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.