PremiumNew Delhi: Indraprastha Gas Limited (IGL) accumulated a standalone net profit of Rs. 416.15 crore for the quarter ending 30 September (Q2FY23) rising by 4% from Rs. 400.54 crore in the corresponding quarter in the last fiscal, said the Noida-based natural gas distributor in a press release on Saturday.
In Q2FY23, the company registered an overall sales volume growth of 12% over the corresponding quarter last year. The average daily sale went up from 7.24 mmscmd to 8.09 mmscmd.
“Product-wise, CNG (Compressed Natural Gas) recorded sales volume growth of 15% while PNG (Piped Natural Gas) recorded sales volume growth of 3% in the quarter as compared to the corresponding quarter last year," IGL added.
The total gross sales value during the quarter was recorded at Rs. 3908.48 crore compared to Rs. 2005.07 crore during the second quarter of FY23. This shows a growth of 95%.
Earlier this month, IGL increased the price of CNG by Rs. 3 per kg across Delhi-NCR to Rs. 78.61 per kg. The price of domestic PNG was hiked in Delhi to Rs. 53.59 per scm. The new rates came into application from 8 October.
Indraprastha Gas Limited (IGL) is the largest CNG distribution company in the country. It operates City Gas Distribution (CGD) networks across 30 districts in eleven geographical areas across four states of Delhi, Uttar Pradesh, Haryana and Rajasthan.
“The financial results for the second quarter of FY’23 show a robust volume growth in the quarter despite an extraordinary jump in gas cost during the period," IGL said.
The role of IGL in checking the vehicular pollution in the National Capital Region is established both at national as well as international forums. IGL has well laid out its city gas distribution infrastructure in Delhi; Noida, Greater Noida, Ghaziabad, Rewari, Gurugram, Karnal, Kaithal, Fatehpur, Ajmer, Pali, Rajsamand, Hamirpur, Shamli, Muzaffarnagar, parts of Kanpur and Meerut. It consists of more than 17,500 km of pipeline network.
IGL meets its fuel requirements of over 1.6 million vehicles running on CNG through a network of more than 718 CNG stations.