IGL Q1 net profit up 3%

Comapny posted Rs 88 crore net profit for the first quarter of this fiscal

Indraprastha Gas Ltd, the sole supplier of CNG to automobiles in the national capital region, today reported 3% rise in the April-June quarter net profit on account of rise in sales volumes.

IGL, which supplies Compressed Natural Gas (CNG) and Piped Natural Gas (PNG) in Delhi, Noida, Greater Noida and Ghaziabad, posted Rs 87.58 crore net profit for the first quarter of this fiscal, compared to Rs 85.05 crore in Q1 2012-13, the company said in a statement.

Turnover rose 18% in Q1, 2013-14 to Rs 996.59 crore, from Rs 841.36 crore in the year-ago period.

"There has been an overall sales volume growth of 5% over the corresponding quarter in the last fiscal," it said. "CNG recorded sales volume growth of 4%, while PNG recorded sales volume growth of 7% in the quarter as compared to last year."

IGL has already undertaken a massive expansion programme in NCR. 290 CNG stations are currently in operation in Delhi, Noida, Greater Noida and Ghaziabad. IGL is supplying PNG to nearly 4,00,000 households in Delhi and NCR towns.

"There has been a major increase in demand due to all round conversion of vehicles to CNG and increased acceptability of PNG as a domestic fuel," it added.