Indraprastha Gas posts 24% rise in net profit to Rs 218 cr on higher sales

Indraprastha Gas Ltd (IGL), which retails CNG and piped cooking gas in national capital and adjoining cities, on Wednesday reported a 24 per cent rise in June quarter net profit on higher sales volumes.

Standalone net profit in April-June at Rs 218 crore was higher than Rs 176 crore net profit in the same period of previous financial year, the firm aid in a statement.

"Continuing the growth momentum, IGL registered an overall sales volume growth of 13 per cent over the corresponding quarter in the last financial year, with the average daily sale going up from 5.55 million standard cubic meters per day (mmscmd) to 6.25 mmscmd," the company said.

Product wise, CNG recorded sales volume growth of 13 per cent, while piped natural gas (PNG) registered 12 per cent growth in the quarter as compared to corresponding quarter last year.

Total gross sales value during the quarter rose 23 per cent to Rs 1,738 crore.

IGL has laid out city gas distribution infrastructure in Delhi, Noida, Greater Noida, Ghaziabad, Rewari, Gurugram, Karnal and Muzaffarnagar which consists of over 13,000 Kms of pipeline network. It meets fuel requirements of over 105,000 vehicles running on CNG in national capital region through a network of over 500 CNG stations.

IGL also supplies PNG to well over 1.12 million households in these cities.

The pipeline network is being further expanded by IGL to cover Ajmer, Pali and Rajsamand in Rajasthan, Shamli, parts of Meerut, Fatehpur, Hamirpur and parts of Kanpur in Uttar Pradesh and Kaithal in Haryana, the statement added.