Indraprastha Gas net rises 4% in Sept quarter as gas prices hurt margins

Indraprastha Gas Ltd, which retails CNG and piped cooking gas in the national capital and adjoining cities, reported a 4 per cent rise in its September quarter net profit as rise in input natural gas prices hurt margins.

The net profit stood at Rs 416.15 crore in July-September compared with Rs 400.54 crore in the same period a year back, the company said in a statement.

Revenue almost doubled to Rs 3,922.02 crore in the second quarter of fiscal year starting April 1 against Rs 2,015.99 crore revenue in the year ago period.

Gas prices have doubled since Russia invaded Ukraine.

IGL's expense on purchase of natural gas soared from Rs 929.97 crore in July-September 2021 to Rs 2,610.03 crore in the current year.

The firm registered an overall sales volume growth of 12 per cent over the corresponding quarter in the last fiscal, with the average daily sale going up from 7.24 million standard cubic metres per day (mmscmd) to 8.09 mmscmd.

Product wise, CNG recorded sales volume growth of 15 per cent, while piped natural gas (PNG) recorded sales volume growth of 3 per cent in the quarter as compared to corresponding quarter last year.