IGL net up 8%

Company is sole supplier of CNG and PNG in Delhi NCR, Noida, Greater Noida and Ghaziabad

Indraprastha Gas Ltd (IGL) has posted an 8% increase in net profit for the fourth quarter of the financial year 2013-14 to Rs 90.49 crore, as against Rs 83.53 crore in corresponding period last year.

The company is the sole supplier of compressed natural gas (CNG) and piped natural gas (PNG) in the National Capital Territory of Delhi, Noida, Greater Noida and Ghaziabad.

During this period, IGL registered a turnover of Rs 1,065 crore as compared to Rs 974 crore in the corresponding period last year thereby registering a sales value growth of 9% in financial terms. There has been an overall sales volume growth of 3% over the corresponding quarter in the last fiscal.

Meanwhile, it has posted a 2% growth in net profit for the financial year 2013-14 to Rs 360.26 crore, compared to Rs 354.13 crore in 2012-13. The company’s gross turnover has increased to Rs 4328 crore in FY14 from Rs 3724 crore in FY 13, thereby showing a growth of 16%.

During 2013 - 14, total sales volume also grew by 3% over the previous year. The average daily gas sale during the year has gone up to 3.79 million metric standard cubic metre per day (mmscmd) from 3.67 mmscmd in the previous year.

The board has recommended a dividend of 55% for consideration of the members in annual general meeting.