IGL standalone net profit falls 93.5 per cent in September quarter
Rising gas procurement costs offset record sales volumes for Indraprastha Gas Ltd during the second quarter of FY27.
Indraprastha Gas Ltd (IGL) reported a 93.5 per cent year-on-year decline in standalone net profit for the September quarter of FY27, according to Business Today. The company's profit dropped to ₹24.38 crore from ₹372.51 crore in the same period last year.
The decline occurred even as the distributor achieved higher sales and revenue. Gross sales turnover rose 26 per cent to ₹5,999.13 crore, up from ₹4,431.63 crore in the previous year. Financial Express reported that gas purchase costs increased 47.9 per cent to ₹4,646.01 crore, outpacing revenue growth.
Sales volumes saw an upward trend during the July-September period. Average daily gas sales reached 10.06 mmscmd, exceeding the 10 mmscmd mark for the first time. CNG volumes grew by 9 per cent, while domestic piped natural gas (PNG) volumes increased by 16 per cent.
The company's consolidated net profit fell to ₹23.75 crore from ₹384.95 crore a year earlier. IGL operates across 34 districts in Delhi, Uttar Pradesh, Haryana and Rajasthan, managing a network of over 30,000 km of pipelines.
The board approved these unaudited results on October 30. The company serves more than 2.5 million CNG vehicles and over 3.5 million households through its infrastructure.