Indraprastha Gas Q3 PAT jumps 35% on rise in gas sales volumes

Indraprastha Gas (IGL) reported 34.8% jump in consolidated net profit to Rs 297.37 crore in Q3 December 2019 (Q3 FY20) over Q3 December 2018 (Q3 FY19).

Profit before tax in the December quarter stood at Rs 392.66 crore, up 17.5% from Rs 334.12 crore in Q3 last year. Net sales rose 10.2% year-on-year (YoY) to Rs 1664.17 crore in Q3 FY20. The result was announced after market hours yesterday.

During Q3 FY20, CNG sales volume increased by 9% to 317.76 million kgs and PNG sales volumes increased by 18% to 163.80 million scm over Q3 of FY19. On an overall basis there is 13% increase in sales volume during this quarter as they stood at 615.96 million scm as compared to the corresponding quarter of FY19.

Total gross sales value during this quarter is Rs 1831.16 crore registering a growth of 10% over sales turnover of Rs 1660.57 crore shown in Q3 of FY19. Product wise, CNG recorded sales of Rs. 1381.94 crore, registering a growth of 11% and PNG recorded sales of Rs. 449.22 crore registering a growth of 9% over previous year.

Total expenses in the December quarter stood at Rs 1272.37 crore, up by 6.9% from Rs 1190.58 crore reported in the December quarter last year. This was primarily on account of increase in operating expenses at CNG stations due to increase in minimum wages. Further, rise in repair & maintenance costs due to ageing of plant & machinery and growth of CNG stations, pipelines and related infrastructure added to the increase.

Financing costs jumped to Rs 2.01 crore in Q3 FY20 as compared to Rs 0.91 crore in Q3 FY19. Depreciation costs increased by 25.1% to Rs 64.13 crore in Q3 FY20 from Rs 51.28 crore in Q3 FY19.

IGL is a natural gas distribution company. It supplies natural gas as cooking and vehicular fuel.

Shares of IGL were down 0.84% at Rs 517.85. It has traded in the range of Rs 515.25 and Rs 534.40 so far during the day.

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