Indraprastha Gas Limited (IGL), the largest CNG distribution company in the country, on Wednesday reported a 9 per cent increase in its net profit in the quarter ended March 2022, on rise in gas sales volume.
Net profit increased to Rs 363.08 crore in the January-March quarter from Rs 332.08 crore in the corresponding period last year, the company said in a statement.
During this period, IGL registered a 55 per cent rise in turnover to Rs 2,638.20 crore.
”The overall sales volume was 697 million standard cubic meters in Q4 of 2021-22 as compared to 614 mmscm in Q4 of 2020-21 showing a growth of 13 per cent,” it said.
While CNG posted a sales volume growth of 16 per cent, Piped Natural Gas (PNG) showed overall sales volume growth of 7 per cent during the quarter.
For the full 2021-22 fiscal (April 2021 to March 2022), turnover rose 56 per cent to Rs 8,443 crore while net profit jumped 31 per cent to Rs 1,314.95 crore.
”The average daily gas sale during the fiscal was 6.99 mmscmd as compared to 5.33 mmscmd in FY’21, showing a growth of 31 per cent,” the statement said.
CNG volumes registered a growth of 36 per cent in the fiscal, PNG sales volumes were up by 20 per cent in 2021-22 over the previous fiscal.
The board has recommended a dividend of 275 per cent for the fiscal.
After consolidating the financial results of two associate companies, CUGL and MNGL, the consolidated net profit after tax of the company comes to Rs 1,504 crore against a consolidated profit of Rs 1,172 crore in the year-ago period.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)