IGL net profit up 72% in Q1, Auto News, ET Auto

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IGL net profit up 72% in Q1

Indraprastha Gas Ltd, the firm that retails CNG and piped cooking gas in the national capital, on Tuesday reported a 72% rise in the June quarter net profit on the back of a rise in sales volume. Net profit of Rs 420.86 crore in April-June compared with Rs 244.29 crore in the corresponding quarter of last fiscal, the company said in a statement.

“IGL registered an overall sales volume growth of 48% over the corresponding quarter in the last fiscal, with the average daily sale going up from 5.32 million standard cubic meters to 7.89 mmscmd,” it said.

Product-wise, CNG recorded sales volume growth of 63%, while piped natural gas recorded sales volume growth of 17% in the quarter.

Accordingly, the total gross sales value during the quarter has moved to Rs 3,519 crore compared to Rs 1,372 crore, showing a growth of 157%.

The rise was mainly because its liquefied natural gas (LNG) import terminal at Dahej in Gujarat processed larger volumes.

A standalone net loss of INR 10,196.94 crore during April-June compares with a net profit of INR 1,795 crore in the same period a year back, according to a company’s filing with the stock exchanges.

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