Indraprastha Gas Ltd, the sole supplier of CNG and piped natural gas in the national capital, today reported 6 per cent rise in its March quarter net profit at Rs 95.88 crore on robust CNG sales.
The company had posted a net profit of Rs 90.49 crore in the same period a year ago, Indraprastha Gas Ltd said in a statement.
Turnover was, however, lower at Rs 1,007 crore when compared with Rs 1,063 crore in the previous fiscal.
"CNG sales volume during the quarter grew by 4 per cent and piped natural gas (PNG) sales volume decreased by 14 per cent over the corresponding quarter in the last fiscal," the statement said, without giving actual sales numbers.
For the full 2014-15 fiscal, net profit rose 22 per cent to Rs 437.26 crore, "driven by revision in depreciation rates on certain fixed assets."
CNG sales during the full fiscal grew by 4 per cent over the previous year while PNG sales volume decreased by 7 per cent, leading to an overall sales volume increase of 1 per cent.
Gross turnover during the year decreased to Rs 4,048 crore in FY15 from Rs 4,328 crore in FY14 because of sharp reduction in CNG and domestic PNG retail prices.
The average daily gas sale during the year has gone up to 3.85 million standard cubic meters per day (mmscmd) from 3.79 mmscmd in the previous year.
Meanwhile, the company's Board has recommended a dividend of 60 per cent.
