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Delhi-based Indraprastha Gas Ltd (IGL) has notched up a near 40 per cent increase in net sales in Q2 of current fiscal compared to the same period last year.
The company is fighting a legal battle with the Petroleum and Natural Gas Regulatory Board (PNGRB) over gas distribution tariff.
Net profit too witnessed a healthy near 30 per cent growth in the second quarter of the current fiscal compared to the same quarter in the previous fiscal.
According to the unaudited Q2 financial results for 2012-13, IGL earned a net income from operations of Rs 854.63 crore against Rs 596.90 crore in the same quarter last year. The net profit was higher at Rs 99.21 crore (Rs 77.22 crore).
The EPS moved up to Rs 7.09 from Rs 5.52.
In a note attached to the results, the company said that the PNGRB had fixed the per unit network tariff and compression charges for the city gas distribution network of the company in Delhi that were much lower than the rates submitted by the company.
The company had moved the Delhi High Court which had quashed the PNGRB order in June this year against which PNGRB has filed a Special Leave Petition before the Supreme Court.
IGL shares ended at Rs 264.85, up by Rs 4.50 on the NSE today with a trading volume of about 13.96 lakh shares.
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