IGL net profit jumps 41% on higher CNG, piped gas sales

Source : PTI | New Delhi: Indraprastha Gas Ltd, India’s leading CNG retailer, has reported a 41 % jump in third quarter net profit, as the firm recorded higher sales of CNG to automobiles and piped cooking gas to households and industries. The company clocked a net profit of INR 392.07 crore in October-December – the third quarter of current fiscal that started in April 2023 – compared to INR 278.26 crore in the same period in the previous year, it said in a statement.

IGL operates city gas distribution (CGD) networks across 30 districts in 11 geographical areas across four states of Delhi, Uttar Pradesh, Haryana and Rajasthan.

The company said it “registered an overall sales volume growth of 4 % over the corresponding quarter in the last fiscal, with the average daily sales going up to 8.48 million standard cubic meters per day from 8.12 mmscmd.”

Product wise, CNG recorded sales volume growth of 4 % in the quarter, while piped natural gas (PNG) recorded sales volume growth of 5 % during the quarter, as compared to the corresponding quarter of last year.

Within the PNG segment, domestic PNG showed a growth of 11 % during the quarter, whereas the growth in the commercial PNG segment was 12 % during the quarter over the corresponding quarter, it said.

Revenue during the quarter fell to INR 3,906.60 crore, as compared to INR 4,072.93 crore during the third quarter of FY’23, due to rationalisation of international gas prices.

IGL meets fuel requirements of over 1.6 million vehicles running on CNG through a network of 802 CNG stations. It has connected over two million households in cities like Delhi, Noida, Greater Noida, Ghaziabad, and parts of Kanpur, with PNG.