Indraprastha Gas Limited (IGL) reported its fiscal first quarter profit at Rs 521.99 crore, up 8.5 per cent in comparison to Rs 481.24 crore during the first quarter of FY23. It posted revenue from operations at Rs 3,761.85 crore, up 6.6 per cent as against Rs 3,530.34 crore during Q1FY23. IGL posted total income during the quarter at Rs 3,807.51 crore, up 6.9 per cent from Rs 3,561.08 crore in the corresponding quarter of last year. However, total expenses during Q1FY24 was at Rs 3,220.77 crore, up 7.3 per cent in comparison to Rs 3,000.85 crore during the April-June quarter of FY23.
In terms of sales volume, IGL posted CNG sales volume at 561.42 Million Scm, up 4 per cent on-year. While the domestic PNG sales volume was at 52.49 Million Scm growing at 20 per cent on-year basis, the industrial/ commercial PNG sales volume during the quarter was at 87.22 Million Scm, registering the degrowth of 2 per cent YoY. Meanwhile, natural gas sales was at 45.06 Million Scm, posting a decline of 1 per cent on-year.
While the net sales for CNG was at Rs 2498.61 crore, up 6 per cent YoY, net sales for PNG was at Rs 888.84, up 8 per cent on YoY basis. The company EBITDA during the quarter stood at Rs 642.38 crore. The margin of EBITDA was at 19 per cent, same as the first quarter of last year.
IGL has 50 per cent equity in two CGD companies namely Central UP Gas Limited and Maharashtra Natural Gas Limited. As per the requirement of Companies Act, 2013, financial results of these two associate companies for the quarter ended June 30, 2023 have been consolidated with the financials of lndraprastha Gas Limited on equity basis in accordance with Ind AS 28 after considering 50 per cent share of total comprehensive income of these two companies.