Indraprastha Gas Ltd on Wednesday reported a 18 per cent rise in December quarter net profit after city gas sales recovered after easing of coronavirus lockdown restrictions. Standalone net profit in October-December at Rs 3.3487 billion compared with Rs 2.8359 billion in the corresponding period of the last fiscal, the company said in a statement.
IGL retails compressed natural gas(CNG) to automobiles and piped natural gas (PNG) for cooking purposes for household and as fuel to industries in the national capital and adjoining towns such as Noida, Greater Noida and Ghaziabad.
“Both physical and financial performance of the company reflect a strong recovery after the second quarter due to gradual easing of restrictions and beginning of f unlock period leading to increased economic activity. Sales have picked up steadily and presently have touched pre-lockdown levels,” it said.
“The numbers showed strong resurgence from the impact of lockdown in the first half of the fiscal,” the company added.
IGL sold 6.26 million standard cubic metres per day of gas during the quarter as most of the lockdown restrictions started getting relaxed except reopening of educational institutions.
Total gross sales were lower at Rs 15.8736 billion against Rs 18.3116 billion during the third quarter of FY’20.