Millennium Post

Indraprastha Gas 2nd quarter net rises 28%

Indraprastha Gas Ltd (IGL) on Wednesday reported a 28 per cent rise in its September quarter net profit on the back of higher sale volumes.

The net profit in July-September increased to Rs 99.21 crore from Rs 77.22 crore in the same period a year ago, IGL said in a statement.

Indraprastha Gas Ltd is the sole supplier of compressed natural gas (CNG) to automobiles and piped cooking gas to households in the national capital and its adjoining townships.

Sales was up 43 per cent to Rs 947.24 crore. 'The CNG sales volume in the quarter has increased by 9 per cent and piped natural gas sales rose by 19 per cent over the second quarter of financial year 2011-12,' the statement added.

'On an overall basis, there is a 10 per cent growth in sales volume during this quarter over the corresponding quarter of fiscal 2011-12, with daily sale averaging 3.69 million standard cubic meters per day,' it said.

Indraprastha Gas has embarked on a massive expansion programme to meet the rise in demand from conversion of vehicles to compressed natural gas and increased acceptability of piped natural gas as a domestic fuel.
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