Indraprastha Gas Ltd Q3 net profit up 19% to Rs 197.94 cr on higher sales

Indraprastha Gas Ltd, the retailer of CNG and piped natural gas in the national capital, on Wednesday reported a 19 per cent rise in its third-quarter net profit on higher sales.

Standalone net profit in October-December is at Rs 197.94 crore against Rs 165.65 crore in the corresponding period in the last fiscal, the company said in a statement.  

Gross sales value during the quarter increased by 28 per cent to Rs 1,661 crore as opposed to Rs 1,294 crore during the third quarter of FY2018.

The company that sells CNG to automobiles and piped natural gas to households in the National Capital Territory of Delhi, Noida, Greater Noida, Ghaziabad, Rewari and Gurugram registered an overall sales volume growth of 12 per cent.

The average daily sales went up from 5.26 million standard cubic metres per day to 5.91 mmscmd. 

"Product-wise, CNG recorded sales volume growth of 13 per cent, while piped natural gas recorded sales volume growth of 10 per cent in the quarter as compared to last year," the statement said.

IGL, which has laid over 12,500-km of the pipeline network, sells CNG to over 1.05 million vehicles through a network of 463 CNG stations and piped natural gas to over 1 million households in Delhi and adjoining NCR towns.