Indraprastha Gas FY15 net profit floats 22% higher

Indraprastha Gas Ltd (IGL), the sole supplier of compressed natural gas (CNG) and piped natural gas (PNG) to the National Capital Territory (NCR) comprising Delhi, Noida, Greater Noida and Ghaziabad, on Thursday announced a 22 per cent rise in net profit to Rs 437.26 crore in financial year 2014-15 from Rs 360.26 crore in 2013-14. During 2014-15, the company’s CNG sales volume grew 4 per cent while its PNG sales volume decreased by 7 <g data-gr-id="22">per cent</g>, leading to an overall sales volume increase of 1 per cent.

IGL’s gross turnover in 2014-15 dipped to Rs 4,048 crore from Rs 4328 crore in the previous fiscal despite the sales volume rise due to a sharp reduction in CNG and domestic PNG retail prices in February 2014, when additional allocation of domestic gas was made for these two segments. Average daily gas sale in 2014-15 rose to 3.85 <g data-gr-id="24">mmscmd</g> from 3.79 <g data-gr-id="25">mmscmd</g> in 2013-14. The IGL board has recommended a 60 per cent dividend for consideration at the company’s annual general meeting (AGM).

In the fourth quarter of 2014-15 IGL’s net profit increased to Rs 95.88 crore from Rs 90.49 crore in the corresponding period of the previous fiscal, marking an increase of 6 per cent. It registered a turnover of Rs 1,007 crore in the fourth quarter against Rs 1063 crore in the corresponding quarter of 2013-14. IGL’s CNG sales volume during the quarter grew 4 per cent and PNG sales volume decreased by 14 <g data-gr-id="20">per cent</g> in the fourth quarter of 2014-15.