State-run Indraprastha Gas (IGL) on Wednesday reported a 30 per cent y-o-y growth in its consolidated net profit to ₹553 crore in the July-September quarter in the current financial year. However, the company’s net profit in Q2 FY24 was down 6 per cent on a sequential basis.
IGL’s consolidated total income during the September quarter in FY24 stood at ₹3,884 crore (₹3,973 crore) and ₹3,808 crore in Q1 FY24.
The Board of Directors has declared an interim dividend of ₹4 per equity share amounting to ₹280 crore with the record date of November 15.
CNG, PNG sales up
IGL supplies compressed natural gas (CNG) for vehicles and piped natural gas (PNG) for households in Delhi, Noida, Greater Noida and Ghaziabad.
Its CNG sales rose 3 per cent y-o-y to 574.72 million standard cubic meters (mscm) in Q2 FY24. While the PNG domestic sales rose 15 per cent y-o-y to 52.98 mscm, the sales to commercial and industrial (C&I) customers fell 2 per cent to 90.10 mscm. The average daily sales rose to 8.30 million standard cubic meters per day (mscmd) in Q2 FY24 from 8.09 mscmd in Q2 FY23.
The sales volume of natural gas during the September quarter was flat at 46 mscm. Cumulative volumes were up 3 per cent at 763.80 mscm during the same period.
Net sales of CNG (net of excise duty) fell 1 per cent to ₹2,559.09 crore, whereas net sales of PNG was down 7 per cent to ₹881.24 crore.