Indraprastha Gas Ltd. Q4 net up 23% on higher sales

New Delhi: The state-run Indraprastha Gas Ltd (IGL) supplying cooking gas and vehicle fuel to Delhi, Noida, Greater Noida and Ghaziabad has reported a 23 per cent rise in net profit for the fourth quarter ended March at Rs 133.5 crore, buoyed by better turnover and sales.

The supplier of compressed natural gas (CNG) and piped natural gas (PNG) in the National Capital Region had posted a net profit of Rs 108.96 crore in corresponding period of 2016.

"During this period (January-March 2017), IGL registered a turnover of Rs 1,100 crore as compared to Rs 976 crore in the corresponding period last year, thereby showing a growth of 13 per cent," the company said in a release here on Saturday.

"There has been an overall sales volume growth of 16 per cent over the corresponding quarter in the last fiscal, with CNG sales volume growing by 11 per cent and PNG sales volume growing by 25 per cent," it added.

For the entire fiscal 2016-17, IGL's net profit has grown an impressive 36 per cent to Rs 570.21 crore, from Rs 418.7 crore in the previous fiscal, "driven by higher volumes".

"During 2016-17, total sales volume grew by 14 per cent over the previous year with CNG recording 10 per cent growth in volumes and PNG recording volume growth of 19 per cent."

IGL's average daily gas sale during the year has gone up to 4.59 mscmd (million standard cubic metres per day) from 4.01 mscmd in the previous year.

"The board has recommended a final dividend of 50 per cent for consideration of the members in the annual general meeting in addition to 35 per cent interim dividend already declared and paid," IGL said.

"After consolidating the financial results of two associate companies, CUGL and MNGL, the consolidated net profit after tax of the company shows a growth of 32.27 per cent at Rs 605.28 crore, against consolidated profit of Rs 457.58 crore in the previous year," it added.

The company's gross turnover in the last fiscal has grown to Rs 4,205 crore, up from Rs 4,052 crore in 2015-16.

Earlier in May, this supplier of clean fuel made a marginal revision in prices of CNG, increasing it by 35 paise per kg in Delhi and by 40 paise per kg in Noida, Greater Noida and Ghaziabad.

The current consumer price of CNG is Rs 37.65 per kg in Delhi and Rs 43.15 per kg in Noida, Greater Noida and Ghaziabad.

The company has also hiked the consumer price of PNG to the households by 81 paisa per standard cubic metre (scm) across Delhi, Noida, Greater Noida and Ghaziabad. PNG in Delhi costs Rs 24.86 per scm, and in NCR 26.37 per scm.