Millennium Post

IGL logs 21% profit rise in third quarter

Indraprastha Gas Ltd on Thursday reported a 21 per cent increase in its December quarter net profit primarily due to revision in depreciation rates for certain fixed assets.

IGL, the sole retailer of CNG to automobiles and piped cooking gas to households in national capital, said net profit increased to Rs 108.20 crore in October-December from Rs 89.46 crore in corresponding period last year.

The rise “has mainly been driven by revision on depreciation rate on certain fixed assets as per useful life specified in the Companies Act 2013 or re-assessment on the basis of technical evaluation,” the company said in a statement here.

However, the sales dipped by 10 per cent to Rs 1,037 crore. The CNG sales volume in the quarter has increased by 6 per cent while the piped natural gas sales volumes decreased by 8 per cent over Q3 of FY14. “On an overall basis there has been 2 per cent growth in sales volume during this quarter over the corresponding quarter of FY14, with daily sale averaging at 3.85 million standard cubic meters per day,” it added.
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