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Indraprastha Gas fourth quarter net profit up 31 per cent to Rs 175 crore
City gas supplier Indraprastha Gas Limited reported its standalone net profit for the fourth quarter ended March 2018 rose 31 percent to Rs 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 Rs 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 percent over the corresponding quarter in the last fiscal, with CNG sales volume growing by 10 percent and PNG sales volume growing by 15 percent.
The company’s total income for the fourth quarter increased by 23 percent to Rs 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 percent to Rs 722 crore. Total income of the city gas distributor for the full fiscal year of 2017-2018 grew by 21 percent 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 a significant increase in minimum wages in Delhi from March 2017.
IGL’s expenses in the financial year 2017-2018 increased to Rs 4,140 crore from Rs 3,427 crore.
The gas distributor’s CNG sales for the financial year 2017-2018 increased by 18 percent in value to Rs 3,888 crore and its PNG sales in value terms increased by 27 percent to Rs 1,165 crore as compared to the year-ago period. John Riggins Womens Jersey
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