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IGL posts 28 percent jump in net profit in Q4 FY19

PW Bureau

IGL’s gross turnover rose 27 percent to Rs 6,337 crore in FY19 while net profit went up by 17 percent to settle at Rs 786 crore driven by higher volumes

New Delhi: Indraprastha Gas Ltd (IGL) posted a 28 percent jump in net profit in the fourth quarter of financial year 2018-19 because of good sales figures. The net profit for the period stood at Rs 224.72 crore, up from Rs 175.33 crore in the year-ago period, a statement released by IGL said. Turnover also went up from Rs 1,347 crore last year to Rs 1,694 crore for this year.

Sales volume growth at 17 percent

“There has been an overall sales volume growth of 17 percent over the corresponding quarter in the last fiscal, with CNG sales volume growing by 15 percent and piped natural gas (sold to household kitchens) sales volume growing by 20 percent,” it said.

IGL’s gross turnover rose 27 percent to Rs 6,337 crore in FY19 while net profit went up by 17 percent to settle at Rs 786 crore driven by higher volumes.

Total sales grew by 14 percent

In FY2018-19, total sales volume increased by 14 percent in comparison to the previous year with CNG recording 13 percent growth in volumes and PNG recording volume growth of 15 percent. The average daily gas sale in FY2018-19 went up to 5.91 million standard cubic metres per day from 5.18 mmscmd in the previous year.

Board recommends final dividend of 120 percent

The IGL board recommended a final dividend of 120 per cent for consideration of the members in its Annual General Meeting. IGL retails Natural Gas (CNG) and Piped Natural Gas (PNG) in the National Capital Territory of Delhi and NCR towns of Noida, Greater Noida, Ghaziabad, Rewari, Gurugram, Muzaffarnagar and Karnal.