Indraprastha Gas Q2 net up 17% at Rs 169 cr on higher sales

New Delhi, Nov 9 (IANS) State-run Indraprastha Gas Limited (IGL), supplying natural gas in the NCR, on Thursday posted a 17 per cent jump in net profit for the second quarter ending September at Rs 168.61 crore on the back of increased sales.

"The net profit for the quarter ending September 2017, including other comprehensive income for the quarter, has increased by 17 per cent to Rs 168.61 crore in FY'18," IGL, which supplies compressed natural gas (CNG) and piped natural gas (PNG) in Delhi, Noida, Greater Noida and Ghaziabad, said in a release here.

The company had posted a net profit of Rs 144.27 crore in the corresponding period in the last fiscal.

IGL's total gross sales value of the clean fuel during the quarter in consideration increased by 16 per cent to Rs 1,241 crore as compared to Rs 1,067 crore during the second quarter of 2016-17.

"The company registered an overall sales volume growth of 14 per cent over the corresponding quarter in the last fiscal, with the average daily sale going up from 4.58 mmscmd (million metric standard cubic metres per day) to 5.21 mmscmd," the statement said.

Product-wise, CNG recorded sales volume growth of 9 per cent, while PNG sales volumes grew 18 per cent during the quarter as compared to the same quarter of last year.

IGL said it is meeting the fuel requirements of nearly 10 lakh vehicles through a network of 425 CNG stations in the national capital region and supplying PNG to over 8 lakh households.

With results coming in during market hours, the IGL stock closed on Thursday at Rs 310.10 a share, down Rs 3.50, or by 1.12 per cent, on its previous close on the BSE.

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