IGL Gas Prices: IGL net rises 4pc as gas prices hurt margins | Biden News

, which sells CNG and piped cooking gas in the national capital and nearby cities, reported a 4 percent rise in its September quarter net profit as a rise in input natural gas prices hurt margins. The net profit stood at Rs 416.15 crore in July-September compared to Rs 400.54 crore in the same period a year ago, the company said in a statement.

Revenue nearly doubled to Rs 3,922.02 crore in the second quarter of the fiscal year ended April 1 against Rs 2,015.99 crore in the year-ago period.

Gas prices have doubled since Russia invaded Ukraine.

Natural gas purchase expenditure soared from Rs 929.97 crore in July-September 2021 to Rs 2,610.03 crore in the current year.

The company recorded an overall sales volume increase of 12 percent during the corresponding quarter in the last fiscal, with the average daily sales increasing from 7.24 million standard cubic meters per day (mmscmd) to 8.09 mmscmd.

In terms of product, CNG recorded a sales volume growth of 15 percent, while piped natural gas (PNG) recorded a sales volume growth of 3 percent in the quarter compared to corresponding quarter last year.