Indraprastha Gas net rises 11% in Q2
New Delhi: Indraprastha Gas Ltd, the firm retailing CNG and piped natural gas in the national capital, Monday reported a 11 per cent rise in its September quarter net profit on the back of increase in volumes of gas sold.
Standalone net profit in the July-September period at Rs 187.23 crore was higher than Rs 168.61 crore recorded in the year-ago period, the company said in a statement.
IGL, which supplies Compressed Natural Gas (CNG) to automobiles and Piped Natural Gas (PNG) to households in the National Capital Territory of Delhi, Noida, Greater Noida and Ghaziabad, posted a 13 per cent increase in sales volume growth. Average daily sale rose from 5.21 million metric standard cubic metres per day to 5.89 mmscmd.
"Product wise, CNG recorded sales volume growth of 13 per cent, while PNG recorded sales volume growth of 14 per cent in the quarter as compared to corresponding quarter last year.
"This has primarily been driven by 24 per cent increase in industrial and commercial PNG volumes driven by industry embracing clean fuels," the statement said.
Total gross sales value rose 28 per cent to Rs 1,564 crore in the latest September quarter compared to Rs 1,241 crore in the year ago period.
IGL sells CNG to over 10.5 lakh vehicles running in the national capital region through a network of 452 CNG stations. It also is supplies PNG to nearly 10 lakh households in Delhi and NCR towns.