India's Indraprastha Gas Q1 Profit Up
Delhi-based gas retailer Indraprastha Gas (IGL) August 14 reported a 24% year on year increase in net profit for the three months to June (Q1 2020) thanks to higher volume of gas sold.
IGL’s net profit stood at rupees 2.18bn ($31mn) as against rupees 1.75bn in the same quarter of previous year. The company sold 569mn m3 of gas in Q1, up 13% year on year. Company's revenue for operations was rupees 17.44bn compared with rupees 14.23bn in the same period last year.
CNG volume rose 11.7%, industrial/commercial volume grew by 17% and household volume rose 15% year on year.
IGL is one of India’s leading gas distribution companies and supplies piped gas to industrial units and households and CNG to vehicles in Delhi and National Capital Region.