Delhi-based Indraprastha Gas Ltd (IGL) saw its net profit jump at 28.4%, at Rs 99.2 crore during the second quarter of the current fiscal against Rs 77.2 crore during the corresponding previous quarter.
During the quarter IGL posted a nearly 40% increase in net sales. The company's net income from operations stood at Rs 854.6 crore against Rs 596.90 crore in the same quarter last year.
In a press statement, the company said PNGRB had fixed the per unit network tariff and compression charges for the city gas distribution network of the company in Delhi that were much lower than the rates submitted by the company.
IGL is engaged in a legal battle with the Petroleum and Natural Gas Regulatory Board (PNGRB) over gas distribution tariff,
The company had moved the Delhi High Court which had quashed the PNGRB order in June this year against which PNGRB has filed a Special Leave Petition before the Supreme Court.
IGL shares ended at Rs 264.80, up by Rs 1.63% on the BSE today.