IGL profit rises 12% in January-March on high sale volume

NEW DELHI: Indraprastha Gas Ltd, the sole supplier of CNG and piped cooking gas in national capital, today reported a 12 per cent rise in its March quarter net profit on the back of rise in sale volume.

Net profit in January-March at Rs 107.64 crore was 12 per cent higher than Rs 95.88 crore net profit in the same period a year ago, the company said in a statement here.

Turnover however fell to Rs 976 crore as compared to Rs 1,007 crore in the corresponding period last year.

"However, there has been an overall sales volume growth of 8 per cent over the corresponding quarter in the last fiscal, with CNG sales volume growing by 5 per cent and piped natural gas sales volume growing by 9 per cent," it said.

For the full 2015-16 fiscal, net profit fell 5 per cent to Rs 416.2 crore while turnover was almost unchanged at Rs 4052 crore.

Profit fell "due to lower realisations and overall increase in cost," it said.

During 2015-16, total sales volume grew by 4 per cent over the previous year with both CNG as well as PNG segments recording 4 per cent volume growth.

"The average daily gas sale during the year has gone up to 4 million standard cubic meters per day from 3.85 mmscmd in the previous year," the statement said.

IGL board recommended a dividend of 60 per cent.