IGL Q3 results: Net profit rises 41% to Rs 392 crore, revenue falls 4%

Indraprastha Gas Limited (IGL) on Thursday reported a 41 per cent rise in its standalone net profit in the third quarter (October-December) of Financial Year 2023-24 (Q3 FY24) to Rs 392.07 crore, up from Rs 278.26 crore in the corresponding quarter of the previous year.

On a sequential basis, however, the compressed natural gas (CNG) distribution company's net profit fell 26.6 per cent from Rs 534.8 crore registered in Q2 FY24.

The revenue from operations for Q3 FY24 came in at Rs 3,926.2 crore, compared to Rs 4,089 crore year-on-year (Y-o-Y), registering a fall of 4 per cent. On a quarter-on-quarter (Q-o-Q) basis, the revenue was up a marginal 2.7 per cent.

IGL's total sales volumes rose 4 per cent in Q3 to 780.2 million standard cubic metres (scm), up from 747 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 for the domestic segment rose by the highest margin of 11 per cent to 56.7 million SCM in Q3 FY24, up from 51.2 million scm in Q3 FY23. The company is currently launching PNG drives across several areas of the National Capital Region (NCR).

Meanwhile, CNG sales volumes rose 4 per cent to 582.2 million scm.

IGL shares slipped 7.1 per cent to Rs 403.7 on Thursday.