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IGL Q3 net rises 43%

IGL Q3 net rises 43%
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New Delhi: Indraprastha Gas Ltd, the firm that supplies CNG to automobiles and piped cooking gas to household kitchens in national capital and adjoining towns, on Thursday reported a 43 per cent jump in its third quarter net profit on rise in gas sales volumes.

Standalone net profit in October-December 2019 at Rs 283.59 crore was 43 per cent than net profit of Rs 197.94 crore a year back, the company said in a statement here.

Gross turnover rose 10 per cent to Rs 1,831.16 crore.

"IGL registered an overall sales volume growth of 13 per cent over the corresponding quarter in the last fiscal, with the average daily sale going up from 5.91 million standard cubic meters per day (mmscmd) to 6.70 mmscmd," it said.

CNG recorded sales volume growth of 9 per cent, while piped natural gas recorded sales volume growth of 18 per cent in the quarter as compared to last year.

IGL sells compressed natural gas (CNG) to over 11 lakh vehicles running in the national capital region through a network of over 520 CNG stations. It also supplies piped natural gas to over 12 lakh 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, IGL said.

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