 "Indraprastha Gas, IGL")
Indraprastha Gas Limited (IGL) on Wednesday reported a 16 per cent rise in its standalone net profit in the fourth quarter (January-March) of financial year 2023-24 (Q4 FY24) to Rs 382.8 crore, up from Rs 329.75 crore in the corresponding quarter of the previous year.
On a sequential basis, however, the compressed natural gas (CNG) distribution company's net profit fell 2.36 per cent from Rs 392.07 crore registered in Q3 FY24.
The revenue from operations for Q4 FY24 came in at Rs 3,964.4 crore, compared to Rs 4,056 crore year-on-year (Y-o-Y), registering a fall of 2.25 per cent. On a quarter-on-quarter (Q-o-Q) basis, the revenue was up a marginal 1.1 per cent.
IGL's total sales volumes rose 4 per cent in Q4 to 3,084.5 million standard cubic metres (scm), up from 2,951.9 million scm in the corresponding quarter of the previous year.
The company is a joint venture between central gas utility GAIL, oil marketing company BPCL, and the Government of Delhi, who collectively hold a 50 per cent stake in the company.
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Among categories, Piped Natural Gas (PNG) sales volumes rose 6 per cent to 786.2 million scm in the latest quarter, up from 743.04 million scm in Q4 FY23. The company is currently launching PNG drives across several areas of the National Capital Region (NCR). PNG sales volumes for the domestic segment rose by the highest margin at 15 per cent to 227.4 million scm.
Meanwhile, CNG sales volumes rose 4 per cent to 2,298.2 million scm.
IGL shares slipped 1.24 per cent to Rs 437.20 on Tuesday.
