 "Indraprastha Gas extends rally on strong Q1 results")
Indraprastha Gas Limited (IGL) has moved higher to its all-time high of Rs 781, up 7%, extending its Monday’s 4% gain on the BSE, after the company reported a healthy 44% jump in its June quarter on the back of strong operational performance.
The trading volumes on the counter more than doubled with a combined 1.73 million shares changed hands on the NSE and BSE till 09:33 am.
IGL, the sole retailer of compressed natural gas (CNG) in national capital region, has posted a net profit of Rs 148 crore for the quarter ended June 30, 2016 (Q1FY17), against Rs 102 crore in the same quarter year ago.
IGL said the higher profit in the reported quarter on account of higher sales volumes/realizations, reduction in interest cost and higher other income over the previous year quarter.
Product wise, CNG recorded sales volume growth of 10%, while piped natural gas (sold to households for cooking purpose) recorded sales volume growth of 17% in the quarter as compared to last year," the statement said.
The company’s total sales were; however, lower at Rs 995 crore in April-June as compared to Rs 992 crore in the first quarter of 2015-16 financial year.
The lower growth in sales turnover is due to reduction in selling prices of both CNG and piped natural gas during the year in view of lower gas cost, it added.
Analysts on an average had expected profit of Rs 121 crore on sales of Rs 888 crore for the quarter.
The ebitda (earnings before interest, taxes, depreciation and amortisation) margin expanded 620 basis points at 28.86% in Q1FY17, up from 22.65% in the same quarter last year.
The trading volumes on the counter more than doubled with a combined 1.73 million shares changed hands on the NSE and BSE till 09:33 am.
IGL, the sole retailer of compressed natural gas (CNG) in national capital region, has posted a net profit of Rs 148 crore for the quarter ended June 30, 2016 (Q1FY17), against Rs 102 crore in the same quarter year ago.
IGL said the higher profit in the reported quarter on account of higher sales volumes/realizations, reduction in interest cost and higher other income over the previous year quarter.
Product wise, CNG recorded sales volume growth of 10%, while piped natural gas (sold to households for cooking purpose) recorded sales volume growth of 17% in the quarter as compared to last year," the statement said.
The company’s total sales were; however, lower at Rs 995 crore in April-June as compared to Rs 992 crore in the first quarter of 2015-16 financial year.
The lower growth in sales turnover is due to reduction in selling prices of both CNG and piped natural gas during the year in view of lower gas cost, it added.
Analysts on an average had expected profit of Rs 121 crore on sales of Rs 888 crore for the quarter.
The ebitda (earnings before interest, taxes, depreciation and amortisation) margin expanded 620 basis points at 28.86% in Q1FY17, up from 22.65% in the same quarter last year.