IGL profit up 23% in fourth quarter, sales up 13%

Indraprastha Gas Limited, the supplier of Compressed Natural Gas and Piped Natural Gas in the National Capital Territory of Delhi, Noida, Greater Noida & Ghaziabad today announced its Q4 results.

The company’s net profit for the three months ended March increased from Rs. 108.96 crores in corresponding period last year to Rs 133.5 crore in FY’17, up 23%.

During this period, IGL registered a turnover of Rs. 1100 crore as compared to Rs. 976 crore in the corresponding period last year thereby showing a growth of 13%.

Sales volume, or the amount of gas sold, increased by 16% over the corresponding quarter in the last fiscal, with CNG sales volume growing by 11% and PNG sales volume growing by 25%.

The company’s gross turnover has grown to Rs. 4205 crores in the full year from Rs. 4052 crores in FY 16.

The net profit in FY 17 has shown a growth of 36 % from Rs 418.7 crores in FY 16 to Rs. 570.21 crores in FY 17, driven by higher volumes.

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

The average daily gas sale during the year went up to 4.59 mmscmd from 4.01 mmscmd in the previous year.

The board recommended a final dividend of 50% for consideration of the members in Annual General Meeting in addition to 35% interim dividend already declared and paid.

After consolidating the financial results of two associate companies, CUGL & MNGL, the consolidated net profit after tax of the company comes to Rs 605.28 crores against consolidated profit of Rs 457.58 crores in the previous year, thereby showing a growth of 32.27%.