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Indraprastha Gas Ltd on Monday reported 16.7 per cent growth in net profit during fourth quarter of 2011-12 on selling higher gas volumes.
The supplier of Compressed Natural Gas (CNG) and Piped Natural Gas (PNG) in National Capital and its neighbouring region recorded Rs 80.76 crore net profit during January-March 2012 against Rs 69.16 crore in same period previous year. The turnover for Q4 of FY12 was Rs. 798 crore against Rs 566 crore in the corresponding quarter in 2010-11. Earnings per share was Rs Rs 5.77, against Rs 4.94 in Q4 of FY11.
IGL said there has been an overall sales growth of 18 per cent in fourth quarter of 2011-12. “Product wise, CNG recorded sales volume growth of 15 per cent, while PNG recorded sales volume growth of 33 per cent in the quarter as compared to last year,” IGL said.
At the same time, IGL has said that it has not calculated financial implications of the recent Petroleum and Natural Gas Regulatory board (PNGRB) order to cut tariff on gas transportation. According to PNGRB order, IGL can charge Rs 38.58/mmBtu for transmission of gas against Rs 104.05/mmBtu that it charges. Also, CNG compression tariff was ordered to be Rs 2.75 a kg when IGL charges Rs 6.66. These rates are to be retrospectively applicable from April 1, 2008.
IGL has approached Delhi High Court contesting PNGRB order.
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