Indraprastha Gas Limited has reported a ₹35.18 crore consolidated net profit for the first quarter of the current financial year. This is significantly lower than the ₹245.04 crore consolidated net profit reported by the company in the same quarter of the previous financial year.
Total income for the quarter under review stood at ₹723.16 crore, down from ₹1,779.47 crore in the comparable quarter of the fiscal 2019-2020.
An IGL statement said that financial results for the first quarter of fiscal 2020-2021 had been impacted by the nationwide lockdown leading to highly restricted mobility on the roads.
“Owing to reduction in demand due to restrictions in vehicular movement, the sales at the Compressed Natural Gas stations were impacted. Similarly, demand from industrial and commercial customers were also impacted due to the lockdown,” the company statement in a statement to the BSE.
Total sales value in the quarte under review halved to 247 million standard cubic meters (mscm), down from 569 mscm in the same quarter of the last fiscal.