Indraprastha Gas Limited (IGL) has reported a ₹380.45-crore consolidated net profit for the second quarter of financial year 2020-21. This is lower than the ₹415.82-crore profit reported in the same quarter of the previous financial year.
Consolidated total income for the period under review stood at ₹1,471.05 crore (₹1,911.79 crore).
Commenting on the Covid impact on the company business, IGL said, “Owing to reduction in demand due to restrictions in vehicular movement, the sales at the Compressed Natural Gas (CNG) stations were impacted. Similarly, demand from industrial and commercial customers were also impacted due to the lockdown.”
“The demand has since increased substantially in both industrial and CNG categories and the Company expects to recover the carrying amount of financial and non-financial assets,” the company added.
IGL said that it registered an average daily sale of 5.50 million standard cubic metres per day in the quarter as the lockdown restrictions started getting relaxed. The total gross sales value during the quarter were ₹1,434 crores against ₹1865 crore during the second quarter of fiscal 2019-20.
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