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Indraprastha Gas net profit rises 11% in Q2

5 November, 2018 2:03 PM
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Indraprastha Gas net profit rises 11% in Q2

Indraprastha Gas (IGL), the firm retailing CNG and piped natural gas in the national capital, reported an 11 percent rise in its September quarter net profit on the back of increase in volumes of gas sold.

Standalone net profit in the July-September period at Rs 187.23 crore was higher than Rs 168.61 crore recorded in the year-ago period, the company said in a statement.

IGL, which supplies Compressed Natural Gas (CNG) to automobiles and Piped Natural Gas (PNG) to households in the National Capital Territory of Delhi, Noida, Greater Noida and Ghaziabad, posted a 13 percent increase in sales volume growth.

Average daily sale rose from 5.21 million metric standard cubic metres per day to 5.89 mmscmd.

"Product wise, CNG recorded sales volume growth of 13 percent, while PNG recorded sales volume growth of 14 percent in the quarter as compared to corresponding quarter last year.

"This has primarily been driven by 24 percent increase in industrial and commercial PNG volumes driven by industry embracing clean fuels," the statement said.

Total gross sales value rose 28 percent to Rs 1,564 crore in the latest September quarter compared to Rs 1,241 crore in the year ago period.

Source: moneycontrol.com

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