Indraprastha Gas Q1 net profit up 9% at Rs 176 cr

New Delhi : Indraprastha Gas Limited (IGL) supplying compressed natural gas (CNG) and piped natural gas (PNG) in the National Capital Territory on Friday posted a 9 per cent rise in net profit for the first quarter ending June at 176 crore.

The supplier of CNG and PNG to Delhi, Noida, Greater Noida and Ghaziabad said in a statement that it had a standalone profit after tax of Rs 161 crore in the same period of last year.

IGL registered an overall sales volume growth of 13 per cent in the quarter in consideration over the corresponding quarter in the last fiscal, with the average daily sale going up from 4.90 million standard cubic metres per day (mscmd) to 5.55 mscmd, it said.

Total gross sales value during the quarter in review grew 24 per cent to Rs 1,418 crore, as compared to Rs 1,145 crore sales during the first quarter of last year.

While CNG recorded sales volume growth of 10 per cent in the quarter, PNG recorded sales volume growth of 18 per cent as compared to corresponding quarter last year, it added.

The IGL stock closed on Friday at Rs 299.00 a share, down Rs 4.45, or by 1.47 per cent, on its previous close on the BSE.