Millennium Post

IGL ups profit at consumers’ cost

Indraprastha Gas Ltd, the sole seller of CNG to automobiles and piped cooking gas in Delhi, on Monday reported a 30 per cent jump in its first quarter net profit on back of revision in depreciation rates.

Net profit in April-June at Rs 114.03 crore was 30 per cent higher than Rs 87.57 crore net in the same period a year ago.

Profit rise has 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,’ it said.

IGL said sales volumes grew 1 per cent. ‘Product wise, CNG recorded sales volume growth of 2 per cent, while PNG sales volume declined by 4 per cent in the quarter as compared to last year.’
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