IGL reports eight-fold rise in consolidated Q1 profit to Rs 277.95 crore

Indraprastha Gas (IGL) has reported an eight-fold rise in consolidated net profit to Rs 277.95 crore for the first quarter of FY22. The consolidated net profit in the comparable quarter of financial year 2020-21 was Rs 35.18 crore.

Consolidated total income during the period under review nearly doubled to Rs 1,410.32 crore from Rs 723.16 crore in the same period a year ago.

IGL is currently the largest CNG distribution company of the country, operating City Gas Distribution (CGD) networks across 27 districts in ten geographical areas across Delhi, Uttar Pradesh, Haryana and Rajasthan.

“Average sales volume was 5.32 million standard cubic metres per day in Q1 of 2021-22 as compared to 2.72 mmscmd in Q1 of 2020-21 showing a growth of 96 per cent,” IGL said.

While sales of compressed natural gas (CNG), used for running vehicles, grew by 126 per cent, those of piped natural gas (PNG), used for cooking and industrial usage, were up 51 per cent during the quarter.

“Both, the physical and the financial performance of the company during the first quarter reflect strong recovery in 2021-22, after a year of reduced economic activity. All the geographical areas where IGL is operating have started generating revenue. Sales have picked up considerably across all geographies and have already crossed pre-lockdown levels of 2019-20,” the company added.