Indraprastha Gas Q3 results: Net profit rises 18 per cent to Rs 335 cr
Standalone net profit in October-December at Rs 334.87 crore compared with Rs 283.59 crore in the corresponding period of the last fiscal, the company said in a statement
NEW DELHI: Indraprastha Gas Ltd on Wednesday reported a 18 per cent rise in December quarter net profit after city gas sales recovered after easing of coronavirus lockdown restrictions.
Standalone net profit in October-December at Rs 334.87 crore compared with Rs 283.59 crore in the corresponding period of the last fiscal, the company said in a statement.
IGL retails compressed natural gas (CNG) to automobiles and piped natural gas (PNG) for cooking purposes for household and as fuel to industries in the national capital and adjoining towns such as Noida, Greater Noida and Ghaziabad.
“Both physical and financial performance of the company reflect a strong recovery after the second quarter due to gradual easing of restrictions and beginning of unlock period leading to increased economic activity. Sales have picked up steadily and presently have touched pre-lockdown levels,” it said.
“The numbers showed strong resurgence from the impact of lockdown in the first half of the fiscal,” the company added.
IGL sold 6.26 million standard cubic metres per day of gas during the quarter as most of the lockdown restrictions started getting relaxed except reopening of educational institutions.
Total gross sales were lower at Rs 1,587.36 crore against Rs 1,831.16 crore during the third quarter of FY’20.
