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Indraprastha Gas net profit up by 31pct in Q4 2018

Gasoil News - Published on Mon, 28 May 2018

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City gas supplier Indraprastha Gas Limited reported its standalone net profit for the Q4 ended March 2018 rose 31 per cent to INR 175 crore on the back of increased Compressed Natural Gas (CNG) and Piped Natural Gas (PNG) sales. Net profit in the corresponding quarter stood at INR 134 crore. “In Q4 of 2017-18, the company’s net profit for the quarter increased from Rs. 133.5 crores in corresponding period last year to Rs 175.33 crore in FY’18 showing an increase of 31%. During this period, IGL registered a turnover of Rs. 1347 crore as compared to Rs. 1100 crore in the corresponding period last year thereby showing a growth of 22%,” the company said in a statement

It added that there has been an overall sales volume growth of 11 per cent over the corresponding quarter in the last fiscal, with CNG sales volume growing by 10 per cent and PNG sales volume growing by 15 per cent.

The company’s total income for the fourth quarter increased by 23 per cent to INR 1,383 crore as compared to the corresponding quarter in the year ago period.

IGL reported its consolidated profit for the full financial year 2017-2018 grew 19 per cent to Rs 722 crore. Total income of the city gas distributor for the full financial year of 2017-2018 grew by 21 per cent to Rs 5,164 crore.

The company in a statement said that increase in operating expenses during the year is mainly attributed to non-availability of input tax credit of Goods Service Tax (GST) and significant increase in minimum wages in Delhi from March 2017.

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Posted By : Nanda Koijam on Mon, 28 May 2018
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