Indian Gas Distributor IGL's 2Q Profit Up

Delhi National Capital Region-focused gas distributor Indraprastha Gas (IGL) November 5 said its standalone net profit for the three months to September 30 (2Q 2019) increased 11% year-on-year thanks to higher volume of gas sold.

IGL’s net profit in 2Q 2019 was rupees 1.87bn ($26mn) compared with rupees 1.68bn in the same quarter of the previous year.

CNG sales volume increased 13% year-on-year and piped natural gas (PNG) sales volume increased 14% over 2Q 2018. On an overall basis there was a 13% increase in sales volume during 2Q 2019 over corresponding quarter of previous year, IGL said.

Total sales value during the quarter was rupees 15.64bn, up 28% year-on-year. IGL sold rupees 11.74bn worth of CNG in 2Q 2019, registering a growth of 24% year-on-year while its PNG sales value was rupees 3.9bn, up 40% over the same quarter of the previous year. 

IGL operates over 450 CNG stations in Delhi NCR and supplies gas to over 1mn households.