India’s leading CNG retailer Indraprastha Gas Ltd has reported 41 per cent rise in third quarter net profit as the firm recorded higher sales of CNG for automobiles and piped cooking gas for homes and industries. The company booked a net profit of Rs 392.07 crore in October-December – the third quarter of the current financial year starting in April 2023, compared with Rs 278.26 crore in the same period last year, it said in a statement.

IGL operates City Gas Distribution (CGD) network in 30 districts across 11 geographical areas in four states Delhi, Uttar Pradesh, Haryana and Rajasthan. The company said it has “reported a 4 per cent growth in total sales volumes compared to the corresponding quarter of the previous fiscal year, with average daily sales increasing from 8.12 mmscmd to 8.48 million standard cubic meters per day.” “By product, CNG recorded a sales volume growth of 4 per cent in the quarter, while Piped Natural Gas (PNG) recorded a sales volume growth of 5 per cent during the quarter compared to the same quarter last year.

Within the PNG segment, domestic PNG witnessed a growth of 11 per cent during the quarter, while the commercial PNG segment witnessed a growth of 12 per cent during the quarter compared to the corresponding quarter. Revenue during the quarter fell to Rs 3,906.60 crore as against Rs 4,072.93 crore during Q3FY23 due to rationalization of international gas prices.

IGL caters to the fuel requirements of over 1.6 million vehicles running on CNG through a network of 802 CNG stations. It has connected more than two million homes to PNG in cities like Delhi, Noida, Greater Noida, Ghaziabad and parts of Kanpur.

(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)