Indraprastha Gas reports 30% jump in profit in Jul-Sep
New Delhi-based gas retailer Indraprastha Gas (IGL) on November 9 reported a 30% year/year increase in standalone net profit to 4bn ($54mn) rupees for the July-September quarter on higher sales volume.
IGL registered an average daily sale of 7.24mn m3/day in the quarter compared with 5.50mn m3/d in the same period last year, showing a growth of 32%. CNG segment registered a sales volume growth of 36% yr/yr while piped natural gas (PNG) segment showed overall sales volume growth of 22% yr/yr.
IGL supplies CNG and PNG to cities in four northern states of Delhi, Uttar Pradesh, Haryana and Rajasthan. Its turnover during the quarter was 20.05bn rupees versus 14.33bn rupees in the corresponding period of the last financial year.
The physical and financial performance of the company during the quarter reflects a strong recovery after lockdown hit the April-July quarter due to the second wave of the coronavirus pandemic, IGL said.