IGL net profit plummets 93% on higher input gas cost and consumer price protection
Indraprastha Gas Ltd’s overall sales grew 8% on a year-over-year basis.
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City gas distributor Indraprastha Gas Ltd. (IGL) reported a sharp decline in second-quarter net profit as elevated input gas costs squeezed margins, despite higher sales volumes.
The company’s decision to shield consumers from global price volatility also weighed on profitability.
Net profit plunged more than 93% year-on-year (YoY) to ₹24.38 crore during the quarter despite an 8% YoY increase in sales volumes to 10.06 million metric standard cubic metres per day (MMSCMD).
Among products, CNG sales grew 9% piped natural gas (PNG) sales by 8%.
Gross sales turnover, however, surged 35.4% YoY to ₹5,999.13 crore.
business (general) / oil and gas - upstream activities / oil and gas - downstream activities / earnings
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Full detailed coverage is shown on the council website above. Source attribution: The Hindu – Business.
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