to Rs 1039.13 crore from Rs 546.14 crore for the Financial Year 2022 and profit after tax fell 50.68% to Rs 63.15 crore for the FY 2023 against Rs 128.03 crore in FY22, due to significant increase in input gas cost as well as due to lower profits earned by joint control entities. Ends