IGL, a joint venture between GAIL (India) Ltd, Bharat Petroleum Corp Ltd (BPCL) and the Delhi government, reported net profit of Rs 43.68 crore during the quarter ended June 2008 as compared with Rs 38.42 crore in the corresponding quarter last year.
Sales during the quarter rose 18 per cent to Rs 190.73 crore in the three months ended June 2008, from Rs 161.75 crore in year-ago quarter, the company informed the Bombay Stock Exchange.
Analysts tracking the industry had projected the company's net profit to increase by 25%.
The profit seems to have been affected by a 50% increase in staff cost and a 4% increase in raw material cost in the first quarter, said an analyst in a local brokerage.
The shares of Indraprastha fell by 0.69 per cent in today's trade in Bombay Stock Exchange (BSE) to close at Rs107.3, on a day when the Sensex rose 1.84 per cent to 14,104.20 points.
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The company's expenditure during the quarter rose 23.81 per cent to Rs 115.20 crore compared with Rs 93.04 crore in the year-ago quarter while its tax liabilities rose to Rs 21.75 crore from Rs 18.71 crore.