Indraprastha Gas (IGL) on Friday reported a consolidated net profit of ₹398 crore for the January-March quarter of FY23, a y-o-y decline of 8 per cent from ₹431 crore in Q4 FY22.

However, on a sequential basis, the net profit was higher by 19 per cent from ₹334 crore in Q3 FY23, aided by the softening of liquefied natural gas (LNG) prices in international markets and growing consumption.

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Its consolidated total income rose 52 per cent y-o-y to ₹4,127 crore during Q4. However, on a q-o-q basis, IGL’s total income declined marginally (0.4 per cent). For FY23, IGL reported a consolidated net profit of ₹2,122.37 crore as against ₹1,953.20 crore in FY22. Total income stood at ₹15,805.93 crore (- ₹8,661.37 crore).

The CPSU’s total expenses during Q4 rose 66 per cent on an annual basis to ₹3,692 crore, but on a q-o-q basis, the expenses were down 2 per cent. The company reported a 7 per cent y-o-y jump in total sales at 8.26 million standard cubic meters per day (msmcd). On a q-o-q basis, the sales volume was higher by 9 per cent.

Product wise, compressed natural gas (CNG) sales rose 8 per cent y-o-y to 550 mscm, while sales of piped natural gas (PNG) for households grew by 9 per cent y-o-y to 56 mscm. PNG sales from commercial and industrial (C&I) consumers was flat y-o-y at 92 mscm. Sales volume of natural gas was also almost flat at 45 mscm.

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IGL’s gross sales from CNG rose 56 per cent y-o-y to ₹3,021 crore in Q4 FY23, while PNG cross sales were up 45 per cent y-o-y to ₹1,021 crore during the same period.

After consolidating the financial results of two associate companies, CUGL & MNGL, the consolidated net profit after tax of the company comes to ₹1,640 crore as against consolidated profit of ₹1,504 crore in the previous year. The company operates city gas distribution (CGD) networks across 31 districts in 11 geographical areas across Delhi, Uttar Pradesh, Haryana and Rajasthan.