 "IGL Q1 results: Net profit falls 8.6% to Rs 400 crore, revenue rises 3.4%")
Indraprastha Gas Limited (IGL) on Wednesday reported an 8.63 per cent fall in its standalone net profit in the first quarter (April-June) of the financial year 2024-25 (Q1 FY25) to Rs 400.65 crore, down from Rs 438.5 crore in the corresponding quarter of the previous year.
On a sequential basis, however, the compressed natural gas (CNG) distribution company's net profit rose 5.55 per cent from Rs 379.5 crore registered in Q4 FY24.
The revenue from operations for Q1 FY25 came in at Rs 3,891.4 crore, compared to Rs 3,761.8 crore a year back, registering a rise of 3.4 per cent. On a quarter-on-quarter (Q-o-Q) basis, the revenue was down a marginal 1.8 per cent. Despite higher revenues, the net profit fell as a result of higher expenses due to higher purchase of stocks in trade worth Rs 2,482 crore.
IGL's total sales volumes rose 5.3 per cent in Q1 to 786 million standard cubic metres (scm), up from 746.2 million scm in the corresponding quarter of the previous year.
The company is a joint venture between central gas utility GAIL, oil marketing company BPCL, and the Government of Delhi, who collectively hold a 50 per cent stake in the company.
Among categories, Piped Natural Gas (PNG) sales volumes rose 7.4 per cent to 198.4 million scm in the latest quarter, up from 184.7 million scm in Q1 FY24. The company is currently launching PNG drives across several areas of the National Capital Region (NCR). PNG sales volumes for the domestic segment rose by the highest margin at 16 per cent to 60.87 scm.
Meanwhile, CNG sales volumes rose 4.6 per cent to 587.1 million scm.
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IGL shares slipped 1.24 per cent to Rs 437.20 on Wednesday.