Indraprastha Gas (IGL) gained 3.75% to Rs 422.95 after the company informed that the domestic gas allocations have been revised to 51% from 37%, with effect from 16 January 2025.
This revision in allocation by GAIL (India), has resulted in increase in the companys share of domestic gas in CNG Segment by 31%.The company has also tied-up additional RLNG volumes on term basis at competitive prices, with one of the major suppliers (around 1.0 MMSCMD).
IGL said, The above revision and signing of additional volumes shall have a positive impact on profitability of the company.
GAIL (India) is the largest state-owned natural gas processing and distribution company in India. The company has a diversified business portfolio and has interests in the sourcing and trading of natural gas, production of LPG, liquid hydrocarbons, and petrochemicals, transmission of natural gas and LPG through pipelines, etc. GAIL has also participated in interest in India and overseas in oil and gas blocks. The Government of India holds 51.92% in the paid-up equity capital of the company as of 30 September 2024.
Indraprastha Gas is a natural gas distribution company. It supplies natural gas as cooking and vehicular fuel.
The companys consolidated net profit declined 17.69% to Rs 454.88 crore in Q2 FY25 as compared with Rs 552.67 crore in Q2 FY24. However, revenue from operations (excl. excise duty) rose 6.91% YoY to Rs 3,697.6 crore in Q2 FY25.
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