Indraprastha Gas reports 30 pct jump in Q1 net profit

Aug 04 2014, 21:08 IST
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SummaryIndraprastha Gas Ltd, the sole seller of CNG to automobiles and piped cooking gas in Delhi, today reported a 30 per cent jump in its first quarter net profit on back of revision in depreciation rates.

Indraprastha Gas Ltd, the sole seller of CNG to automobiles and piped cooking gas in Delhi, today reported a 30 per cent jump in its first quarter net profit on back of revision in depreciation rates.

Net profit in April-June at Rs 114.03 crore was 30 per cent higher than Rs 87.57 crore net in the same period a year ago, the company said in a statement here.

Profit rise has been "driven by revision on depreciation rate on certain fixed assets as per useful life specified in the Companies Act 2013 or re-assessment on the basis of technical evaluation," it said.

Turnover dipped 4 per cent to Rs 958 crore "due to reduction in selling price of CNG and domestic piped natural gas (PNG) from February 2014."

IGL said sales volumes grew 1 per cent. "Product wise, CNG recorded sales volume growth of 2 per cent, while PNG sales volume declined by 4 per cent in the quarter as compared to last year."

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