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City gas distributor Indraprastha Gas Ltd reported a 29 per cent increase in net profit for the second quarter of fiscal 2014-15 despite a drop in its net revenue. Net profit for the quarter stood at ₹ 119.61 crore as against ₹ 92.75 crore in the same quarter last year.
During the quarter the company’s net revenue dropped 5.6 per cent to ₹ 951.09 crore as against ₹ 1,007.89 crore in the same quarter last year.
The company’s net profit increased due to lower expenses on purchase of natural gas. IGL’s expense on purchase of natural gas dropped 12 per cent to ₹ 609.71 crore.
On Wednesday, IGL’s shares closed almost flat at ₹ 429.95 on the BSE.
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