Indraprastha Gas Ltd, which retails CNG to automobiles in the national capital and adjoining cities, Friday reported a 28 per cent rise in its March quarter net profit on the back of higher sales. Net profit in January-March rose to Rs 224.72 crore from Rs 175.33 crore in the year-ago period, the company said in a statement here.
Turnover increased to Rs 1,694 crore from Rs 1,347 crore last year.
"There has been an overall sales volume growth of 17 per cent over the corresponding quarter in the last fiscal, with CNG sales volume growing by 15 per cent and piped natural gas (sold to household kitchens) sales volume growing by 20 per cent," it said.
The company's gross turnover rose 27 per cent to Rs 6,337 crore in FY19 while net profit grew 17 per cent to Rs 786 crore driven by higher volumes.
During 2018-19, total sales volume grew by 14 per cent over the previous year with CNG recording 13 per cent growth in volumes and PNG recording volume growth of 15 per cent.
The average daily gas sale during the year has gone up to 5.91 million standard cubic metres per day from 5.18 mmscmd in the previous year.
IGL board recommended a final dividend of 120 per cent for consideration of the members in its Annual General Meeting.
IGL retails Compressed Natural Gas (CNG) and Piped Natural Gas (PNG) in the National Capital Territory of Delhi and NCR towns of Noida, Greater Noida, Ghaziabad, Rewari, Gurugram, Muzaffarnagar and Karnal.
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