IGL’s Q4 net profit falls 9%, but revenue shows strong growth of 53%
1 min read . Updated: 13 May 2023, 12:16 AM IST
PremiumIGL reported a strong growth of 53% in revenue, with a turnover of ₹4042.33 crore in the quarter, as compared to ₹2638.20 crore in the corresponding period last year.
New Delhi: State-run Indraprastha Gas (IGL) on Friday reported a decrease of 9% in its net profit for the quarter, which stood at ₹329.75 crore in FY’23 as compared to ₹361.60 crore in the same period last year.
However, IGL reported a strong growth of 53% in revenue, with a turnover of ₹4042.33 crore in the quarter, as compared to ₹2638.20 crore in the corresponding period last year. Overall sales volume also saw growth, with a 7% increase to 743 mmscm in Q4 of 2022-23, as compared to 697 mmscm in Q4 of 2021-22.
For the fiscal year 2022-23, IGL’s gross turnover was ₹15,542.67 crores, showing a strong growth of 84% from ₹8,443 crores in FY’22. The net profit for the year was ₹1445.02 crores, showing a growth of 10% from ₹1314.95 crores in FY’22. The average daily gas sale during the fiscal was 8.09 mmscmd, up 16% from 6.99 mmscmd in FY’22. CNG volumes registered a growth of 20% in the fiscal, while PNG sales volumes were up by 6%.
After consolidating the financial results of its two associate companies, CUGL & MNGL, IGL’s consolidated net profit after tax for the year comes to ₹1640 crores against consolidated profit of ₹1504 crores in the previous year.
IGL operates City Gas Distribution (CGD) networks across 31 districts in eleven geographical areas across four states of Delhi, Uttar Pradesh, Haryana and Rajasthan.