IGL's Q2 profit dips 7%

Net profit in Q2 this fiscal was higher than Rs 88 cr profit after tax in the preceding April-June quarter

Indraprastha Gas Ltd (IGL) today reported 7% drop in profit for the July-September quarter on rise in input gas prices.

IGL, the sole supplier of compressed natural gas (CNG) to automobiles and piped cooking gas to households in national capital region, reported that its net profit fell to Rs 92.75 crore in the second quarter of 2013-14 fiscal, from Rs 99.22 crore in the year-ago period.

"This decline has been due to higher profit in Q2 of FY13 as the input gas cost in that quarter was lower than anticipated, resulting in higher realisations," the company said in a press statement here.

Net profit in Q2 this fiscal was higher than Rs 87.57 crore profit after tax in the preceding April-June quarter.

Sales increased to Rs 1,115 crore in Q2, from Rs 947 crore in the same period last fiscal, 2012-13.

CNG sales volume in the quarter increased by 3% and piped natural gas by 10%.

"On an overall basis there is 4% growth in sales volume during this quarter over the corresponding quarter of FY'13, with daily sale averaging at 3.84 million standard cubic meters per day," the statement added.