IGL Q1 net jumps 18% to Rs 57 cr

Indraprastha Gas Ltd, the sole supplier of CNG and piped gas in the national capital, today reported over 18 per cent rise in net profit in the quarter ended June 30, on higher sales volumes.

The net profit rose to Rs 57.13 crore in the April-June quarter this fiscal as against Rs 48.27 crore in the same period a year ago, IGL said in a press statement here.

Net sales increased to Rs 335 crore from Rs 232.55 crore in the first quarter of 2009-10 fiscal.

"Compressed Natural Gas (CNG) sales volume increased by 17.84 per cent and piped natural gas sales volumes increased by 102.54 per cent over Q1 of FY10", it said, "On an overall basis there is 26.28 per cent growth in sales volume during this quarter over the corresponding quarter of FY10."

IGL says it has embarked on a massive expansion programme in the national capital region and plans a capex of over Rs 3,500 crore to expand infrastructure in Delhi, Noida, Greater Noida and Ghaziabad over the next five years.

The company has added 46 new CNG stations to its existing 200 stations, in preparation to Commonwealth Games in October.

IGL, which currently sells piped natural gas to over 190,000 households and commercial establishments, plans to add over 70,000 new piped natural gas connections in the current financial year. The company meets fuel requirements of nearly 3.5 lakh vehicles in the national capital region.