By Manish Gupta
On a standalone basis, Indraprastha Gas (IGL)’s net profit fell 8.8% to Rs 329.75 crore from Rs 361.60 crore on a 53.2% surge in revenue from operations to Rs 4,042.33 crore in Q4 FY23 over Q4 FY22.
“While compressed natural gas (CNG) registered sales volume growth of 8%, piped natural gas (PNG) showed overall sales volume growth of 3% during the quarter,” the country’s largest CNG distribution company said.
The overall sales volume was 743 mmscm in Q4 of 2022-23 as compared to 697 mmscm in Q4 of 2021-22 showing a growth of 7%. However, EBITDA or operating income fell 7% from Rs 500 crores to Rs 466 crores in the fourth quarter.
For full fiscal 2022-23, the company’s gross turnover was Rs 15,542.67 crore as compared to Rs 8,443 crore in FY22 showing a growth of 84%. The net profit in FY23 was Rs 1,445.02 crore, 10% higher than in FY22.
The average daily gas sale during the fiscal was 8.09 mmscmd as compared to 6.99 mmscmd in FY22 showing a growth of 16%. While CNG volumes registered a growth of 20% in the fiscal, PNG sales volumes were up by 6% in 2022-23 over the previous fiscal.
After consolidating the financial results of two associate companies, Central UP Gas Ltd (CUGL) and Maharashtra Natural Gas Ltd (MNGL), the consolidated net profit after tax comes to Rs 1,640 crore against consolidated profit of Rs 1,504 crore in the previous year.
IGL operates city gas distribution (CGD) networks across 31 districts in 11 geographical areas across four states of Delhi, Uttar Pradesh, Haryana and Rajasthan, which consists of more than 18,000 km of pipeline network.
It meets fuel requirements of over 1.7 million vehicles running on CNG through a network of more than 780 CNG stations. And, it has connected nearly two million households in these cities with PNG.
IGL shares closed 0.48% lower at Rs 489.80 a piece on Friday. The Sensex benchmark ended the day 0.20% higher.