The company is a joint venture between central gas utility GAIL, oil major BPCL and the Delhi government, which together hold a 50 percent stake in the company.
Indraprastha Gas Limited (IGL) on Wednesday reported an 8.63 per cent decline in its standalone net profit in the first quarter (April-June) of financial year 2024-25 (Q1 FY25) to Rs 400.65 crore, down from Rs 438.5 crore in the corresponding quarter of the previous year.
However, on a sequential basis, the compressed natural gas (CNG) distribution company’s net profit rose 5.55 per cent from Rs 379.5 crore in Q4 FY2024.
Revenue from operations for Q1 FY25 stood at Rs 3,891.4 crore, compared to Rs 3,761.8 crore a year ago, registering an increase of 3.4 per cent. On a quarter-on-quarter (QoQ) basis, revenue declined marginally by 1.8 per cent. Despite higher revenue, net profit declined on account of higher expenses on account of higher purchase of shares in trading worth Rs 2,482 crore.
IGL’s total sales volume increased 5.3 percent to 786 million standard cubic meters (scm) in the first quarter, compared to 746.2 million scm in the corresponding quarter of the previous year.
The company is a joint venture between central gas utility GAIL, oil major BPCL and the Delhi government, which together hold a 50 percent stake in the company.
Among the categories, Piped Natural Gas (PNG) sales volumes increased by 7.4 percent to 198.4 million scm in the last quarter, up from 184.7 million scm in Q1 FY24. The company is currently launching PNG drives in various areas of the National Capital Region (NCR). PNG sales volumes for the domestic segment increased by the highest margin by 16 percent to 60.87 scm.
Meanwhile, CNG sales volume increased by 4.6 percent to 587.1 million scm.
IGL shares fell 1.24 percent to Rs 437.20 on Wednesday.
First print: Jul 24, 2024 | 5:22 PM IST