Comments
Indraprastha Gas Ltd (IGL) reported a 40 per cent increase in net profit for the June quarter driven by higher volumes and gas price. The company's net profit stood at Rs 80.07 crore against Rs 57.14 crore in the year-ago period.
In the first quarter, sales stood at Rs 595.70 crore (Rs 375.25 crore), up 59 per cent from the year-ago period.
There has been a major increase in demand as vehicles move to compressed natural gas (CNG) and piped natural gas (PNG) becomes more acceptable as a domestic fuel, the company said. IGL has earmarked a capex of over Rs 3,000 crore for expansion of infrastructure in Delhi, Noida, Greater Noida and Ghaziabad for the next five years.
IGL, the sole supplier of CNG and PNG in Delhi, Noida, Greater Noida and Ghaziabad, plans to promote wider usage of gas through co-generation, gas geysers, gensets, etc., Mr B.C. Tripathi, Chairman, announced while addressing shareholders at the 12th annual general meeting here on Monday.
He added that IGL had recorded a record growth in average sales volume a day in the PNG segment in 2010-11, an increase of 106 per cent, as compared to the last financial year.
IGL's shares on the BSE closed at Rs 411.80 on Monday, up Rs 4.15.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.